Business
Naira rallies to N1,455/$; reserves hit $43bn
Naira rallies to N1,455/$; reserves hit $43bn
The positive rally of the local currency against the dollar continued yesterday with the naira exchanging at N1,455 to one dollar even as forex speculation declined, at an all-time low as the gap between the official and parallel market rates has significantly dropped.
The naira, which has sustained rally across markets in recent months, trading at N1,455/$ as of yesterday according to the Nigeria Foreign Exchange Market (NFEM) and N1,460 to N1,470,$ at the unofficial black market.
The naira is making its strongest gain in the year with the improvement attributed to surge in foreign reserves to $43.05 billion and drop in speculative FX activities as the impact of the Central Bank of Nigeria (CBN’s) reforms continue to drive positive sentiments and confidence across markets, according to analysts.
A country’s currency is an instrument of her pride. For the Nigeria naira, a turbulent past that saw it lose its significant value is almost over, according to analysts.
The local currency rebound is being driven by a combination of stronger demand for the naira, reduced speculative trading, and rising foreign reserves now at $43.05 billion.
Besides, the forex reforms instituted by the CBN Olayemi Cardoso are now yielding great benefits from reduction in forex speculation and narrowing of gaps between official and parallel markets.
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The CBN leadership has continued to take major steps to keep the naira stable in line with its exchange rate stability objective.
The apex bank is boosting FX supply to retail end users, reducing distortions in the market and maintaining effective foreign reserves management and accretions.
The injection of liquidity into the market and rising compliance with FX regulations have reduced sharp depreciation of the naira at official and parallel markets and buoyed foreign investors’ interest in the domestic economy.
The naira stability is also driven by inflows from Foreign Portfolio Investors (FPIs), substantial contributions from International Oil Companies (IOCs), and the CBN’s interventions to authorised dealers.
There is also renewed interest of Foreign Portfolio Investors (FPIs) in the FX market—driven by improved market confidence, a more efficient FX framework, and strengthening macroeconomic conditions.
The CBN chief Cardoso recently announced that gross external reserves remained robust at $43.05 billion on September 11, 2025, compared with $40.51 billion at end-July 2025 with an import cover of 8.28 months.
“Similarly, the second quarter 2025 current account balance recorded a significant surplus of $5.28 billion compared with $2.85 billion in the first quarter of 2025,” Cardoso stated during the 302nd monetary policy committee meeting held in Abuja last week.
Naira rallies to N1,455/$; reserves hit $43bn
Auto
JéGO unveils zero carbon EV after 505km single-charge test drive by police officer, plans Nigeria-based factory
JéGO unveils zero carbon EV after 505km single-charge test drive by police officer, plans Nigeria-based factory
JéGO Technologies Inc has launched its new high-intelligence electric vehicle, the JéGO Zero Carbon, into the Nigerian market—signalling a major leap in the country’s shift towards clean, intelligent, and locally adapted mobility.
The unveiling led by JéGO Founder and CEO Frederick Akpoghene at the 5th International Conference on Artificial Intelligence and Robotics (ICAIR) was held at the University of Lagos.
Akpoghene reaffirmed the company’s mission to build transportation solutions engineered specifically for African conditions.
To demonstrate its durability, the JéGO Zero Carbon underwent a bold 505 km real-world endurance test: Ajah → Ikoyi → Osun State → back to Ajah — all completed on one full charge.
During the journey, the EV: climbed steep, muddy slopes after rainfall; navigated unpaved rural roads and villages; maneuvered through pothole-ridden corners using its 360° camera system; outperformed several petrol vehicles that stalled or turned back, and maintained strong traction, cooling, and stability across conditions.
Inside the cabin, a built-in mini-fridge kept the crew refreshed throughout the trip, turning the vehicle into a mobile workspace.
First in Nigeria
The entire Lagos–Osun–Lagos trip was driven by Officer Ebenezer of the Nigeria Police Force — not in an escort capacity, but as the sole driver.
His performance provided compelling proof that law enforcement can seamlessly adapt to EVs
- The Zero Carbon suits patrols, rapid-response operations, and government duties
- EVs can withstand long distances and mixed terrains typical of policing routes
Officer Ebenezer praised the vehicle’s handling, comfort, and safety.
The Osun trip followed an invitation from JéGO’s clean-energy partner PAM to its Net Zero Village.
Residents, engineers, climate activists, and youth innovators explored the EV, many expressing excitement at seeing an electric vehicle designed with Nigerian realities in mind.
“We’re proving that EVs are not for elites. JéGO EVs are for everyday Nigerians — founders, business people, government workers, first responders, and the police,” Akpoghene said.
Performance stuns Osun govt
State officials were astonished that the EV:
- Completed a same-day interstate journey without recharging
- Navigated rural and muddy terrain effortlessly
- Returned to Lagos on the same charge
When asked how the team planned to get back to Lagos, Akpoghene replied confidently, “Our police driver will take us back.”
And he did — seamlessly.
