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BREAKING: Naira Falls To Lowest At Black Market Since January 2022
Naira has fallen to the lowest at the black market since January 2022.
JomogNews Nigeria reports that the Nigerian official currency, Naira has fallen against the United States dollar to exchange rate at N575/per $1 at the parallel market popularly known as the black market, the lowest since the beginning of 2022.
This online news platform understands that the naira has fallen against the United States dollar at the black market to the lowest since the start of the year 2022, exchanging at N575/per $1, days after it maintained the position of N570 per dollar to naira.
A survey conducted by JomogNews Nigeria at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Friday afternoon, February 11, 2022, shows that the naira to usd exchanged at N575/$1, falling from the N570 position of 1 dollars to naira it held since January 20, 2022, months after usd to naira exchanged for N530/$1.
The local currency opened at N575.00 per $1 at the parallel market otherwise known as the black market on Friday, 11 February 2022, in Lagos Nigeria after it closed N571.00 per $1 on Thursday, February 10, 2022.
Even though the dollar to naira opened in the parallel market at ₦575 per $1 today, JomogNews reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
JomogNews Nigeria reports that at the black market, the players bought a dollar for N570 and sold for N575 on Friday, February 11, 2022 after they bought N568 and sold for N572 on Thursday morning, February 10, 2022.
Though the naira has fallen at the black market, it, however, showed strength at the official market, gaining more than N1 naira, from what it traded weeks after the CBN adjusted the dollar to naira exchange rate.
The exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at ₦415.77 per dollar, but later closed at ₦416.67 per $1 the same day, representing a change of 0.16%.
Meanwhile, JomogNews Nigeria reports that the USD started this week at ₦571 in Parallel Market also known as Black Market on Monday, February 7, 2022, in Lagos Nigeria, after it opened at ₦570 last week Monday, January 31, 2022.
Disclaimer: JOMOGNEWS NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.
News
Court Sets Feb 25 For El-Rufai’s Arraignment In DSS Cybercrime Case
The Department of State Services (DSS) will arraign former Governnor of Kaduna state, Nasir El-Rufai, on February 25 over alleged cybercrime and breach of national security.
Justice Joyce Abdulmalik of the Federal High Court has fixed the date for the arraignment of the former Governor on a three-count criminal charge filed by the Department of State Services (DSS) after the Chief Judge, Justice John Tsoho assigned the case to her.
NAN earlier reported that the DSS, on Monday, filed a three-count criminal charge against El-Rufai following his alleged involvement in wiretapping the telephone lines of the National Security Adviser (NSA), Mallam Nuhu Ribadu.
The charge, instituted by the Nigerian secret police, is marked FHC/ABJ/CR/99/2026.
The service accused El-Rufai of breaching the Cybercrimes Prohibition Act (2024) and the Nigerian Communications Act (2003.)
In court, El-Rufai was alleged to have, on Feb. 13, while appearing as a guest on Arise TV station’s Prime Time Programme in Abuja, admitted during the interview that he and his cohorts unlawfully intercepted the phone communications of the NSA, Mr Ribadu.
The offence is said to be contrary to and punishable under Section 12(1) of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024.
News
Maureen Badejo To Appear Before Federal High Court Tomorrow On Defamation, Cybercrime Charges
Maureen Omorinola Badejo is scheduled to appear before the Federal High Court sitting in Ikoyi, Lagos, on February 20, 2026, following charges filed by the Inspector-General of Police over allegations bordering on defamation, cyberstalking, and related offences.
The charges arise from online publications made in November 2021, in which Ms. Badejo allegedly transmitted statements and videos on YouTube and Facebook concerning Apostle Johnson Suleman and his associate Dickson Omodiale Osajie.
According to the charge sheet, the prosecution alleges that:
Ms. Badejo conspired with others to publish defamatory content against Apostle Suleman.
She allegedly portrayed him as a cultist, rapist, assassin, ritualist, and other criminal labels, knowing the claims to be false.
She is accused of sending false messages via computer networks intended to cause annoyance, hatred, intimidation, and injury to reputation.
Additional allegations state that defamatory statements were also made against Mr. Dickson Osajie, claiming involvement in crimes such as rape and ritual killing.
Authorities further allege that the publications caused fear for safety and threatened bodily harm to the complainants.
The offences cited fall under provisions of the Criminal Code Act (Cap C38, Laws of the Federation of Nigeria, 2004) and the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015.
The case follows a formal petition submitted to the Nigeria Police Force by Mr. Osajie, who alleged persistent cyberstalking, harassment, invasion of privacy, threats to life, and dissemination of false information affecting himself, Apostle Suleman, and their families.
Statement from Maureen Badejo
Ms. Badejo maintains her readiness to face the court and present her defense, expressing confidence in the Nigerian judicial system to ensure fairness and justice.
“I will appear in court as required and trust that the truth will prevail through due legal process,” she stated.
However Ms. Badejo is expected to be formally arraigned before the Federal High Court in Ikoyi, where the charges will be read and she will enter her plea.
News
Rivers Assembly Suspends Impeachment Move Against Fubara After Tinubu’s Intervention
The Rivers State House of Assembly has officially suspended impeachment proceedings against Governor Siminalayi Fubara and his deputy, Ngozi Odu, following President Bola Tinubu’s intervention.
The House moved the motion to halt the impeachment process on Thursday at its resumed sitting in Port Harcourt, the state capital.
JomogNews had reported that during its first sitting of 2026, the House had begun impeachment proceedings against the governor and his deputy over allegations of gross misconduct, including the demolition of the State Assembly complex and alleged spending without legislative approval, among other claims.
More details later….
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