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Just In: Exchange Rate Worsens To N820/$1 At Parallel Market Ahead Of MPC Meeting

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The exchange rate between the naira and the US dollar closed at N795.28/$1 at the official Investor and Exporters window on Monday, 17th July 2023.

This compares to N820/$1 traded by BDC operated on the same day at the unofficial I&E Window.

The official exchange rate also improved from the N803.9 per dollar that it traded at on Friday.

Meanwhile, N820/$1 traded at the parallel market is weaker than the average rate of N815/$1 recorded last Friday, according to Nairametrics survey.

MPC Meets today

The monetary policy committee of the central bank is expected to meet on Tuesday and Wednesday to deliberate on the economy.

This will be their first time meeting since the revision to the forex market was introduced. It is also the first meeting without CBN Governor Godwin Emefiele.

The committee will be expected to address the effect of monetary policy tools on rising inflation which is the core mandate of the apex bank.

Analysts also expects the MPC to comment on the demand pressure hitting the exchange rate and how to address it.

More importantly, the monetary policy rate is expected to be the key highlight of today’s meeting. Nairametrics expects the rate to be increased to at least 19% or at the least 18.75%.

Breakdown of data

I&E FX window – The exchange rate opened at N782.79/$1 and sold for as high as N832/$1.

The naira also reached a low of N699.50 per dollar, indicating high volatility in the foreign exchange market.

The exchange rate between the naira and the US dollar has closed at an average of N768.38 to a dollar for the first eleven trading days of the month, in contrast to the average rate of N524.21/$1 in the same period of the previous month

The turnover recorded at the I&E window decreased by 26.33% to $34.55 million, from the turnover of $46.90 million traded last week Friday.

The total turnover that exchanged hands in the last eleven trading days is $849.04 million, compared to the turnover value of $1.59 billion recorded in the same period in June 2023.

Parallel market – The Naira-US dollar exchange rate at the unofficial parallel market on Monday depreciated to N820/$1, compared to the average rate of N815/$1 on Friday.

This represents a record high in the black-market exchange rate against the naira, as demand for dollars continues to pile pressure on the black market.

The crypto P2P exchange market recorded a slight decline in the value of the naira against the US dollar.

The average exchange rate at the market was N818.65/$1, compared to N817/$1 in the previous trading session.

The naira weakened against the British Pound by 3.81% on July 17, 2023, closing at N1090/£1. This was a downturn from the N1050/£1 rate recorded on July 14th, 2023, the last trading day before the weekend.

External Reserves: According to the latest data from the Central Bank, the nation’s foreign exchange reserves declined slightly to $34.038 billion as of July 13, 2023, compared to $34.047 billion on the previous day.

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Reps Plenary Turns Chaotic As Motion To Rescind Electoral Act Amendment Sparks Row

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The House of Representatives descended into a rowdy session on Tuesday during an emergency plenary called to reconsider the Electoral Act (Amendment) Bill, 2025.

The chaos was triggered by a motion to rescind the bill’s earlier passage from December 23, 2025, which had mandated the real-time electronic transmission of election results to the IReV portal.

During plenary, Francis Waive, chairman of the house of representatives committee on rules and business, moved a motion for the house to reverse its decision on the bill which was passed on December 23, 2025.

When Tajudeen Abbas, speaker of the house, put the motion to a voice vote, the “nays” were louder than the “ayes”, but he ruled that the ayes had it.

The ruling triggered protests from lawmakers, who began hollering in objection. Abbas subsequently called for an executive session, but the proposal was also rejected.

Despite the resistance, the speaker moved the house into an executive session.

When the green chamber passed the electoral act in December, it adopted a proposal mandating the real-time transmission of election results to the Independent National Electoral Commission’s result viewing portal (IReV).

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El-Rufai Alleges Ribadu Behind Airport Arrest Attempt, Reveals Next Move

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Former Kaduna State Governor, Nasir El-Rufai, has accused National Security Adviser, NSA, Nuhu Ribadu of being behind the attempt to arrest him at the Nnamdi Azikiwe International Airport in Abuja on Thursday, shortly after he returned from a trip to Cairo, Egypt.

