Business
Naira records major gain against dollar, sells for N680/$
The naira on Saturday recorded a major gain against the dollar, closing at N680/$ at the parallel market in a new wave of sustained recovery after weeks of depreciation.
The recovery of the local currency is linked to ease in dollar demand and release of huge dollars by forex speculators who wanted to take advantage of previous rate spike in the market.
The naira, which nearly hit N900/$ early last week, made a major comeback after the Central Bank of Nigeria (CBN) also injected unspecified volume of dollars into the market to boost liquidity.
At the Investors and Exporters Forex (I&E) Window- now the official market rate- the naira is quoted at N441.46/$, data on the CBN website showed. The local currency has been stable at this window used for official transactions, but bulk of retail transactions happen at the parallel market.
Hasssan Abdul, a bureau de change operator based in Ikeja, Lagos, said the volatility in the market has subsided and stability gradually returning, with speculators transacting more cautiously to avoid losses.
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Hasssan Abdul, a bureau de change operator based in Ikeja, Lagos, said the volatility in the market has subsided and stability gradually returning, with speculators transacting more cautiously to avoid losses.
He said the clampdown on illegal BDC operators by the Economic and Financial Crimes Commission (EFCC) has also helped to bring stability to the market.
“Dollar to Naira exchange rate in Nigeria black market is N680/$, according to 16 sell rates shared by the traders. The coming weeks will be difficult as more businesses resume demand for dollars to import goods for end of year sales,” he said.
Analysts estimate that currency speculators will lose at least N10 billion in the coming months if they continue betting with their capital against the naira.
Forex Dealer with AZA Finance, Ikenga Kalu, said naira recovery followed decline in rush to convert soon-to-be-abolished high-value naira notes into dollars.
He said: “While Nigerian Bureaux de Change operators have confirmed reduced demand at current parallel market levels, we expect dollar appetite to pick up again in the coming days and the Naira to resume its recent slide.”
Global Chief Economist at Renaissance Capital (RenCap), Charles Robertson, said Nigeria is in a difficult position and needs to increase its dollar earnings and other revenue to support the naira.
He said Nigeria should hike taxes, raise more revenue as the country’s current position is so bad that it has never been witnessed in the last three decades.
Robertson, who is also RenCap’s Head Macro-strategy Unit, added: “Things are not looking pretty good for Nigeria and other emerging markets. Oil production in Nigeria has fallen so badly in the last few years and oil price is also about falling more. We are going to see disinflationary policies coming because we are approaching recession,” he said.
Managing Director, Financial Derivatives Company Limited, Bismarck Rewane, said the naira is falling on the back of heightened forex demand compared to limited forex supply.
He said: “Nigerian consumers, businesses and individuals alike are facing challenges and headwinds and are reeling in an atmosphere of hopelessness. This is because of a myriad of factors.
“Notably, the precipitous fall of the naira in the forex market, the power supply shortage and now the almost unaffordable price of diesel.
“In spite of the hike in interest rates, we are witnessing what some analysts fear may become a bout of runaway inflation. Inflation is not just domestic but global.”
Managing Director, Cowry Asset Management Limited, Johnson Chukwu, said that to save the naira, Nigeria needs to build an economy that is net exporter of valuable goods and services to earn more dollars.
The EFCC has also cautioned Bureaux de Change (BDCs) against abuse of regulatory guidelines in selling dollars at the retail end of the market.
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The warning came after the Central Bank of Nigeria (CBN) policy on redesigning N200, N500 and N1,000 bank notes was announced by the regulator.
In a statement, Association of Bureaux De Change (ABCON) National Executive Council, said the EFCC advised all licenced BDCs to be extremely careful in their day-to-day operations by requesting customers’ information during transactions.
The agency advised BDCs not to be involved in cash couriers, which remains serious infraction that can lead to prosecution of perpetrators.
“The BDCs are also advised to render regulatory returns. They are the gate keepers to the economy and their directors will be keenly monitored by the CBN and security agencies,” it said.
