News
Naira Records N100 Gain, Now N840/$ In Parallel Market
The Naira yesterday made a massive gain of N100, closing at N840/$ at the parallel market in Lagos.
It, however, closed lower at N850/$ in Abuja markets, representing a 9.57 per cent appreciation compared with Tuesday’s rate.
At the Investor and Exporter (I&E) window – the official market – the naira closed at N759 to the dollar, creating around N81 premium between the official and parallel markets. There was a $61 million turnover at the I&E window.
According to Bureau De Change operators in Wuse Zone 4, Abuja, the naira started the day at N940/$ and gradually increased to the current rate.
One of the traders, Ibrahim Bakori, told our reporter that he was surprised by the naira’s appreciation.
Asked what he thought was responsible, Bakori said it was “the result of the meeting between President Bola Tinubu and the Acting CBN Governor Folashodun Shonubi”.
Another Forex dealer, Nura, expressed shock at what he described as the “big fall” of the dollar at the parallel market.
Just like Bakori, Nura said the meeting between President Tinubu and Shonubi had sent signals of something significant about to happen in the Forex market.
Reacting to the news that the CBN might flood the market dollars in the coming days to check the fall of the Naira, a financial expert, Dr. Victor Adoji, cautioned against the planned release of dollars into the system by the CBN.
He said: “The money outside the Deposit Money Banks (DMBs), supposedly over N2 trillion, will swallow the ‘flood’ especially because of the rational appetite of Nigerians for holding dollar”.
He urged the CBN to “take a look at the outstanding demand portfolio for the dollar” before releasing more.
A Bureaux De Change (BDC) trader based in Marina, central Lagos, Garuba Sarki, said many forex dealers are not ready to buy dollars at present because of fears they might lose money.
“Many speculative dealers are taking the back seat.
“We expect the naira to continue to rebound until convergence between the official and parallel market rates occurs.
“Many traders are being cautious about losing funds in the coming days,” he said.
He said funding for BDCs or getting the banks to sell dollars to retail-end buyers will bring greater mileage to the naira.
President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Dr. Aminu Gwadabe, advised the Federal Government to enhance financial intelligence by tracking people with proceeds of corruption to sanitise the market.
He said many of the people with proceeds of corruption are the ones putting pressure on the forex market through their manipulative actions.
“The naira is depreciating not by forces of demand and supply, but by the collective action and impact of the people with illicit funds,” he said.
Former Executive Director of Keystone Bank Limited, Richard Obire, said Nigeria’s heavy and skewed outward-oriented consumption of goods and services as seen in decades of substantial bills for food and energy imports remains a hindrance to naira stability.
Another factor, he said, is the massive corruption-driven capital outflows which in turn severely damages Nigeria’s capacity to produce at scale.
On ways to strengthen the naira, he advised that in the short-term, there is a need to find non-market damaging ways to increase the supply of hard currencies and reduce the demand for same.
According to Obire, the right pricing for remittances and frictionless processes for their use by recipients should see the volumes growing again.
He said that insecurity hampering food production needs to be tackled with a sense of urgency and effectiveness.
“Priority should be given through deploying pragmatic incentive programmes to drive up the volume of food products for domestic consumption and industrial use to reduce our food import bill.
“All government consumption expenditures requiring the use of hard currencies should be suspended indefinitely, starting now,” he advised.
Obire said the turnaround maintenance (TAM) status of refineries in Port Harcourt and Warri should be appraised immediately.
“Effort should be focused on the one which can begin producing quicker. The other one should be made to be up and running, not long after. This should reduce the required forex for fuel imports.
“In the long term, only a strong economy will produce a stable currency. To achieve this will require addressing the fundamental structural defects in our political economy hampering an accelerated transition from an outward consumption-oriented economy into a mainly balanced production-driven one,” he said.
The CBN had in June unified the exchange rate and abolished multiple exchange rates.
The exercise led to a 40 per cent drop in the naira rate at the official market.
Dollar supply has remained a challenge, making it difficult for official and parallel market rates to converge.