Following the successful demonstration, JéGO announced plans to establish its first electric vehicle and clean-energy manufacturing plant in Nigeria.
Multiple states have already tabled offers as:
Land allocation
Industrial incentives
Tax support
Workforce partnerships
Long-term collaboration frameworks
The proposed factory will support:
Local EV assembly
SKD/CKD operations
Production of JéGO PowerPods and batteries
EV servicing and diagnostics
Export to West Africa
Large-scale job creation
Final site selection will depend on infrastructure, energy availability, logistics access, and government partnership strength.
Smart, performance-driven
The Zero Carbon comes with 505km driving range, 360° surround-view cameras, traction control and hill-assist, anti-skid systems for wet roads, high-output LED lighting, Intelligent Battery Management System, egenerative braking and advanced cooling and AC systems.
Drivers praised its quiet ride and stability over rough terrain.
Charging
The EV supports:
Home charging
Public charging
Fast charging (where available)
Solar charging via JéGO PowerPods
With PowerPods, users — including security agencies — can charge their vehicles without relying on the grid.
JéGO says it is offering:
Lease-to-own plans
Staff and driver purchase programmes
This provides accessible entry points for SMEs, government agencies, ride-hailing operators, and everyday individuals.
Akpoghene said the Zero Carbon proves that long-distance, intelligent EV mobility is achievable in Nigeria — even under the rigors of police operation.
“Nigeria is not waiting for the world,” he said. “We’re building our own mobility and energy ecosystem. And the next step is manufacturing these systems right here at home.”
JéGO will now expand deployment of its EVs, PowerPods, JéGO X stations, and energy solutions across strategic states, supported by its upcoming Nigerian factory.
Railway
NRC clarifies Abuja–Kaduna train delay, says it’s for safety
NRC clarifies Abuja–Kaduna train delay, says it’s for safety
The Nigerian Railway Corporation (NRC) has refuted reports that passengers were abandoned during Wednesday’s Abuja–Kaduna afternoon train service, explaining that a brief delay was the result of a precautionary safety measure.
In a statement issued on Thursday, the Managing Director of the NRC, Dr. Kayode Opeifa, in a statement apologized to passengers onboard the affected service, which had departed Kaduna before a backup engine began to lose power.
According to him, the train was still less than 30 minutes into the journey when the issue was detected, prompting an immediate decision to return to the Rigasa Station in Kaduna.
“Though the train could have continued, the decision to pull back was taken strictly on safety and security grounds. Given the nature of the route and the time of day, returning to Rigasa was the safest option,” Opeifa said.
He described media reports suggesting that passengers were left stranded as “misleading,” stressing that all passengers were kept fully informed through the train’s public address system and at the station.
The journey resumed by 4pm, roughly an hour after the return, and the train eventually arrived at Idu Station at 6:52pm., about 80 minutes behind schedule.
To explain the decision further, Opeifa drew an analogy with aviation protocol: “It is the same way an aircraft diverts to the nearest airport when there is an engine issue rather than proceed to its planned destination.”
He added that if the incident had occurred during a morning trip, the train could have continued and stopped at the nearest stations—Jere, Rijana, or Gidan—but such an approach was not advisable for an evening journey.
While apologizing again for the inconvenience, the NRC boss urged journalists to verify information before publication to avoid misinforming the public.
Opeifa reaffirmed the corporation’s commitment to the highest standards of safety and reliability across all its rail corridors, noting that passenger safety remains the NRC’s top priority.
Auto
Jetour to showcase full SUV line-up, hybrid vehicles at 2025 Abuja motor fair
Jetour to showcase full SUV line-up, hybrid vehicles at 2025 Abuja motor fair
Jetour Mobility Services is set to make a strong presence at the 2025 Abuja International Motor Fair, showcasing its full range of Sports Utility Vehicles (SUVs), cutting-edge hybrid models, and customer-focused services.
The brand will display its impressive line-up, such as the Jetour T2, Jetour X70 Plus, Jetour X90 Plus, Jetour X70 Dashing, and Jetour X50, as well as its newly introduced hybrid variants, the X70 Hybrid and T2 Hybrid.
These models combine performance with improved fuel efficiency and reduced emissions, designed with today’s families and adventure-minded drivers in mind, blending advanced technology, comfort, and affordability.
Jetour’s participation underscores its commitment to innovation and customer satisfaction, strengthening its footprint in the SUV and crossover segments.
The company’s steady rise in the Nigerian market has been remarkable, validated by its “Fastest Growing Auto Brand of the Year” award at the 2024 Nigeria Auto Journalists Association (NAJA) Awards.
Jetour Nigeria is also highlighting its robust after-sales service, including genuine spare parts, technical support, and a comprehensive five-year or 150,000-kilometre warranty.
The firm says it looks forward to engaging with customers, showcasing its latest innovations, and reinforcing its position as one of Nigeria’s fastest-rising automotive brands at the fair, scheduled for November 18-21 at the Eagle Square, Abuja.
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