The CBN had previously warned domestic and foreign investors against patronising the parallel market, saying it was helping to overheat that market.
CBN Governor, Godwin Emefiele, warned firms and individuals against patronising the parallel market which he said was helping to overheat the foreign exchange market.
False flag spooks BDCs to dump dollars
A social media false flag could be responsible for the good fortunes of the Naira as it currently trades against the dollar.
Nura, a Forex trader at the popular Wuse Zone 4 Forex market, painted two scenarios that could be responsible for the appreciation of the Naira to the dollar.
He initially admitted that they (forex traders) were just as surprised as other Nigerians at the sudden rise in the value of the Naira.
“We are also surprised at the way the Naira quickly appreciated. As a trader this development came as surprise,” he said.
Nura told The Nation that forex dealers were spooked by social media reports that the United States of America (USA) was planning to restrict the use of dollar notes printed before 2021 to frustrate those hoarding the greenback from January 31, 2023.
While this information is absolutely false, Nura said people in their trade take news from the social media seriously.
Many Forex traders in Abuja, he said, “are aware that the story is false, but they are not willing to take chances. As a result, many of them are disposing of the “old” dollar notes that they have.”
As at 5pm on Friday when Nura spoke with The Nation, the Naira was trading at N670 to the dollar.
The projected change in Pounds Sterling (the gradual removal of the image of the late Queen to be replaced with the image of King Charles lll), Nura said “is already affecting BDCs. Nigerians who stashed Pounds Sterling now want to bring them out. We are happy Naira is appreciating.”
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Senator Shehu Sani on twitter corroborated what Nura said when he posted: “Forex dealers are insisting that Naira appreciated against the Dollar not because of any CBN intervention but because of the alleged threat by the US against the hoarding of the Dollar in Nigeria.”
Pressed further that the false flag was not enough to cause such drastic change in the value of the Naira, Nura also stated that “the government and the Central Bank of Nigeria (CBN) had a hand in the sudden spike in the value of the Naira.
According to Nura, “there is something happening between the government, the CBN and the NNPC. It looks like Nigeria is selling more oil and they pay cash not transfer. CBN has more dollars now.”
Nura also said that Wuse Zone 4 Forex traders have notice that “some people are coming to buy dollars with old Naira notes” in order to convert their Naira to dollars.
An Economist, Dr Chijioke Ekechukwu, MD/CEO Dignity Finance and Investment Ltd, in a chat with The Nation, said “the spontaneous rise of the exchange rate following the announcement of CBN Governor on their plan to redesign the Naira was expected.
“This was for speculative reasons and for reasons of market reaction to the demand that ensued.”
He said Naira notes “that were stacked in billions in homes and offices could not have been taken to the banks for deposit, for fear of EFCC and cumbersome nature of such processes. The only alternative was for them to quickly buy foreign currencies to avoid the banks.
“This led to a demand pull rate hike. Speculators also followed immediately to sweep the forex market of any available foreign currency.”
Dr. Ekechukwu noted that “the only measure that was to reverse the trend was any distortion on Naira supply, which happened when EFCC went in to check black market players, which put them on check and reduced sale of FX”.
He added that “the drop in the rate is expected to be temporary. Towards the end of the year, we expect to experience another spike as demand increases again.
“The foreign currencies bought at high exchange rate, up to N850 per Dollar, by the black market dealers will obviously be sold higher than they bought them,” he said.
“Right now they are stockpiling them, hoping to sell at higher rates later in the year. So rates are expected to react to absorb such highly priced FX already in their books.”
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Auto
Pi-CNG boss: Clean mobility will cut transport cost, create jobs, power Nigeria’s economic growth
Pi-CNG boss: Clean mobility will cut transport cost, create jobs, power Nigeria’s economic growth
The Federal Government has declared that Nigeria’s transition to compressed natural gas (CNG) and electric vehicles (EVs) is no longer an environmental ambition but a critical economic strategy to slash transportation costs, strengthen energy security, create jobs and unlock new investments across the automotive value chain.