News
Ignore Fake February 2 Sit-at-Home Order, IPOB Lawyer Tells South-East Residents
A human rights lawyer and lead counsel for the Indigenous People of Biafra, Sir Ifeanyi Ejiofor, has urged South-East residents to completely ignore what he described as a “fraudulent” sit-at-home order allegedly scheduled for Monday, February 2, 2026, by a faction of the group.
Recall that the pro-Biafran group, through its spokesman Emma Powerful, had directed a sit-at-home on February 2 across the region in solidarity with traders at the Onitsha Main Market.
Powerful said the total shutdown in Biafraland is a direct, peaceful, and unified response to the actions of Anambra State Governor, Prof. Chukwuma Soludo, who ordered the closure of the Onitsha Main Market for one week.
But in a counter statement released on Saturday, Ejiofor said the source behind the directive, operating under the guise of “Emma Powerful,” has been compromised and is acting against the collective interest of Ndi-Igbo.
He insisted that IPOB has formally and decisively distanced itself from the false sit-at-home order and directed Ndi-Igbo to go about their lawful activities without fear.
The statement read in part: “Once again, the well-worn theatre of misinformation has opened its curtains, this time with a particularly lazy script and an insultingly predictable cast.
“Late yesterday, a report was widely circulated alleging that a total lockdown of Ala-Igbo had been ordered under the guise of a sit-at-home directive purportedly issued by ‘Emma Powerful,’ slated for Monday, February 2, 2026.
“Let it be stated clearly, unequivocally, and without ambiguity: this directive is fake, a phantom, a calculated falsehood.
“Upon careful inquiry and diligent verification, especially considering the delicate and hard-won calm presently returning to our homeland, it became glaringly obvious that the so-called ‘Emma Powerful’ platform has been fatally compromised.
“It has been hijacked by vested interests whose business model thrives on fear, disruption, extortion, and the cynical exploitation of vulnerable communities.
“The peaceful global movement of the IPOB has formally and decisively disowned this fabricated publication, categorically distancing itself from the false sit-at-home order and directing Ndi-Igbo to go about their lawful and normal activities without fear.
“Going forward, the message from IPOB is unmistakable: any publication attributed to ‘Emma Powerful’ should be treated with extreme suspicion, if not outright contempt.
“Frankly, one cannot but express astonishment, bordering on disbelief, that at such a critical juncture, when relative peace is cautiously resurfacing in Ala-Igbo, anyone would recklessly circulate information capable of reopening wounds and inviting criminal infiltration.
“History has taught us, at unbearable cost, what happens when fake directives fall into the hands of violent opportunists masquerading as enforcers.
“It is therefore no longer sufficient to merely advise our people to ‘ignore’ publications from this source. The time has come for greater clarity and firmness. The platform known as ‘Emma Powerful,’ in its current corrupted state, has positioned itself as an adversary to Ala-Igbo’s peace, progress, and collective well-being.”
According to Ejiofor, the peaceful global movement must go further by publicly and definitively explaining why this source has become unreliable, compromised, and hostile to the collective interest of Ndi-Igbo. Silence, ambiguity, or polite distancing, he said, only leaves room for further abuse.
“A masquerade that dances with fire should not be mistaken for a messenger of truth,” the statement concluded.
News
Joint Task Force Crushes Terrorist Cells In North East, Heavy Weaponry Seized
In recent operations across the North East, troops of the Joint Task Force Operation HADIN KAI (OPHK) have neutralized scores of terrorists and recovered a significant cache of arms and ammunition.
Lieutenant Colonel Sani Uba, Media Information Officer, Headquarters Joint Task Force (North East) in a statement said intelligence has confirmed the killing of JULAIBIB, a top ISWAP commander operating within the Gujba axis of the Timbuktu Triangle, during an encounter around Kimba, Damboa LGA of Borno State, on 30 January 2026.
According to the statement, the elimination of the terrorist leader has thrown ISWAP elements in the area into disarray, with several fighters reportedly neutralised during the operation.
In a related operation, troops of OPHK, working in collaboration with the Civilian Joint Task Force, neutralised 3 terrorists during a well-coordinated ambush between Ngazalgana and Lamusheri communities in Borno State.
It said the operation followed credible intelligence on insurgent movements in the area, as troops laid an ambush along the identified route and engaged the terrorists with effective firepower, resulting in the neutralisation of 3 insurgents, while others fled with gunshot injuries.
