Business
Naira redesign: Dollar scarcity hits BDCs, sells at N818/$
The naira has dropped to N818/$1 at the parallel market in Abuja and N815 in Lagos after the Central Bank of Nigeria announced plans to redesign some banknotes.
Daily Trust reports that the naira is currently under high selling pressure in the black market following the CBN’s announcement that the newly redesigned naira notes would start circulating in the economy from December 15, 2022.
Since the apex bank made this announcement last week, the naira has fallen from its initial record low of N765/$1, losing over N53 in five days, further piling pressure on the local currency.
One of our correspondents who visited the popular Bureau De Change hub at Wuse Zone 4, Abuja reports that several customers came looking for dollars but had difficulty accessing it.
Some of the offices visited included AA Funtua BDC, Mourison BDC, Wireless Resources BDC, Bani Mbaka BDC, Amfani Girma BDC and others.
Our correspondent who also posed as a customer to purchase $10,000 couldn’t get any BDC who had up to that amount of dollars to sell. Some of the BDCs said they didn’t even have $5,000 to sell.
Some of the operators confirmed there was a spike in demand following the CBN’s announcement that it will introduce new currencies.
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Operators who spoke to Daily Trust said they’ve seen an unusual demand and mop-up in the past few days.
One of the operators who identified himself as Ismailia Yusuf said the US dollar was very scarce. He also said the EFCC had visited the BDCs to scavenge for those offloading naira for dollars.
He couldn’t confirm if arrests were made but he did say operators were careful of exchanging huge amounts of naira for dollars.
It was not immediately clear if the scarcity is also a result of operators hoarding the dollars to create more scarcity and make more profit.
Another operator, Nura, said before the announcement by the CBN, they could do an exchange for up to $500,000 and sometimes $1m exchange but it’s no longer possible.
‘Customers rarely take dollars for sale’
Nura said even the walk-in customers rarely take dollars for sale and that might have impacted the scarcity as well.
He also hinted that some BDCs were being invited to the houses of politically exposed persons to plan how to secure forex to avoid the eagle eye of the EFCC.
“Some people with huge cash can invite BDCs operators to their homes to buy dollars and that might already be happening,” he said.
A survey at some of the black markets in Lagos revealed that bureau de change operators bought dollars for between N790 and N800 while they sold for between N795 and N805.
An operator at Allen Roundabout in Lagos, Ismail Muhammed said dollars were still selling for less than N800/$1 as against the speculated N815.
“I buy for between N780 and N785 while I sell for between N785 and N790. The dollar has not reached N800. It is all speculation,” he said.
Another operator, Alhaji Nafiu Isah, said that the dollar was on the rise and might reach N820 before the end of the week.
“I buy for N800 and sell for N805 for now but it is on the rise and might get to N820 or N830 very soon,” he said.
Alhaji Abdullahi Olugbede said he was willing to buy for as high as N807 if the volume was higher than $4,000.
Efforts to speak to the leadership of the Association of Bureaux De Change of Nigeria (ABCON) on the depreciation of the naira proved abortive as they declined to comment.
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It would be recalled that the CBN barred the sale of Forex to BDCs operators across the country in July 2021. The CBN said the parallel market had become a conduit for illicit forex flows and graft.
There was no comment from the CBN on the recent development.
How naira lost 28% since January
According to Nairametrics’ FX tracker, the naira has lost over 28% of its value between January and October 2022 due to increased demand for the dollar amidst sustained dollar scarcity. The naira started the year at N565 to a dollar.
The exchange rate at the Investors and Exporters window, where FX is traded officially, has also seen some systematic devaluation so far this year, moving from an average of N416/$1 last year to as high as N444/$1 as FX supply continues to dwindle in recent times. Data tracked by Nairalytics showed that the sum of $362.7 million was traded at the official FX market last week, marking a decline from $425.3 million recorded in the previous week. This was even significantly lower than the average of $500 and $1 billion weekly trades recorded sometime earlier in the year.
Naira failing as a store of value – Experts
An economist and Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, said the recent depreciation of the naira was fuelled by those who had huge cash in local currency that they wanted to hide away as a result of the redesign of currency notes by CBN and those who wanted to move their wealth away from naira to a more stable currency.
“The rise is a result of the announcement by the CBN to redesign currency notes and the fact that we have people who have huge cash who might not be comfortable taking them to the bank because EFCC will be watching out. However, all the current policies of the government, especially by the CBN have been affecting confidence in the naira.
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“Naira has been failing in one of its major functions as money, which is serving as a store of value because when a currency continues to depreciate in value as a result of inflation, the tendency is that people will move to a more stable currency,” he said.
