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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.
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Investors Affirm Support For Fidelity Bank Plc With 238% Oversubscription In The First Phase Of Equity Capital Raise

Leading financial institution, Fidelity Bank Plc, has announced the successful conclusion of the first tranche of its equity capital raise through its Public Offer and Rights Issue (the Combined Offer) following the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN), and approval of the Basis of Allotment by the Securities and Exchange Commission (SEC).
A total of 108,046 applications for 23,791,687,463 Ordinary Shares totaling ₦231,968,952,764.25 were received on the Public Offer. Out of these, 107,588 applications for 23,768,724,000 Ordinary Shares totaling ₦231,745,059,000.00 were found to be valid based on the terms of the Offer and the CBN’s verification. However, 458 invalid applications for 22,765,143 Ordinary Shares totaling ₦221,960,144.25 were rejected, while 548 applications which included odd lots amounting to 198,320 Ordinary Shares (i.e. ₦1,933,620.00) were also rejected. The Public Offer was 237% subscribed and 150% allotted.
With respect to the Rights Issue, 7,559 applications for 4,430,290,237 Ordinary Shares totaling ₦40,980,184,692.25 were received of which 656 applications for 23,037,442 Ordinary Shares totaling ₦213,096,338.50 were invalid based on the terms of the Rights Issue. The Rights Issue was 137.73% subscribed and 100% allotted.
“We are delighted to announce the successful completion of the first phase of our capital raising initiatives through a Public Offer and Rights Issue. The positive result recorded in our Combined Offer is a testament to the strength of the Fidelity Bank franchise in the capital market. It is both gratifying and humbling to note this level of investor confidence in our Bank. We extend sincere gratitude to our investors for their continued confidence in the Bank, as evidenced by the 237.92% and 137.73% oversubscription of our Public Offer and Rights Issue respectively. As we go into the next phase of our capital raising drive, we reaffirm our commitment to providing cutting-edge financial solutions to our customers and sustainable returns to our stakeholders”, commented Dr Nneka Onyeali-Ikpe, OON, Managing Director and Chief Executive Officer, Fidelity Bank Plc.
The funds realised from this initial phase of capital raising will be deployed to local and international business expansion, enhancement of technology infrastructure and deepening customer service initiatives.
With the successful conclusion of the first phase of capital raising, the Board of Directors recently obtained the approval of shareholders to commence the second phase and is confident of meeting the new regulatory capital for banks with international authorisation before the CBN’s deadline of March 31, 2026.
Following the CBN’s publication of the revised minimum capital requirement for banks in March 2024, Fidelity Bank with its combined offer of June 2024, became the first financial institution undertake a public offer on the Nigerian Exchange Group.
From an offer price of N9.75 per share for the Public Offer and N9.25 per share for the Rights Issue in June 2024, the Bank’s shares traded at a high of N21.15 on February 7, 2025, a growth rate of over 116%, the highest for any financial institution in the banking industry.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 251 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
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Video: I Won’t Apologise For Your ‘Forgetfulness’ – Naja’atu Muhammad dares Ribadu

Founder and Chairman board of trustees of the Northern Star Youth Initiatives, Hajia Naja’atu Muhammad, has reacted to reports of the National Security Adviser (NSA), Nuhu Ribadu, demanding apology over her viral TikTok video.
Naja’atu, in a recent video sighted by our correspondent, dared the NSA to go to court if he has issues with her statement, saying she’s not ready to apologise for his ‘forgetfulness’.
Meanwhile, Hajia Muhammad, in the viral TikTok video, claimed that the current NSA is serving in President Bola Tinubu’s government, whom he had criticised as ‘corrupt’ when he was the Chairman of the Economic and Financial Crimes Commission (EFCC).
However, Tribune Online reports that the NSA Ribadu, through his lawyer, Dr Ahmed Raji (SAN), said he never publicly or privately accused Tinubu of being a corrupt government official.
The NSA therefore urged Naja’atu Muhammad to tender an unreserved apology, noting that the damage had been done to his reputation.
But Naja’atu Muhammad, while responding, said she stood by her original statement and would never be intimidated by those she referred to as “attack dogs” from the NSA.
She said, “There’s no retreat. No surrender. No apologies to Nuhu Ribadu. I’m speaking in response to the recent threats and intimidation by Nuhu Ribadu using his attack dogs and his lawyer, Ahmed Raji and Co.
“Regarding my statement that the then chairman of the EFCC had publicly accused the then Governor of Lagos State, Ahmed Bola Tinubu of being and I quote ‘a corrupt government official who will not escape justice’.”
Continuing, she noted her acknowledgment of the possibility of Nuhu Ribadu to have forgotten or retracted his past comment, but stated that her words accurately reflected her views on the matter already in public domain.
“While I acknowledged that Nuhu Ribadu might have forgotten or chosen to retract his comment from the past, I stand by my statement and do not believe an apology is warranted. Apology to whom exactly? To President Tinubu for the earlier comments made by his now National Security Advisor? Or apology to Nuhu Ribadu for his forgetfulness and master-serving mindset.
“I stand by my original statement and will not be retracting it. My words accurately reflect my views on the matter based on what is already in the public domain. And I do not believe an apology or retraction is necessary,” Naja’atu Muhammad added.
The Northern Star Youth Initiative leader urged the NSA to approach the court as he has threatened, saying, “I will not compromise my position to appease Nuhu Ribadu and his attack dogs. I will not retract my statement nor will I apologize for speaking the truth as I see it. You have issues, as you’ve threatened; please go straight to the court. But nothing will silence me.”
Video:
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Speaker Mojisola Meranda Calls For United Action To End Female Genital Mutilation

Lagos Speaker Mojisola Lasbat Meranda has reaffirmed commitment to ending Female Genital Mutilation (FGM), calling for a united front against the practice.
In a statement marking the International Day of Zero Tolerance for Female Genital Mutilation, Meranda condemned the violation of human rights that affects millions of girls and women worldwide.
Meranda emphasised the need for accelerated efforts to end FGM, stressing that it’s a responsibility that goes beyond governments to every individual. She vowed to push for policies that raise awareness and protect potential victims, ensuring the health, dignity, and rights of young girls are safeguarded.
She said: “This year’s theme, #StepUpThePace, is a call to action. We must accelerate efforts to end this barbaric practice once and for all. It is not just the responsibility of government but of every individual – whether you are a legislator, a healthcare worker, a professional or simply a concerned human being.
“We must unite to protect the future of our daughters and ensure their health, dignity and rights are safeguarded. I commit to pushing for policies that protect girls, raise awareness and put an end to this atrocity.”
The Speaker urged everyone to take action in their respective capacities to put an end to FGM, emphasizing that together, a world free of this harmful practice is possible.
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