The statement said troops recovered two AK-47, adding that the operation forms part of sustained efforts to deny terrorists freedom of movement and degrade their operational capabilities across the Theatre.
It said troops also recorded multiple successes in Adamawa State, adding that on 29 January, 2026, troops responded swiftly to a distress call from Barama community, Mubi North LGA, foiling an armed robbery attempt. Two armed robbery suspects attempting to attack a student of the Federal Polytechnic, Mubi, were arrested. One suspect sustained a gunshot wound to the thigh while attempting to confront the troops and was evacuated to the Federal Medical Centre, Mubi, for treatment.
The suspects were subsequently handed over to the Nigeria Police for further investigation. Items recovered include 3 cutlasses, 2 laptops, 4 mobile phones, and one power bank.
News
Appeal Court Affirms Death Sentences for Five Offa Bank Robbery Convicts
The Court of Appeal sitting in Ilorin, Kwara State has affirmed the death sentences passed on five 2018 Offa robbery convicts.
The court dismissed their appeals as lacking merit.
The Director of Public Prosecution (DPP) in the state, Mohammed Akande, who witnessed the proceedings, said that the three Appeal Court judges unanimously agreed on the judgement and affirmed the verdict of the state High Court condemning the five persons to death by hanging.
“The Court of Appeal, Ilorin Division comprising of Hon. Justice Ridwan Maiwada Abdullahi JCA, Hon. Justice Gabriel Kolawole JCA and Hon. Justice Abdul Dogo today, Friday affirmed the judgment of Hon. Justice H. A. Saleeman of the Kwara State High Court, that sentenced the Appellants: Niyi Ogundiran, Salawu Azeez, Ibikunle Ogunleye, Ayoade Akinnibosun and Adeola Abraham to death by hanging for the involvement in the Offa Bank Robbery”.
Another official of the Court also said that the appellate court rejected all the grounds of appeal filed by the convicts and ordered their immediate return to prison custody.
“The court dismissed all their grounds of appeal and upheld their convictions. They have been taken back to prison,” the official said.
The official said that the arguments raised at the Court of Appeal were unconvincing and may not succeed if repeated at the apex court.
It is recalled that Ayoade Akinnibosun, Azeez Salahudeen, Niyi Ogundiran, Ibikunle Ogunleye and Adeola Abraham were convicted of armed robbery, illegal possession of firearms and culpable homicide.
A sixth suspect, Michael Adikwu, a retired police officer, died in custody before the commencement of the trial.
At least 32 people were killed, including nine police officers, two of whom were women, making it one of the deadliest bank robberies in Nigeria’s history.
Justice Haleemah Saleeman of the Kwara State High Court had earlier sentenced the five convicts to death by hanging after a trial that lasted about six years and attracted nationwide attention.
In her judgment, which lasted over four hours, Justice Salman held that the prosecution proved its case beyond reasonable doubt.
She said the convicts “acted contrary to the law and allowed their connections with those in power at the time to lead them astray”.
In addition to the death sentence, the trial court also sentenced them to three years’ imprisonment for illegal possession of firearms, in line with provisions of Nigeria’s penal laws.
Lead prosecution counsel, Rotimi Jacobs (SAN), described the appellate court’s decision as thorough and well considered, despite the prolonged delays that characterised the trial.
On the defence side, Abdullah Jimba, counsel to one of the convicts, said that preparations were underway to pursue a final appeal at the Supreme Court.
-
News2 days agoDonald Duke Officially Joins ADC Following Resignation from PDP
-
Politics2 days agoADC’s Aisha Yesufu Issues Public Apology For Listing Yemi Adamolekun Without Consent
-
News19 hours agoJoint Task Force Crushes Terrorist Cells In North East, Heavy Weaponry Seized
-
Entertainment16 hours agoFunke Akindele Fires Back At Kunle Afolayan’s Cinema Remarks
-
News17 hours agoIgnore Fake February 2 Sit-at-Home Order, IPOB Lawyer Tells South-East Residents
-
News1 day agoAppeal Court Affirms Death Sentences for Five Offa Bank Robbery Convicts
