News
Naira Falls Massively At Black Market, See New Exchange Rate Today
The dollar index remained near its weekly high, while the Nigerian naira fell below a key support line. The local currency dropped below the N1,600/$ support level in the black market, JomogNews Nigeria reports.
Market fundamentals indicate renewed demand pressure and an expanding supply gap, leading to another round of naira depreciation.
The naira’s value fell from N1,625 per dollar last weekend to N1,635/$ yesterday.
The local currency is under severe pressure this month, struggling to maintain the critical N1,500 support level, according to market indicators, despite slight improvements in some macroeconomic conditions in the Nigerian foreign exchange market.
Fundamentals suggest that if the local currency cannot maintain its current levels, it may decline towards N1,800/$. Even ardent supporters of free market economics may now doubt that the naira will strengthen to its March highs this quarter.
The Central Bank of Nigeria plans to issue treasury bills valued at N2.2 trillion in the fourth quarter of 2024. This substantial issuance, a direct response to the nation’s current economic difficulties, aims to stabilize the naira while managing liquidity in the financial market.
In response to soaring inflation, the Nigerian apex bank has adopted a tight monetary policy, raising interest rates on treasury notes to provide more incentives in the Nigerian capital market. The interest rates on 364-day bills increased from approximately 15–18% at the end of 2023 to 21.49% in the first half of 2024.
U.S. Dollar Index Hits Two-Week High
The dollar strengthened to its highest level since August 20, driven by rising long-term Treasury rates and inflation data indicating a smaller rate cut. The dollar index consolidated around 101.67 index points after reaching a peak of 101.79, a level not seen since August 20.
For the first time since July 2023, it fell as low as 100.51 index points last week following Fed Chair Powell’s statement that the easing campaign would begin at the next policy meeting. Data on U.S. gross domestic product also suggested that the economy is strong enough to allow the Federal Reserve to be less aggressive in loosening policy.
Currently, traders fully price in a quarter-point reduction in the Fed rate, with a 33% chance of a 50-basis point cut this month. Expectations for a larger decline were 36% a week ago.
U.S. payroll data, due on Friday, will be significant as Federal Reserve Chair Jerome Powell has shifted from combating inflation to preparing to protect against job losses. Analysts believe the employment data will influence the extent of the expected rate cut by the Federal Reserve. Markets have already been pricing in a 25-basis point cut for weeks.
News
Panic In Ibadan As Rising Kidnap, Robbery Threats Trigger Official Red Alert
Residents of Ibadan, specifically in Bodija, Agbowo, Akobo, and the Agodi GRA, are currently on high alert after the Police and the Police Community Relations Committee (PCRC) issued an urgent warning regarding a recent surge in kidnappings and armed robberies in those areas.
According to the DAILY POST, the Bodija Housing Estate Police Division and its community partners have formally expressed concern over the deteriorating security situation in the area.
In a statement signed by Bodija Housing Estate Police Division PCRC and Community Policing Unit of the division, they noted that there is an increase in the rate of kidnapping and armed robberies in areas such as Akobo and Bodija.
The statement urged residents to take necessary safety measures amidst rising cases of kidnapping and other criminal activities in areas such as Akobo and Bodija.
In the statement tagged “Urgent Safety Measures Amid Rising Kidnapping and Armed Robbery Incidents in Areas Including Akobo and Bodija” the residents were alerted that the desire for quick wealth has driven some individuals to commit terrible acts.
Part of the statement reads, “In light of the recent increase in criminal activities such as kidnapping and armed robbery across our communities, it has become imperative to issue updated safety guidelines. The desire for quick wealth has driven some individuals to commit terrible acts, and we must all be vigilant.
“Please adhere strictly to the following precautions, and also note the additional measures outlined below:
“Remember: Your safety and that of your loved ones depend greatly on your level of awareness and willingness to take precautionary steps. Security is a collective responsibility.
“Report emergencies promptly to: Oyo State Police Command: control room:08081768614, 08081768574
Bodija Division: DPO +2348052046348; PCRC Helpline/ Chairman – 07068874553”.
JomogNews reports that some residents have been in a panic mood as a result of the notice.
A resident of Bodija Housing Estate, who spoke on the condition of anonymity, explained that the recent happenings necessitated the notice.
“The recent happenings necessitated the move. Yes we have to be careful. People now think twice before they go out. We are more security conscious than before,” he said.
News
Rivers Assembly Formally Serves Impeachment Notice To Gov. Fubara
The Rivers State House of Assembly has formally served an impeachment notice to Governor Siminalayi Fubara and Deputy Governor Ngozi Odu.
The move marks the third major attempt to remove the governor since 2023, following his return to office in September 2025 after a six-month state of emergency.
Recall that the assembly on Thursday during an emergency plenary, commenced the impeachment of the governor and his deputy.
26 members of the House accused the governor of misconduct, capable of undermining democracy in the state.
The notice which was addressed to the governor, contained the signature of at least 19 lawmakers.
The notice also contained about 8 alleged gross misconducts by the governor and his administration.
In a post on its official Facebook page,the assembly said, “The impeachment notice has been successfully served on the Governor of Rivers State, Siminalayi Fubara”.

News
NCC, CBN Set To Roll Out Refund Framework For Failed Airtime And Data Transactions
In line with the consumer-focused objectives of the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN), the two regulators have drawn up a framework to address consumer complaints arising from unsuccessful airtime and data transactions during network downtimes, system glitches, or human input errors.
The framework is the outcome of several months of engagements involving the NCC, the CBN, Mobile Network Operators (MNOs), Value Added Service (VAS) providers, Deposit Money Banks (DMBs), and other relevant stakeholders. These engagements were prompted by a rising incidence of failed airtime and data purchases, where subscribers were debited without receiving value and experienced delays in resolution.
The Framework represents a unified position by both the telecommunications and financial sectors on addressing such complaints. It identifies and tackles the root causes of failed airtime and data transactions, including instances where bank accounts are debited without successful delivery of services. It also prescribes an enforceable Service Level Agreement (SLA) for MNOs and DMBs, clearly outlining the roles and responsibilities of each stakeholder in the transaction and resolution process.
Under the new framework, where a purchaser is debited but fails to receive value for airtime or data—whether the failure occurs at the bank level or with an NCC licensee—the purchaser is entitled to a refund within 30 seconds, except in circumstances where the transaction remains pending, of which the refund can take up to 24 hours.
The framework further mandates operators to notify consumers via SMS of the success or failure of every transaction. It also addresses erroneous recharges to ported lines, incorrect airtime or data purchases, and instances where transactions are made to the wrong phone number.
Speaking on the development, the Director of Consumer Affairs at the NCC, Mrs. Freda Bruce-Bennett disclosed that the framework also establishes a Central Monitoring Dashboard to be jointly hosted by the NCC and the CBN. According to her, the dashboard will enable both regulators to monitor failures, the responsible party, refunds, and track SLA breaches in real time.
“Failed top-ups rank among the top three consumer complaints, and in line with our commitment to addressing these priority issues, we were determined to resolve it within the shortest possible time,” she said.
“We are grateful to all stakeholders—particularly the Central Bank of Nigeria and its leadership—for their tireless commitment to resolving this issue and arriving at this framework, and for ensuring that consumers of telecommunications services receive full value for their purchases.
“So far, pending the approval of management of both regulators on the framework, MNOs and banks have collectively made refunds of over N10 billion to customers for failed transactions.”
Mrs. Bruce-Bennett further noted that implementation of the framework is expected to commence on March 1, 2026, once the two regulators have made final approvals, and technical integration by all MNOs, VAS providers and DMBs is concluded.
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