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Naira Exchanges For N1,280/$ At Parallel Market
The exchange rate for a dollar to naira on the physical black market on Monday was N1, 280/US$ as against N1,260 against the greenback last week.
At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the local currency gained some grounds against the greenback as it closed at N838.95 to the dollar, compared to last Friday’s N890.54/US$1.
The volatility in exchange rate persisted last week, attaining a weekly low of N1089.51/US$1 on Tuesday and a weekly high of N856.57/US$1 on Monday.
Naira records temporary gain despite persisting exchange rate volatility
On the P2P market, an unofficial market actively traded by crypto traders, retail investors, and speculators, the naira traded at about N1272/$ in the early hours of Monday from the weekend’s rate of N1255/$.
Meanwhile, data published by the Central Bank of Nigeria (CBN), shows that Nigeria’s gross official reserves decreased by US$91.6million to USD32.9billion in December 2023.
This decline suggests the country’s gross external reserves fell by approximately US$4.2billion in 2023, indicating an average monthly depletion rate of -USD348million.
Analysts at FBNQuest say the gross official reserves trend has been generally downward since October 2021.
“This is mainly due to the strong demand for foreign exchange by end-users, weak accretion to the reserves from export proceeds (primarily crude oil), and the declining trend in foreign portfolio inflows“, the analysts stated in an advisory note to clients.
The firm noted that total reserves as at end December 2023 covered 7.7 months of merchandise imports per the balance of payments for the 12 months to June 2023 and 5.7 months “when we add imported services.”
However, for a more accurate picture, FBNQuest stated that there should be adjustment in the gross reserve figure for the pipeline of delayed external payments and the encumbered portion of the reserves.
The reserve cover of 7.7 months (5.7 months including services) appears to have improved compared to the 7.1 months of merchandise import cover (5.3 months including services) as of Jun ‘23.
“However, this apparent enhancement is primarily attributed to import constraints resulting from limited access to foreign exchange for importers.
“A significant factor worth highlighting is the -14percent year on year (y/y) decline in total merchandise imports to US$51.6billion for the 12 months ending June 2023 compared with the US$60.0billion for the year earlier period ending June 2022.
Late last year, the CBN began a gradual reduction of the backlog of foreign exchange (fx) forwards.
Roughly USD2billion has been successfully cleared from an estimated outstanding amount of US$7billion.
“We anticipate limited accretion to the external reserves this year due to challenges in raising Nigeria’s crude oil output from about 1.3 million barrels per day (mb/d) toward the 1.78 mbd envisaged in the 2024 budget.
“Regarding pricing, expected OPEC production cuts may be offset by higher non-OPEC oil output, notably the anticipated rise in US production. This is likely to keep oil prices in equilibrium.
“We forecast the gross official reserves at about US$34.0billion by the end of 2024, slightly higher than the US$32.9billion it closed in 2023,” FBNQuest analysts noted.
News
How Rivers Women Spread Wrappers For Wike’s Motorcade During Port Harcourt Visit
The Minister of the Federal Capital Territory, FCT, Nyesom Wike, on Saturday visited Port Harcourt City Local Government as part of his “thank you” visit across Rivers State.
Upon his arrival, a group of women displayed a symbolic gesture of loyalty by spreading their wrappers on the ground for his motorcade.
The women and supporters of the Minister were in a jubilant mode as Wike drove on the wrappers.
Wike has been going around local governments in the state to appreciate them for their support while reeling out moves ahead of the 2027 general elections.
In the course of his visits, the Minister had fired several salvos at political actors in the state, warning that their sudden support for President Bola Tinubu won’t secure them any ticket in 2027.
Wike also renewed rivalry with Governor Sim Fubara over the leadership control of the political space in the state.
News
Impeachment Proceedings Against Fubara, Deputy Still Active – Rivers Assembly
The Rivers State House of Assembly has officially reaffirmed that the impeachment proceedings against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu, are ongoing and have not been suspended.
The Assembly said the process is still ongoing and is being conducted strictly in line with constitutional provisions.
This was contained in a statement issued on Friday by the Chairman of the House Committee on Information, Petitions and Complaints, Hon. Enemi George.
According to the statement, the impeachment process, which began on Thursday, January 8, 2026, remains on course in line with the 1999 Constitution of the Federal Republic of Nigeria (as amended).
The lawmakers disclosed that separate notices of allegations bordering on gross misconduct have been served on both the governor and his deputy in line with Section 188 of the Constitution.
“The notices of allegations of gross misconduct against the Governor and the Deputy Governor have been duly forwarded to them by the Speaker of the House, Rt. Hon. Martins Amaewhule, and the House is awaiting their responses,” the statement said.
The Assembly maintained that it is constitutionally obligated to act in the interest of the rule of law and ensure that no public office holder acts outside legal boundaries.
Reacting to reports suggesting that the impeachment move had been halted, the House accused some individuals and media outlets of deliberately spreading misinformation to mislead the public and stir tension between the legislature and Rivers residents.
The lawmakers described such reports as false and insisted they would not succumb to intimidation, threats, or blackmail.
“We are aware of renewed attempts by certain persons and media platforms to misinform the public by claiming that the impeachment process has been discontinued. The public should disregard such falsehoods, as the process remains active,” the statement added.
The Assembly reaffirmed its commitment to democratic principles and constitutional responsibilities, stressing that it would not be distracted by what it termed “cheap propaganda.”
It also appreciated the people of Rivers State for their support and prayers amid the ongoing political developments and extended goodwill to Nigerians committed to the nation’s democratic journey.
JomogNews reports that during Thursday’s plenary session, presided over by the Speaker, the Majority Leader, Major Jack, formally read the notice of allegations of gross misconduct against Governor Fubara on the floor of the House.
News
Your Second Coming Was A Chance To Avoid These Political Mistakes – Fayose To Fubara
Former Governor of Ekiti State, Ayodele Fayose, says the second coming to office of the Rivers State Governor, Siminalayi Fubara, after the elapsing of the state of emergency should have made him better.
Fayose’s remarks come as the Rivers State House of Assembly has initiated impeachment proceedings against Fubara as of January 8, 2026.
Speaking in an interview on ‘Politics Today’, a programme on Channels Television on Friday, Fayose said he was removed as governor and went to exile but became a better person upon his return.
Fayose said that President Bola Tinubu hates ingratitude just like any other person else does.
The former Ekiti governor also dismissed the claim that what is happening in Rivers state is politics taken too far.
According to him, the constitution provides rules of engagement for every politician, stressing that it is when one gets out of the rule that he begins to look for public sympathy.
“The coming back of Governor Fubara should have made him a better person .If you made a mistake the first time, the second time you are not supposed to go through that route.
“Politics is a power game. Nobody solves political game for you. With due respect, let me tell you. Fubara is the one enjoying the office of the governor of Rivers state. It’s not the FCT Minister, Nyesom Wike.
“Some people are saying it’s about Tinubu’s election. No! Because Tinubu’s election will come first, don’t forget that. Both Wike and Fubara will all work for Tinubu. Two weeks after, there will be an election for Rivers state,” he said.
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