The former Director General of the Lagos Chamber of Commerce and Industry (LCCI) urged the CBN to leverage intelligence gathering in the fight against corruption.
Paul Alage, a Senior Economist with System Performance Management (SPM) said the timing of the naira redesign is wrong because, “Around November/December, you have a sporadic exchange of money, which we economist call the velocity of money because people want to travel and most transactions are done via cash.
“In several countries of the world, the time they do currency redesign is not close to the end of the year or close to an election because that could cause chaos.”
He further argued that 50 per cent of inflation today was caused by insecurity and food crises. “The NBS said food inflation remains the driver of inflation in Nigeria. Another 30 per cent is caused by the exchange rate because a significant proportion of what we consume is imported. So when your exchange rate is weaker, your prices will be higher.”
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Aviation
Keyamo releases CCTV footage, challenges Peter Obi’s persecution claims
Keyamo releases CCTV footage, challenges Peter Obi’s persecution claims
Minister of Aviation and Aerospace Development, Festus Keyamo, has asked the presidential candidate of the Nigeria Democratic Congress (NDC) for the 2027 election, Peter Obi, to publicly apologise to airport officials and pay a ₦25,000 parking fine over an incident at the Nnamdi Azikiwe International Airport, Abuja, warning that the Federal Airports Authority of Nigeria (FAAN) could take further action if he fails to comply within one week.
The minister issued the warning after ordering an internal investigation into Obi’s allegation that officials at the Abuja airport harassed him as part of what he described as political persecution by the Federal Government.
In a statement released on Friday night, Keyamo said the investigation relied on footage from the airport’s 24-hour Closed-Circuit Television (CCTV) surveillance system, which he said captured the entire sequence of events that led to the clamping of the vehicle conveying Obi.
According to the minister, the CCTV footage showed that on Saturday, July 4, 2026, Obi arrived at the domestic wing of the airport at about 8:28 p.m. in a vehicle driven by a police officer.
He said Obi and two other occupants immediately entered the terminal building, while the police officer parked the vehicle in the designated drop-off area before leaving it unattended and entering the terminal, contrary to airport regulations.
Keyamo explained that the drop-off zone is designed only for brief passenger drop-offs and that drivers are required to remain inside their vehicles at all times while using the area.
He said leaving any vehicle unattended within the zone constitutes a security risk and violates internationally accepted airport safety procedures.
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According to the minister, the police driver briefly returned to the vehicle at about 8:32 p.m. to retrieve an item before leaving it unattended again.
He said airport security personnel subsequently clamped the tyres of the vehicle after observing that it had remained unattended in the restricted area.
Keyamo stressed that airport officials who carried out the enforcement action did not know the vehicle belonged to Obi because there was no occupant inside when it was clamped.
The minister alleged that after the police officer discovered the vehicle had been immobilised, he contacted Obi, who then spoke directly with the airport manager and requested that the vehicle be released.
According to Keyamo, the vehicle was eventually released without payment of the prescribed ₦25,000 fine for violating airport parking regulations.
He argued that the matter had effectively been resolved until Obi later publicly alleged that he had been deliberately targeted by airport authorities because of his political status.
“As Minister of Aviation, I felt a moral duty to investigate and authenticate the claim made by Mr Peter Obi that the tyres of his car were unjustly clamped, suggesting a persecution agenda against him by the Federal Government,” Keyamo said.
“Luckily enough, the entire Abuja airport is covered by CCTV cameras operating 24 hours a day.”
The minister maintained that the footage contradicted Obi’s account and showed that airport officials merely enforced established security regulations applicable to every airport user, regardless of status or political affiliation.
He further alleged that Obi used his influence to secure the release of the vehicle without paying the required fine and later attempted to portray the enforcement action as political persecution.
Keyamo therefore demanded that Obi publicly apologise to airport workers whom he said were unfairly accused of victimising the former Anambra State governor.
He also asked Obi to voluntarily return to the airport and pay the ₦25,000 parking penalty.
According to the minister, failure to comply within one week would leave him with no option but to direct the Federal Airports Authority of Nigeria (FAAN) to take appropriate administrative action.
“If these demands are not met within one week, I will be giving the necessary directives to the Federal Airports Authority of Nigeria (FAAN) to take the next steps against him,” he stated.
The controversy began after Obi alleged that airport officials clamped the vehicle conveying him while other improperly parked vehicles were left untouched.
The former Anambra State governor argued that the action reflected selective enforcement and formed part of a broader pattern of intimidation directed at opposition figures.
