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
Couple Kidnapped, One Shot In Ondo Estate Attack
Gunmen suspected to be kidnappers have abducted a couple from their residence in the Iluabo area of Akure North Local Government, Ondo State.
During the attack, which occurred in the early hours of Saturday, February 21, 2026, the assailants shot one person before seizing the victims.
The gunmen had stormed Olaribigba Estate in the community when they whisked Mr Jamiu Olawale and his wife into the bush.
Following the development, which has created tension in the agrarian community, residents protested and barricaded the road leading to the community over the incessant kidnappings and insecurity in the community.
According to sources, the couple had arrived at their residence in an ash-coloured Toyota Camry when they were attacked by the gunmen, who lay in ambush for them.
During the incident, a neighbour of the abducted couple, Patrick Ilumaro, who was seated in front of his residence, was shot by the gunmen while fleeing from the community.
A neighbour of the victims revealed that Ilumaro was swiftly rushed to an undisclosed medical facility where he is currently receiving medical treatment.
While confirming the incident, the Ondo State Police Command disclosed that tactical teams as well as conventional operatives have been deployed to the community.
In a statement issued by the Police Public Relations Officer, Abayomi Jimoh, the operatives are already combing the axis in an effort to rescue the victims and apprehend the perpetrators.
“Concerted efforts are ongoing to ensure the safe return of the abducted persons and bring those responsible to justice.
“Members of the public are urged to remain calm and go about their lawful activities. Meanwhile, the Command urges them to provide credible and actionable information that may assist in the investigation to the nearest police station.”
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.
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