Business
Again, Naira closes above N1500/$1 amid declining forex turnover
Again, Naira closes above N1500/$1 amid declining forex turnover
The intra-day high reached a peak of N1,582 against the US dollar on Wednesday, accompanied by a notable decline in forex turnover, which fell by 56.58% to $117.87 million.
Both official and black-market exchange rates saw a marginal decrease in the value of the Nigerian naira against the dollar.
Despite this, forex turnover has shown signs of improvement in recent periods, attributed partly to the Central Bank of Nigeria’s (CBN) issuance of a new circular aimed at curbing suspected instances of excessive foreign currency speculation and hoarding by Nigerian banks.
Nevertheless, despite the efforts of the CBN to enhance forex supply through various policy interventions, challenges persist in the forex market.
At the close of business, based on data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency experienced a depreciation of 0.26%, settling at N1503 to a dollar.
- This represents an N3.93 loss or a 0.26% decrease in the local currency compared to the N1499.07 it closed at on the previous day.
- The intraday high recorded was N1,582/$1, while the intraday low was N922.38/$1, representing a wide spread of N659.62/$1.
According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $117.87 million, representing a 56.58% decrease compared to the previous day.
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- Similarly, the naira depreciated marginally at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1,545/$1, a decrease of 1.81% against N1,517 it closed the previous day,
- The Great British Pound (GBP) depreciated marginally by 0.53% to close at £1/N1,900 as against £1/N1,895 the previous day while Naira also dropped against the Euro by 1.23% to close at N1620/EUR1 against NI600 / EUR1 reported the previous day.
In the cryptocurrency market where forex is sold using stablecoins, the Naira also crossed N1,587.40/$1.
Nairmetrics reported recently that the Central Bank of Nigeria (CBN) has announced significant reforms in the foreign exchange market, signalling a stride towards a market-driven exchange rate mechanism, potentially paving the way for a free float of the Naira.
This follows a recent circular removing caps on international money transfer operations. The CBN’s recent circular outlines pivotal changes, including the discontinuation of a cap on the spread of interbank foreign exchange transactions and the lifting of restrictions on the sale of interbank proceeds.
- “A key objective of the ongoing foreign exchange market reforms by the Central Bank of Nigeria is to promote a market-based price discovery system,” the circular states, marking a shift towards a more liberalized forex regime.
- “Under the new guidelines, forex transactions will operate on a “Willing Buyer and Willing Seller” basis, ensuring more flexibility in the exchange rates determined by market forces. The CBN emphasizes the importance of transparency and ethical standards, mandating that “Authorized Dealers are to continue to conduct their foreign exchange transactions…and to strictly adhere to high ethical standards.”
Again, Naira closes above N1500/$1 amid declining forex turnover
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Railway
Warri-Itakpe Train Crash: Full Manifest Retrieved, FG, NRC Condole Families of Five Dead
Warri-Itakpe Train Crash: Full Manifest Retrieved, FG, NRC Condole Families of Five Dead
The Federal Ministry of Transportation and the Nigerian Railway Corporation (NRC) have said the full manifest of passengers and crew members aboard the ill-fated Warri–Itakpe train has been retrieved, even as they extended condolences to the families of the five persons who lost their lives in Monday’s accident near Agbor, Delta State.
In a joint update on the incident, the ministry and the NRC said efforts were ongoing to identify all injured passengers and deceased victims for proper documentation, while assuring that relevant authorities would have access to the complete onboard manifest.
The agencies confirmed that five persons — four adults and a baby — died when four coaches of the Warri–Itakpe Train Service (WITS) capsized and another derailed along the corridor. They added that 24 passengers sustained serious injuries, while several others suffered varying degrees of injuries and are receiving medical treatment.
According to the statement signed by the Permanent Secretary of the Federal Ministry of Transportation, Engr. Funsho Adebiyi, a total of 442 passengers had booked for the journey, while 40 crew members, security personnel and third-party service providers were on board, bringing the total number of persons on the train to 482.

The ministry said rescue and evacuation operations were immediately activated following the accident, with support from the Delta State Government, the National Emergency Management Agency (NEMA), the Federal Road Safety Corps (FRSC), the Police, Civil Defence, local authorities and other emergency responders.
The rescue efforts, which were completed by 6:30 p.m., also received assistance from the Senator representing Delta Central Senatorial District, Senator Ede Dafinone, and former Delta State Secretary to the State Government, Patrick Ukah.
The ministry and the NRC expressed their deepest sympathies to the families of the deceased and prayed for the speedy recovery of those injured in the accident.
They also commended the Delta State Government, emergency response agencies, security operatives, medical personnel, the NRC Mechanical Directorate and the corporation’s special rescue and emergency team for their swift intervention.
The statement added that a full investigation into the cause of the accident had commenced, assuring that authorities would continue to account for all passengers and provide necessary support to those affected by the tragedy.
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Aviation
Keyamo Orders Probe, Grounds Aircraft After Unauthorized Landing on Asaba Road
Keyamo Orders Probe, Grounds Aircraft After Unauthorized Landing on Asaba Road
The Federal Government has grounded a private aircraft and suspended its operator’s permit following a dramatic incident in which the aircraft made an emergency landing on a road under construction near Asaba and later departed without regulatory clearance.
Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed the development in a statement posted on his X account, describing the incident as a serious breach of aviation regulations and security protocols.
According to Keyamo, the aircraft carried out a missed approach while attempting to land at Asaba Airport at about 7:43 a.m. local time on Wednesday, June 10, 2026, before diverting and landing on a concrete road under construction in the Ogwashi-Uku area of Delta State. He said eyewitness reports confirmed that all four crew members on board safely exited the aircraft and were later transported to Asaba by road, with no injuries recorded. A short video that surfaced online showed the aircraft stationary on the concrete road before taxiing along the road being reconstructed and taking off.
Keyamo expressed concern over the aircraft’s subsequent departure from the scene at about 11:02 GMT (12:02 p.m. local time) without obtaining the required regulatory approval. He said Air Traffic Control was only notified after the aircraft had already taken off, noting that the aircraft had no clearance for departure. “In other words, the aircraft had no clearance to take off again,” he said. The Nigerian Civil Aviation Authority (NCAA) , in a statement signed by its Director of Public Affairs and Consumer Protection, Michael Achimugu, confirmed that the action constituted a violation of the Nigeria Civil Aviation Regulations (Nig. CARs) and is currently under investigation.
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Following the incident, the NCAA immediately grounded the aircraft upon its arrival in Lagos, pending the outcome of investigations. The Authority also placed the flight crew under regulatory review while inquiries continue into both the initial occurrence and the unauthorised departure. As part of enforcement actions, the NCAA suspended the operator’s Permit for Non-Commercial Flight (PNCF) and ordered a comprehensive audit of its operational, maintenance, airworthiness, and flight records. “The NCAA will take further enforcement action in accordance with applicable aviation regulations,” Keyamo stated. The regulator has formally notified the Nigerian Safety Investigation Bureau (NSIB) of the occurrence and is coordinating with relevant aviation stakeholders, including the aircraft operator and the Nigerian Airspace Management Agency (NAMA) , to establish the full circumstances of the incident.
Keyamo confirmed that security agencies had taken custody of the crew members for questioning as part of ongoing investigations. “I have also spoken to relevant security agencies and I have been assured that the crew are in their custody and they are assisting them with their investigation,” the minister said.
Authorities say the incident will be thoroughly reviewed to prevent future breaches of aviation safety and regulatory procedures. The NCAA reiterated its commitment to maintaining the highest standards of aviation safety, security, and regulatory compliance within the Nigerian aviation sector. “No individual or operator, irrespective of status, will be permitted to circumvent established aviation procedures designed to safeguard lives and maintain the integrity of Nigeria’s airspace system,” the ministry stated.
Keyamo Orders Probe, Grounds Aircraft After Unauthorized Landing on Asaba Road
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Business
Seplat Picks Elumelu as Chairman, Names Okon New CEO
Seplat Picks Elumelu as Chairman, Names Okon New CEO
Seplat Energy Plc has announced a major leadership transition that will see businessman and investor Tony Elumelu become chairman of the company from January 1, 2027, while industry veteran Effiong Okon takes over as chief executive officer from August 1, 2026.
The appointments are part of a succession plan approved by the board to ensure continuity and support the company’s next phase of growth.
Current Chairman, Senator Udo Udoma, will retire on December 31, 2026, while Chief Executive Officer Roger Brown will step down on July 31, 2026 after more than a decade with the company.
Confirming Elumelu’s appointment, Seplat said he was elected by the board to succeed Udoma. Elumelu, Founder and Chairman of Heirs Holdings, joined Seplat’s board in January 2026. Heirs Holdings holds a 20.07 per cent stake in the energy company.
Reacting to his appointment, Elumelu said he was honoured by the confidence reposed in him by the board.
“I am honoured to succeed Senator Udoma as chairman in January 2027 and to lead the board through Seplat Energy’s next phase of growth,” he said.
Elumelu stressed the importance of indigenous energy companies in driving economic development across the continent, noting that “the critical role indigenous resources play in the economic transformation of Nigeria and Africa” remains central to his vision for the company.
He also commended the outgoing chairman and chief executive for their stewardship, saying he looked forward to working with the incoming CEO to deliver greater value to shareholders.
The board also appointed Okon as CEO and Executive Director. Okon, who has more than 35 years of industry experience, has held several leadership positions within Seplat since joining the company in 2018. Most recently, he served as Managing Director of the ANOH Gas Processing Company, where he led the project to first gas production in January 2026.
Expressing his readiness for the role, Okon said: “My immediate focus will be on ensuring the company executes the 2030 Roadmap, alongside development of the long-term plan to ensure we deliver on the immense potential inherent in our portfolio.”
Seplat said Brown leaves behind a strong legacy, having helped steer the company through significant expansion, including its dual listing in 2014 and major acquisitions such as Eland Oil & Gas in 2019 and Mobil Producing Nigeria Unlimited in 2024.
Brown described his time at the company as a privilege, saying he was proud to have helped build a business known for financial resilience, strong governance and shareholder value.
Udoma, meanwhile, praised Brown for his outstanding contribution to the growth of Seplat into one of Africa’s leading independent energy companies.
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