News
Naira Gains Strength, Trades at ₦1,359/$ in Official Market
Naira Gains Strength, Trades at ₦1,359/$ in Official Market
The Naira strengthened to ₦1,359 per dollar in the official window of the Nigerian Foreign Exchange Market, signaling improved foreign exchange liquidity and a narrowing gap between the formal and parallel currency markets.
Data from the official trading platform showed the local currency closing at ₦1,359/$, reflecting renewed stability in the official exchange rate amid sustained policy interventions and improved dollar supply.
The development comes as monetary authorities continue reforms aimed at deepening transparency and boosting investor confidence in Nigeria’s forex market.
Parallel Market Gap Narrows
Checks across currency traders indicate that the parallel market rate hovered close to ₦1,360/$, leaving a marginal spread of about ₦1 between the two segments. The near convergence suggests improved foreign exchange liquidity and reduced speculative pressure.
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Market analysts note that such a narrow margin between official and street rates typically reflects stronger market confidence and better dollar availability within the banking system.
Policy Support from the Central Bank
Recent measures by the Central Bank of Nigeria have focused on clearing FX backlogs, enhancing price discovery, and attracting foreign portfolio inflows. These efforts are gradually stabilizing the naira exchange rate after months of volatility.
Financial experts say continued FX inflows from oil revenues, diaspora remittances, and foreign investors will be critical in sustaining the naira’s appreciation trend.
What This Means for Businesses and Consumers
A stronger and more stable official forex rate could:
- Reduce import costs over time
- Ease inflationary pressures linked to exchange rate volatility
- Improve planning certainty for businesses
- Strengthen investor confidence in Nigeria’s financial markets
However, analysts caution that sustained appreciation will depend on consistent FX supply, fiscal discipline, and broader macroeconomic stability.
For now, the movement to ₦1,359/$ marks another step toward exchange rate alignment and market normalization.
Naira Gains Strength, Trades at ₦1,359/$ in Official Market
News
MURIC Demands Suspension of Olubi School Principal, VPs Over Alleged Religious Discrimination
MURIC Demands Suspension of Olubi School Principal, VPs Over Alleged Religious Discrimination
The Muslim Rights Concern (MURIC) has called for the immediate suspension of the principal and two vice principals of Olubi Memorial Grammar School, Kudeti, Ibadan, following allegations of religious discrimination and administrative misconduct.
In a press release dated February 25, 2026, signed by Ambassador Mallam Ibrahim Agunbiade, MURIC accused the Oyo State Teaching Service Commission (TESCOM), Ibadan Zone 1, and the school management of suppressing the religious rights of Muslim teachers and students.
The human rights organisation claimed that five Muslim teachers were recently transferred after defending the constitutional rights of Muslim students to observe daily prayers and participate in faith-based activities. In total, eight staff members were transferred, including three Christian teachers.
MURIC also condemned a directive allegedly suspending all religious activities within the school premises, calling it disproportionate and discriminatory. “Public schools funded by taxpayers’ money cannot be turned into religious enclaves,” the statement read. “Muslim students have the constitutional right to observe their daily prayers, operate their Muslim Students’ Society (MSSN), wear hijab, and participate equitably in school assemblies.”
The group emphasized that Olubi Memorial Grammar School, formerly known as Urban Day Grammar School, Kudeti, is a government-established institution, not a missionary or denominational school.
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Concerns were also raised about the posting of five new teachers on February 23, 2026, of whom four are Christians and only one is a Muslim, teaching Islamic Religious Studies (IRS). MURIC argued that this reflects an imbalance, especially given the need for additional IRS teachers.
MURIC’s Demands
- Immediate suspension of the principal, Pastor Adegbola, Vice Principal (Admin) Mr. Oluwatoyin, and Vice Principal Mrs. Enahoro pending a transparent investigation.
- Redeployment of the five transferred Muslim teachers back to the school.
- Restoration of MSSN activities and equal allocation of assembly days—two for Muslims, two for Christians, and one for general assembly.
- Unhindered observance of Dhur prayers and accommodation for Jumu’ah prayers where feasible.
- Unrestricted use of hijab in line with constitutional provisions and judicial precedents.
- Posting of at least one additional qualified IRS teacher.
- Administrative balance in leadership postings.
- Consideration of reverting the school’s name to Urban Day Grammar School, Kudeti, to reflect its public ownership.
MURIC warned against what it described as the subtle exhibition of religious supremacy in public institutions, urging the Oyo State Government to intervene to prevent further escalation. “We reiterate that MURIC stands for dialogue, not violence. However, silence in the face of oppression is not an option. We shall pursue all lawful and constitutional means to ensure that justice prevails,” the statement added.
As of press time, neither the school officials nor TESCOM had responded publicly to the allegations.
MURIC Demands Suspension of Olubi School Principal, VPs Over Alleged Religious Discrimination
News
FG Denies ₦10 Billion Ransom Payment, Affirms Pupils Freed Through Security Operations
FG Denies ₦10 Billion Ransom Payment, Affirms Pupils Freed Through Security Operations
The Federal Government of Nigeria (FG) has firmly denied reports claiming it paid over ₦10 billion in ransom or released militant commanders to secure the freedom of pupils and staff abducted from St. Mary’s Boarding School, Papiri, Niger State. The government described such claims circulating in some international media outlets as false, baseless, and damaging to national security efforts.
