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Naira Now World’s Worst Performing Currency – Report
The nation’s currency, the naira, has taken a downturn, emerging as the world’s worst performing currency in the past month, a recent Bloomberg report says.
The reversal came after naira’s recent gains, emerging as the world’s worst-performing currency after a wonderful performance last month.
The report, which emerged on Friday, emphasised that the development has placed increased pressure on the Central Bank of Nigeria, CBN, to continue raising interest rates.
The local currency depreciated to 1,466.31 against the dollar, marking its weakest level since March 20.
According to the report, the decline is attributed to the local scarcity of the US currency, with only $84 million available on Thursday, half of the previous day’s supply.
Yemi Cardoso, CBN governor, had previously hailed the naira as the best-performing currency globally as of April 2024.
The naira faced challenges in March, plummeting to as low as N1,600/$1 on the official market and N1800/$1 on the parallel market.
However, the CBN governor attributed the achievement to a series of foreign exchange market reforms and positive sentiment from leading international investment institutions.
The Chief Economist for Africa and the Middle East at Standard Chartered, Razia Khan, spoke with Bloomberg, estimating that $1.3 billion in naira futures will mature at the end of this month, potentially dampening market sentiment.
“The belief is that this will create more demand for dollars.
“When the currency appreciated very fast, there had been a bout of profit-taking by offshore investors, and this meant that the dollar-naira exchange rate backed up again.
“This is completely in line with the functioning market,” she said.
The report further pointed out that the decline in the naira’s performance is expected to intensify pressure on the CBN to implement another rate hike after its upcoming policy meeting on May 21.
The report noted that the Central Bank increased rates by a total of 600 basis points in February and March, saying this aided the naira in rebounding from its low of 1,627 naira on March 8 to 1,072 in mid-April, as investors sought out higher-yielding local assets.
The weakness of the naira was also seen in the unofficial market, where it depreciated by 0.9% to N1,468 against the dollar on Friday.
News
Boko Haram Demands $300,000 Ransom For Abducted Borno Ex-LG Chair, Another Victim
A new video has emerged showing two men reportedly kidnapped by Boko Haram insurgents in Borno State, pleading for assistance to secure their release.
One of the captives, former Biu Local Government Area Chairman Hassan Biu Miringa, revealed that their abductors are demanding a $300,000 ransom.
Miringa said he and another individual were taken in December 2025 and have remained in the custody of the militants.
In the video shared by Zagazola Makama, Miringa introduced himself, saying: “I am Hassan Biu Miringa, former Chairman of Biu Local Government from 2020 to 2022. Four years after my tenure, we were kidnapped by the soldiers of Khilafa about two weeks ago. Alhamdulillah, we are still alive, but we urgently need help to save our lives.”
He added that negotiations with the kidnappers had been underway, with some preliminary agreements reportedly reached.
“We have engaged them on four separate occasions and reached an understanding. We appeal to our leaders, especially Borno State Deputy Governor Alhaji Usman Umar Kadafur, the National Assembly representative for Biu, Kwaya, and Shani Hon. Betera Aliyu, as well as our community leaders, to temper justice with mercy and assist us. We are their children and have been working together,” Miringa said.
He confirmed the ransom demand, explaining that each captive is expected to pay $150,000, totaling $300,000 for their freedom, and pleaded for urgent intervention to reunite with their families.
The video highlights ongoing concerns over kidnappings and insecurity in southern Borno State, which have persisted despite government efforts to curb insurgent activity in the region.
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.
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