Obi also expressed concern over what he described as the shrinking democratic space in Nigeria and urged public institutions to remain impartial in carrying out their responsibilities.
As of the time of filing this report, Obi had not publicly responded to Keyamo’s latest statement, the CCTV footage released by the Ministry of Aviation or the minister’s demands for an apology and payment of the parking fine.
The incident has generated widespread debate across political and public circles, with supporters of both men offering differing interpretations of the CCTV footage and the circumstances surrounding the enforcement action.
While some observers argue that airport regulations should be applied equally to every Nigerian without regard to political status, others have called for an independent review to determine whether the enforcement process was carried out fairly and consistently.
The development has further intensified political exchanges ahead of the 2027 general election, with analysts saying the dispute reflects the increasingly charged political atmosphere as parties prepare for the next presidential contest.
Attention is now focused on whether Obi will respond to the minister’s ultimatum or whether FAAN will proceed with any formal administrative measures over the incident.
Keyamo releases CCTV footage, challenges Peter Obi’s persecution claims
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Auto
NADDC Eyes Media Alliance to Fast-Track Automotive Industry Growth
NADDC Eyes Media Alliance to Fast-Track Automotive Industry Growth
The National Automotive Design and Development Council (NADDC) has identified stronger collaboration with specialised motoring media as a strategic imperative for accelerating the growth of Nigeria’s automotive industry, saying sustained public awareness, investor confidence and policy support are crucial to transforming the country into a leading vehicle manufacturing hub in Africa.
The Council stated this while receiving the Motoring World Resilience in National Automotive Development Award during the 30th anniversary celebration of Motoring World magazine in Lagos.
The award recognises NADDC’s consistent commitment to promoting local vehicle manufacturing, skills development and industrial growth despite economic headwinds and policy challenges.
Receiving the award on behalf of the Director-General of NADDC, Otunba Oluwemimo Joseph Osanipin, the Director of the General Services Department, Mrs. Susan Bisong-Taiwo, reaffirmed the Council’s determination to position Nigeria as a leading automotive manufacturing and innovation hub in Africa.
In a keynote address delivered on behalf of the Director-General and titled “Motoring Media as a Catalyst for Automotive Industry Growth in Nigeria,” Osanipin said specialised motoring media remains indispensable to the country’s automotive industrialisation drive by promoting investment, shaping public perception and deepening understanding of emerging mobility technologies.
He noted that across the world, the media had played a strategic role in supporting local manufacturing, educating consumers, stimulating policy debates, attracting investment and strengthening confidence in the automotive industry.
“The media is the bridge between government, industry and the public. It informs. It educates. It influences perception. And, importantly, it drives national conversations,” he said.
According to him, the global automotive industry is witnessing unprecedented transformation driven by electric mobility, alternative fuels, smart manufacturing and green transportation technologies, adding that Nigeria must position itself to benefit from these emerging opportunities.
Osanipin disclosed that NADDC is implementing strategic programmes aimed at transforming Nigeria from a vehicle-consuming nation into a competitive automotive manufacturing and innovation centre. The initiatives, he said, include electric vehicle development, compressed natural gas (CNG) conversion programmes, local content promotion, automotive component manufacturing, skills acquisition and strategic partnerships across the industry.
He stressed that government policies alone cannot deliver the desired transformation, urging the motoring media to simplify automotive policies for public understanding, educate Nigerians on cleaner mobility solutions, encourage patronage of locally assembled vehicles and sustain constructive engagement among policymakers, investors, manufacturers and consumers.
The Director-General also underscored the importance of positive and balanced narratives in attracting investment to the sector.
“Where the narrative is dominated only by challenges and uncertainties, investor confidence weakens. But when the media responsibly highlights innovation, progress and opportunities, it inspires confidence and stimulates growth,” he said.
Osanipin commended Motoring World magazine for its resilience and invaluable contributions to automotive journalism, policy advocacy and industry development over the past 30 years, describing its longevity in Nigeria’s challenging media environment as a reflection of professionalism, relevance and dedication.
He maintained that stronger collaboration among government institutions, industry operators and specialised motoring media would become even more critical as Nigeria advances its automotive industrialisation and energy transition agenda.
Highlighting Nigeria’s prospects, he said the country has significant automotive potential arising from its large market, youthful population, growing technical capacity, increasing investor interest and abundant natural resources. He, however, stressed that policy consistency, infrastructure development and sustained stakeholder collaboration remain essential to unlocking the sector’s full potential.
