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
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News
Tragedy in Nsukka as Six UNN Graduates Reportedly Found Dead After Final Exams
Tragedy in Nsukka as Six UNN Graduates Reportedly Found Dead After Final Exams
NSUKKA, ENUGU STATE — Tragedy has struck the University of Nigeria, Nsukka (UNN), following reports that six fresh graduates of the institution have been found dead inside an apartment in the Hilltop area of Nsukka, Enugu State.
The victims, reportedly comprising five females and one male, were said to have been discovered lifeless on Thursday morning, barely a day after completing their final examinations.
The incident has thrown the university community into mourning, with students and residents struggling to come to terms with the shocking development.
According to reports, the deceased had recently concluded their academic activities and were said to have participated in sign-out celebrations marking the completion of their studies.
The gathering, which was expected to be a moment of excitement and celebration after years of academic pursuit, reportedly ended in tragedy.
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The circumstances surrounding the deaths remain unclear, as there are conflicting reports about the number of victims and what transpired inside the apartment.
Meanwhile, the Acting Public Relations Officer of the university, Inya Agha Egwu, has acknowledged receiving enquiries about the incident and assured journalists that the university management would issue an official statement.
Efforts to obtain an immediate response from the Enugu State Police Command were reportedly unsuccessful as calls to the Police Public Relations Officer, Daniel Ndukwe, were unanswered.
As of the time of filing this report, the identities of the deceased and the actual cause of their deaths had yet to be officially established.
The tragic development has raised concerns across the university community, with students and residents awaiting further information from the police and university authorities.
Further details will be provided as official statements emerge.
Tragedy in Nsukka as Six UNN Graduates Reportedly Found Dead After Final Exams
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News
BREAKING: Manchester United Sack Michael Carrick After Disastrous Start to Season
BREAKING: Manchester United Sack Michael Carrick After Disastrous Start to Season
MANCHESTER, England — Manchester United have sacked head coach Michael Carrick with immediate effect following the club’s disastrous start to the 2026/27 season.
The 45-year-old Englishman was reportedly informed of the decision on Thursday morning after the club’s hierarchy concluded that a managerial change was necessary to address the team’s poor performances.
Carrick’s dismissal follows a disappointing run of results that has left Manchester United languishing in 18th position on the Premier League table, with just one victory from their opening 10 league matches.
The decision was reached following discussions involving chief executive Omar Berrada, director of football Jason Wilcox and co-owner Sir Jim Ratcliffe.
Carrick had come under mounting pressure in recent weeks, particularly after Manchester United suffered a humiliating 3-0 defeat to Bournemouth.
Although he was initially given another opportunity to turn the situation around, Sunday’s dramatic 4-4 draw against Aston Villa reportedly proved decisive.
United fought back from a two-goal deficit to rescue a point through two late stoppage-time goals. However, the result extended the club’s disappointing run and left them trapped in the relegation zone.
Meanwhile, former Chelsea and Tottenham Hotspur manager Mauricio Pochettino is expected to take over as Manchester United’s next head coach.
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The Argentine, who currently manages the United States men’s national team, has reportedly reached a verbal agreement in principle with the Old Trafford club.
Manchester United are expected to activate a release clause believed to be worth approximately £7 million to secure his departure from the US national team, where his contract runs until 2030.
The overall compensation could rise if Pochettino brings members of his preferred coaching staff to Old Trafford.
Pochettino previously managed Southampton, Tottenham, Paris Saint-Germain and Chelsea, and is now being linked with a return to the Premier League.
Carrick’s dismissal represents a dramatic turnaround after his impressive performance during the second half of last season.
Appointed in January following the departure of Ruben Amorim, the former Manchester United midfielder guided the club to a third-place Premier League finish and secured qualification for the UEFA Champions League.
However, his success last season could not shield him from the consequences of United’s poor performances this campaign.
Pochettino’s potential first major assignment could be a high-profile Premier League encounter against Liverpool at Anfield on November 22, as Manchester United seek to revive their struggling season.
BREAKING: Manchester United Sack Michael Carrick After Disastrous Start to Season
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News
Notorious Bandit Kingpin, Kachalla Bello, Killed in Rival Gang Clash in Katsina Forest
Notorious Bandit Kingpin, Kachalla Bello, Killed in Rival Gang Clash in Katsina Forest
KATSINA STATE – A notorious bandit leader identified as Kachalla Bello has reportedly been killed during a fierce gun battle between rival armed groups in a forest in Faskari Local Government Area of Katsina State.
Bello was reportedly among those killed when rival bandit factions engaged in a deadly confrontation on Tuesday evening, November 10, 2026, amid an apparent struggle for territorial control.
According to local sources and counter-insurgency reports, the clash involved heavy exchanges of gunfire, leaving several fighters dead.
The late bandit leader was reportedly notorious for terrorising farming communities across parts of Katsina State through attacks, abductions and other criminal activities.
Beyond kidnapping for ransom, Bello was accused of subjecting some of his victims to forced labour on farmlands allegedly belonging to him.
Local accounts indicated that he frequently abducted farmers while they were working on their farms and compelled them to work on his farmland before considering their release.
His alleged activities reportedly contributed to insecurity, economic hardship and displacement among residents of affected communities, particularly farmers who depended on agriculture for their livelihoods.
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However, the Katsina State Police Command had yet to officially confirm Bello’s reported death as of the time of filing this report.
The Command’s spokesperson, Abubakar Sadiq-Aliyu, reportedly said he was making efforts to verify the incident and establish the exact location of the alleged confrontation.
He explained that security personnel were working to identify the location of the clash and liaise with the relevant Divisional Police Officers (DPOs) for further investigation.
Meanwhile, security observers have repeatedly identified rivalries and internal disputes among armed criminal groups as factors contributing to violent confrontations within bandit networks operating across Nigeria’s North-West region.
The circumstances surrounding Bello’s reported death, including the number of casualties recorded during the encounter, remain unclear.
Further details are expected as security agencies work to establish what happened.
Notorious Bandit Kingpin, Kachalla Bello, Killed in Rival Gang Clash in Katsina Forest
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