Making the declaration at the 3rd Nigeria Auto Industry Summit (NAISU) organised by the Nigeria Auto Journalists Association (NAJA) in Lagos, the Executive Chairman and Chief Executive Officer of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), Barrister Ismaeel Ahmed, said clean mobility had become a central pillar of President Bola Ahmed Tinubu’s transport and energy reforms.
Delivering a keynote address titled, “Nigeria’s Clean Mobility Future: The EV and CNG Journey Under the Bola Tinubu Administration,” Ahmed said the Presidential Initiative was established to coordinate Nigeria’s transition to cleaner transportation by building a sustainable ecosystem for CNG and electric mobility.
He explained that the Initiative’s mandate extended beyond promoting alternative fuels to attracting investments, expanding refuelling and charging infrastructure, supporting vehicle conversion, strengthening local manufacturing, developing technical skills and boosting consumer confidence.
According to him, the programme was conceived following the removal of fuel subsidy to provide Nigerians with a practical and affordable transport alternative by leveraging the country’s abundant natural gas resources.
“Our focus from the beginning has been to build the foundation of a sustainable industry rather than pursue isolated interventions,” Ahmed said, noting that Pi-CNG & EV has worked closely with regulators, investors, vehicle manufacturers, conversion firms, financial institutions, development partners, transport unions and state governments.
Reviewing the Initiative’s achievements over the past two years, he said Nigeria’s CNG ecosystem has expanded rapidly, with more certified conversion centres established across the country and refuelling infrastructure growing through public and private sector investments.
He added that vehicle conversions have continued to rise as commercial transport operators and private motorists increasingly embrace the lower operating costs of CNG, while thousands of technicians have been trained to ensure safe and professional conversion services nationwide.
Ahmed also disclosed that strategic partnerships with financial institutions, energy companies, vehicle manufacturers and state governments are helping to improve access to financing, stimulate infrastructure development and accelerate the adoption of clean mobility solutions.
To strengthen safety and regulatory compliance, he announced the introduction of the Nigeria Gas Vehicle Monitoring System, which he said would enhance transparency, improve regulatory oversight and build public confidence in the conversion industry.
While acknowledging the remarkable progress recorded in CNG adoption, Ahmed stressed that the Initiative remains equally committed to advancing electric mobility, saying Nigeria’s long-term transport future would be powered by multiple clean-energy technologies.
He revealed that government is engaging manufacturers, investors and development partners on electric vehicle deployment, charging infrastructure, local assembly and policy reforms aimed at accelerating market growth.
Despite the progress, Ahmed identified infrastructure expansion, consumer financing, local manufacturing, technical capacity development, research, innovation and standardisation as key areas requiring sustained investment and collaboration.
He urged government agencies, investors, manufacturers, transport operators, financial institutions, development partners and the media to work together to overcome these challenges and build a sustainable clean mobility ecosystem.
Describing the media as a strategic partner, Ahmed called on members of the Nigeria Auto Journalists Association to intensify public education on the economic, environmental and technological benefits of clean mobility.
“The transition to clean mobility is as much an information challenge as it is an infrastructure challenge. Public understanding influences public acceptance, while market confidence is built on accurate, timely and responsible information,” he said.
He pledged deeper engagement with journalists through regular technical briefings, industry dialogues and improved access to credible data to combat misinformation and promote informed public discourse.
Ahmed said Pi-CNG & EV would continue expanding CNG infrastructure nationwide, strengthen the regulatory framework, support local manufacturing and vehicle conversion capacity, deepen financing partnerships and collaborate with stakeholders to build a commercially viable clean mobility industry.
According to him, the true measure of the Initiative’s success will not be the number of conversion centres or refuelling stations established, but its ability to reduce transport costs, improve energy security, generate employment, stimulate industrial growth and improve the quality of life of Nigerians.
He commended NAJA for providing a platform for robust industry dialogue, saying stronger collaboration among government, industry players and the media would be essential to accelerating Nigeria’s clean mobility transition.