The abduction, which occurred in December 2025, involved nearly 300 students and 12 staff members who were later released safely on December 22. In a statement on Tuesday, Minister of Information and National Orientation, Mohammed Idris, dismissed allegations that ransom was paid or that two senior Boko Haram commanders were freed to secure the release. He stressed that no ransom was paid and no detainees were released, attributing such reports to unnamed intelligence sources.
Idris warned that the claims undermine the professionalism and sacrifices of Nigeria’s security forces, including the Office of the National Security Adviser (ONSA), the Department of State Services (DSS), and the leadership of the National Assembly, all of which had publicly refuted the ransom narrative. He also dismissed stories alleging that ransom funds were delivered by helicopter to insurgents, describing them as fictitious and inconsistent with verified facts.
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The minister emphasised that the rescue operation was conducted through coordinated intelligence and operational efforts, without bending to criminal extortion. He urged the media to verify facts before publication to avoid emboldening criminals or undermining the morale of security personnel.
Meanwhile, the African Democratic Congress (ADC) has called on the Federal Government to issue a categorical statement clarifying the allegations. In a statement signed by National Publicity Secretary Bolaji Abdullahi, the party warned that any confirmed ransom payment would contradict the Terrorism (Prevention and Prohibition) Act, 2022, which criminalises payments and negotiations with terrorists. The ADC said inconsistency on the matter could erode public confidence and worsen insecurity in Nigeria.
The ADC also highlighted that shortly after the victims’ release, government officials, including the National Security Adviser, Nuhu Ribadu, had categorically stated that ransom payments fuel insecurity and should not occur under any circumstances. The party reiterated that Nigeria cannot claim to discourage ransom payments while rewarding terror networks or incentivising further abductions.
The Federal Government reiterated that the safe release of the pupils and staff was achieved entirely through professional security operations, reflecting the commitment of Nigerian authorities to tackling structured, profit-driven criminal enterprises without compromising national security or the rule of law.
Security agencies have continued to intensify operations against kidnappers and armed criminal networks across Nigeria, recovering ransom money from suspects and preventing further abductions in states including Akure, Ondo State, reinforcing the government’s position that law enforcement and intelligence-led operations remain central to addressing Nigeria’s kidnapping crisis.
FG Denies ₦10 Billion Ransom Payment, Affirms Pupils Freed Through Security Operations
News
Nigeria Refutes Allegations of Christian Persecution, Reaffirms Religious Freedom
Nigeria Refutes Allegations of Christian Persecution, Reaffirms Religious Freedom
The Federal Government of Nigeria (FG) has rejected claims by the United States Congress alleging persecution of Christians in Nigeria, describing the recent report as an opportunity to deepen dialogue, strengthen cooperation, and address shared security challenges.
In a statement issued by the Minister of Information and National Orientation, Mohammed Idris, the government said it had received the recommendations submitted to the White House by the United States House Committee on Foreign Affairs and the United States House Committee on Appropriations. While acknowledging the serious security threats affecting parts of Nigeria, including terrorism, banditry, and communal clashes, the FG insisted that these challenges are not the result of any state-backed religious agenda.
“Nigeria does not have, and has never had, a state policy of religious persecution,” the statement emphasised, attributing violence to complex factors such as terrorism, organised crime, and long-standing communal tensions rather than government-sanctioned discrimination. The government expressed sympathy to all victims of violence across Nigeria, stressing that lives and property are affected irrespective of religion, ethnicity, or region.
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Reaffirming its constitutional commitment to religious freedom, the FG highlighted that the Nigerian Constitution guarantees freedom of worship and equal protection under the law for all citizens. It stressed that religious discrimination has no place in government policy or action.
The government outlined ongoing measures to address insecurity, including intensified military and law enforcement operations, which have weakened armed groups, disrupted kidnapping networks, and led to the arrest or neutralisation of key suspects. Intelligence sharing and inter-agency coordination have been strengthened to enhance early warning systems and rapid response, particularly in vulnerable rural communities.
As part of renewed security strategies, surveillance and clearance operations have expanded in forested areas often used as hideouts by criminals, and specially trained forest guards have been deployed to deny terrorists and bandits safe havens. These operations are supported by increased investment in modern equipment, mobility assets, and technology for the Armed Forces and security agencies.
Beyond security interventions, the FG highlighted humanitarian assistance for internally displaced persons (IDPs), initiatives to resettle affected communities, and community-based peacebuilding efforts aimed at promoting long-term coexistence among diverse groups.
Emphasising Nigeria’s strategic partnership with the United States, the FG reiterated its readiness for constructive engagement based on mutual respect, shared responsibility, and recognition of Nigeria’s constitutional framework and sovereignty. “The Federal Government will continue to engage international partners through appropriate diplomatic channels while remaining focused on its primary responsibility — the protection of all Nigerians,” the statement concluded.
The U.S. report, which listed recommendations to address alleged persecution of Christians, called for measures such as enhanced security, accountability, and oversight of aid programs, including possible sanctions. While firmly rejecting the report’s premise, the FG positioned it as a catalyst for stronger cooperation on security, humanitarian, and development initiatives.
Nigeria Refutes Allegations of Christian Persecution, Reaffirms Religious Freedom
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