“If government, industry and the media work together strategically, Nigeria can emerge as a major automotive hub on the African continent,” he said.
The Motoring World Resilience in National Automotive Development Award honours institutions and individuals that have demonstrated exceptional commitment and resilience in advancing Nigeria’s automotive industrialisation despite prevailing economic and policy challenges.
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Railway
NRC Begins Major Operational Reset with Review of 150 Standard Procedures
NRC Begins Major Operational Reset with Review of 150 Standard Procedures
The Managing Director of the Nigerian Railway Corporation (NRC), Dr. Kayode Opeifa, has launched a comprehensive review of more than 150 Standard Operating Procedures (SOPs) in a major push to improve safety, operational efficiency, accountability and service delivery across Nigeria’s railway network.
Speaking at the opening of a two-day Executive Standard Operating Procedure Review and Familiarisation Retreat in Abeokuta, Ogun State, Opeifa said the exercise would provide the Corporation with practical and enforceable operational guidelines capable of reducing risks, standardising procedures and driving excellence across all departments.
Represented by the Head of the Business Process Efficiency and Due Diligence (BuPED) Desk, Mr. Oyekunle Oyewole, the NRC boss stressed that the initiative was central to the Corporation’s transformation agenda.
According to a statement by the NRC’s Chief Public Relations Officer, Callistus Unyimadu, Opeifa described an SOP as more than a bureaucratic requirement.
“An SOP is not bureaucracy. It is a practical document that tells every member of staff—from the track to the boardroom—what to do, how to do it, and who is responsible,” he said.
He noted that well-designed SOPs would strengthen operational efficiency, enhance safety standards and align the Corporation’s operations with global best practices.
Opeifa urged directors and other participants to critically assess the existing procedures and produce documents that reflect the realities of a modern railway system.
“Review with the eye of a leader. Challenge existing gaps and own the solutions. Let us leave here with SOPs that are practical, enforceable and fit for the railway we are building today,” he charged.
The retreat, which commenced on Wednesday aboard the Lagos-Ibadan Train Service conference coach en route to Abeokuta, brought together directors, deputy directors, assistant directors, management staff and members of the BuPED team.
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In his opening remarks, Oyekunle disclosed that over 150 SOPs were being reviewed to build a stronger, more efficient and better-coordinated organisation.
He added that increased collaboration among departments would improve teamwork and accelerate the Corporation’s transformation.
The Managing Director’s Technical Adviser on Train Operations, Mr. Adeife Akin Olukolade, described the SOP as a living document that must evolve with the changing demands of railway operations.
Drawing from more than two decades of railway experience across three continents, he expressed confidence that codifying the procedures would usher the NRC into a new era of operational excellence.
Also speaking, the Director of Operations, Mr. Akin Oshinowo, said the review would help reduce operational incidents, improve efficiency, ensure consistency in service delivery, strengthen compliance with established standards, guarantee value for money and promote a proactive work culture where employees perform their duties with minimal supervision.
He assured participants of management’s commitment to providing the necessary support for the successful implementation of the reviewed SOPs and embedding them into the Corporation’s operational culture.
The Director of Administration and Human Resources, Dr. Monsurat Omotayo, who presented the first technical paper on the role of capacity building in implementing SOPs, emphasised continuous staff training, effective leadership, a strong compliance culture and performance measurement as critical to successful implementation.
During the interactive session, participants underscored the importance of strict adherence to the SOPs by all categories of staff.
The Director of Civil Engineering and New Lines, Engr. Adekunle Ayeni, stressed that attitudinal change and effective consequence management would be key to successful implementation, advocating a balanced system of rewards for compliance and sanctions for violations.
The Managing Director’s Special Adviser on Media and Strategic Communication, Mr. Adeyinka Aderibigbe, described the retreat as a milestone, expressing optimism that the final document would become a benchmark for railway operators and service providers across the industry.
Similarly, the Deputy Director of Finance, Alhaji Abdullah, said the exercise marked the first time the Corporation would have a comprehensive operational document developed through the collective input of key departments, making it practical, inclusive and implementable.
The review covered SOPs for the Corporate Planning, Medical, Finance, Legal, Internal Audit, Information and Communications Technology (ICT), Procurement, Operations and Commercial, Civil Engineering, Mechanical, Electrical, Signal and Telecommunications (MEST), and Human Resources departments.
Closing the retreat, Dr. Omotayo thanked participants for their robust contributions and urged them to sustain the momentum as the Corporation moves to the implementation phase of the revised operational framework.
NRC Begins Major Operational Reset with Review of 150 Standard Procedures
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