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Auto
Côte d’Ivoire woos Nigerian auto investors to regional mobility expo
Côte d’Ivoire woos Nigerian auto investors to regional mobility expo
- 150 global brands to storm Abidjan
Côte d’Ivoire is making a bold bid to become West Africa’s automotive and mobility hub with the launch of EQUIP AUTO Côte d’Ivoire, an international trade exhibition expected to attract more than 150 exhibitors and brands from across Europe, Asia and Africa in a move aimed at deepening regional trade and cross-border investment.
The maiden edition of the exhibition will hold from November 26 to 28, 2026, at the Abidjan Exhibition Centre, bringing together about 10,000 industry professionals, investors, policymakers and members of the public from across the automotive value chain.
Speaking at a press conference in Lagos on Wednesday, President of Interlinks Auto and MIWA AFRICA SARL, Mr. Luc Azilinon, described the event as a major milestone in expanding the globally recognised EQUIP AUTO brand into sub-Saharan Africa.
The briefing, held at the Radisson Blu Hotel, Victoria Island, was convened by the Managing Director/Chief Executive Officer of Promosalons Nigeria, Cameroon and Gabon, Mr. Akin Akinbola, whose organisation represents the organisers of EQUIP AUTO Côte d’Ivoire in Nigeria and Cameroon.
According to Azilinon, the exhibition is being organised through a collaboration between EQUIP AUTO Paris and MIWA AFRICA SARL and is designed to become West Africa’s leading business platform for mobility and the automotive industry.
He said the three-day event would feature exhibitions, thematic workshops, conferences, business-to-business and business-to-consumer meetings, product demonstrations and live vehicle testing.
The exhibition will cover passenger vehicles, light commercial vehicles, heavy-duty and industrial vehicles, transport, automotive aftermarket, agriculture and public works, reflecting the realities and growth potential of the West African market.
Azilinon disclosed that exhibitors are expected from Germany, France, Türkiye, Italy, Algeria, Nigeria, Cameroon, India, China, South Korea and Japan.
“Our ambition is to position EQUIP AUTO Côte d’Ivoire as the leading platform for developing business in West Africa by combining innovation with business opportunities and establishing the region as a strategic mobility hub for Africa,” he said.
He added that the event’s innovative B2B2C format would create a strategic meeting point for vehicle manufacturers, distributors, repairers, fleet operators and government agencies, while giving participants access to cutting-edge technologies and mobility solutions tailored to regional needs.
According to him, the exhibition is also expected to stimulate regional trade, strengthen cross-border partnerships, support the modernisation of automotive infrastructure and distribution networks, and facilitate the expansion of international companies into West African markets.
Explaining why Côte d’Ivoire was selected to host the inaugural edition, Azilinon cited the country’s political stability, investor-friendly environment, strategic infrastructure and growing economic influence within the Economic Community of West African States.
He noted that Côte d’Ivoire has maintained strong institutional stability following the 2025 elections, recorded major investments in transport, energy and construction, and hosts the Port of Abidjan, one of West Africa’s busiest maritime gateways.
He also pointed to the country’s robust economic performance, with a growth rate of 6.5 per cent in 2024, driven by agriculture, agribusiness, infrastructure and services.
The Ivorian Ambassador to Nigeria, Ambassador Kalilou Traoré, was represented at the event by Dr. Kaslime Kouassi, underscoring the country’s commitment to strengthening economic and commercial ties across the region through the automotive sector.