El-Rufai made the allegation while speaking with former Vice President Atiku Abubakar, who paid him a solidarity visit at his residence on Thursday night.

According to him, operatives of the Independent Corrupt Practices and Other Related Offences Commission, ICPC, working with the Department of State Services, DSS, and not the Economic and Financial Crimes Commission, EFCC, confronted him at the airport and attempted to take him into custody.

“It turned out that it’s the ICPC that procured DSS to abduct me and hands me over to them. The ICPC has never invited me.

“We just understand that it’s the ICPC not EFCC that’s responsible for what happened today and the ICPC chairman is acting of the direct order of Nuhu Ribadu,” El-Rufai said.

Responding, Atiku expressed sympathy with the former governor and stressed the need for political unity ahead of the next general election.

The ex-Vice President noted that opposition forces must organize themselves to challenge President Bola Tinubu in 2027.

“We must come together and form very viable opposition because Tinubu is determined to turn Nigeria into a one party state,” Atiku said.

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Nnamdi Kanu Challenges Life Sentence, Files Appeal Against Terrorism Conviction

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Nnamdi Kanu, leader of the Indigenous People of Biafra (IPOB), has officially filed a notice of appeal challenging his conviction and multiple sentences.

 

Kanu insisted that the trial was riddled with fundamental legal errors and amounted to a miscarriage of justice.

In the notice of appeal dated February 4, 2026, Kanu said he was appealing against his conviction and sentences on seven counts, including terrorism-related offences, for which he received five life sentences and additional prison terms after being found guilty on November 20, 2025.

“I, Nnamdi Kanu, the Appellant, having been convicted and sentenced… do hereby give notice of appeal against my conviction,” the document stated.

Kanu was convicted for offences including “committing an act preparatory to or in furtherance of an act of terrorism,” “making a broadcast… with intent to intimidate the population,” and “being the leader and member of the Indigenous People of Biafra (IPOB), a proscribed organisation in Nigeria,” among others.

Justice James Omotosho of the Federal High Court, Abuja, delivered the judgment on November 20, 2025, sentencing Kanu to five life terms for terrorism-related offences, 20 years’ imprisonment for being the leader of the proscribed IPOB, and five years’ imprisonment with no option of fine for importing a radio transmitter without a licence.

In his grounds of appeal, the IPOB leader accused the trial court of failing to resolve what he described as a “foundational disruption of the original trial process” following the 2017 military operation at his Afara-Ukwu residence.

“The learned trial judge erred in law by failing to resolve the procedural and competence consequences of the foundational disruption of the original trial process in September 2017,” Kanu argued.

He also contended that the court proceeded to trial and judgment while his preliminary objection challenging the competence of the proceedings remained unresolved.

“The learned trial judge did not hear or determine the objection,” the appeal document stated, adding that judgment was delivered “while the objection remained pending and undetermined.”

Kanu further faulted the court for delivering judgment while his bail application was still pending, arguing that this affected the fairness of the trial process.

He also claimed that the trial court convicted him under a law that had already been repealed, stating that “the learned trial judge erred in law by convicting and sentencing the Appellant under the Terrorism Prevention (Amendment) Act, 2013, notwithstanding its repeal by the Terrorism (Prevention and Prohibition) Act, 2022, prior to judgment.”

Kanu further argued that he was subjected to double jeopardy, contrary to Section 36(9) of the 1999 Constitution, after being retried on facts he said had earlier been nullified by the Court of Appeal.

He also complained that he was denied fair hearing, claiming that he was not allowed to file or present a final written address before judgment was delivered.

Among the reliefs sought, Kanu asked the Court of Appeal to allow the appeal, quash his conviction and sentences, and “discharge and acquit the Appellant in respect of all the counts.”

He also informed the appellate court of his desire to be present at the hearing of the appeal, stating, “I want to be present at the hearing of the appeal because I may be conducting the appeal in person.”

Kanu is currently being held at a correctional facility in Sokoto State, after his application to be transferred to a different facility in either Niger or Nasarawa State was denied.

 

 

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