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Aviation
Obi Must Apologise, Pay ₦25,000 or Face FAAN Action — Keyamo Issues Ultimatum
Obi Must Apologise, Pay ₦25,000 or Face FAAN Action — Keyamo Issues Ultimatum
The Minister of Aviation and Aerospace Development, Festus Keyamo, has issued a seven-day ultimatum to Nigeria Democratic Congress (NDC) presidential candidate Peter Obi, demanding a public apology and payment of a ₦25,000 fine over a parking violation at Abuja’s Nnamdi Azikiwe International Airport. Keyamo’s demand follows an internal investigation he ordered after Obi publicly claimed his vehicle was unjustly clamped as part of a political persecution campaign by the Federal Government. The minister released CCTV footage which he says contradicts Obi’s account, insisting the former Anambra governor violated airport regulations and then used his influence to evade the prescribed fine. In a statement posted on his X page, Keyamo declared that what had emerged was a clear case of an opposition candidate trying to whip up unnecessary sentiments for a wrong he and his driver committed.
According to the minister’s detailed narrative, the incident occurred on July 4, 2026, and the CCTV footage tells a very specific story. Obi arrived at the domestic terminal at approximately 8:28 p.m., driven by a police officer, and entered the building with two other occupants. The police driver then parked the vehicle in a designated drop-off zone—almost blocking the entrance—and also left the vehicle unattended. The driver briefly returned at about 8:32 p.m. to retrieve an item but abandoned the vehicle again. Airport security personnel then clamped the tyres, with Keyamo insisting nobody knew the vehicle belonged to Obi at the time. When the driver discovered the clamp, he contacted Obi, who spoke with an airport manager and requested the vehicle’s release—which was granted without payment of the ₦25,000 fine. Keyamo emphasised that the vehicle remained unattended for about 30 minutes in a restricted zone, describing this as a security risk under global airport standards.
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However, the Peter Obi Media Office and the Obidient Movement have strongly rejected Keyamo’s narrative, accusing the minister of releasing poorly edited propaganda and manipulating CCTV footage to criminalise the opposition leader. They have raised several counter-claims that directly challenge the minister’s version of events. On the timing dispute, the Obidient Movement argues that timestamps on Keyamo’s own footage show Obi’s vehicle arriving at 20:28 and being clamped at approximately 20:34—six minutes, not thirty. The group accused Keyamo of zooming into the seconds display to confuse viewers into believing they were looking at the minute counter. On the identity of the driver, Obi’s spokesman, Idris Zekeri Jnr, stated that Peter Obi does not have any police or civil defence personnel attached to him in Abuja, challenging Keyamo’s reference to a “police driver”. Obi’s camp also claims the incident Keyamo publicised is entirely different from the one Obi narrated during his interview, suggesting a pattern of targeting the opposition figure. Furthermore, both the Obidient Movement and Obi’s media office insist other vehicles were parked in the same area without being clamped, pointing to selective enforcement targeting Obi. They also questioned why Keyamo showed no similar enthusiasm in investigating high-profile incidents involving Adams Oshiomhole and KWAM 1—known associates of the President.
The Presidency has weighed in on the matter, with presidential spokesman Bayo Onanuga backing Keyamo’s position. Onanuga stated that the evidence completely debunked Obi’s falsehood that he was unduly targeted and persecuted, insisting that he and his police driver broke a simple parking rule at the Airport.
Keyamo has made two formal demands, warning that failure to comply within seven days would prompt him to direct the Federal Airports Authority of Nigeria (FAAN) to take further action. First, Obi must tender an unreserved, public apology to the airport workers he accused of persecution. Second, Obi must voluntarily return to the airport and pay the ₦25,000 fine for wrongful parking, which he allegedly evaded through influence peddling. The minister declared that Obi cannot be bigger than the law.
Meanwhile, legal analyst Ekemini Udim, a Senior Partner at Justice Chambers, has questioned the minister’s authority to impose a fine, arguing that Keyamo is not a court of law. Udim cited a Court of Appeal decision which held that the Federal Road Safety Commission cannot impose fines without taking offenders before a magistrate’s court, arguing the same principle should apply to FAAN. Furthermore, he noted that under the principle of criminal liability, it is the person who commits the offence that should be made to pay for the offence—suggesting that if Obi was not the driver, he cannot be held personally liable.
Obi Must Apologise, Pay ₦25,000 or Face FAAN Action — Keyamo Issues Ultimatum
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