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Dollar To Naira Exchange Rate Falls Massively On Independence Day

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JomogNews Nigeria reports that Naira is currently exchanging at ₦1,705 per United States Dollar at the parallel market a decline from ₦1,655 per $1.00 just a week before, reflecting a consistent downward trend on Nigeria’s Independence Day celebration.

The latest exchange rate shows that the Naira is experiencing renewed demand pressure in the parallel market, with a notable depreciation observed over the past week.

The steady decline marks a departure from the previous weeks, where daily fluctuations remained within a narrow range of ₦1,645 to ₦1,655 per $1.00 over the last two months.

According to Vanguard, market participants have expressed that supply shortages in the past fortnight may have contributed to this depreciation.

This situation may also have repercussions for the official market, as data from FMDQ reveals that the indicative exchange rate for the Nigeria Autonomous Foreign Exchange Market (NAFEM) fell to ₦1,541.94 per $1.00 yesterday, down from ₦1,540.78 per $1.00 over the weekend, representing a depreciation of 96 kobo.

The exchange rate trends observed in the third quarter of 2024 (Q4’24) suggest a reversal from the positive momentum seen towards the end of the previous year.

The Naira concluded the previous year in the parallel market at ₦1,215/$1.00, following a peak of ₦1,800/$1.00 during the third quarter of 2023.

The local currency continued this positive trajectory into the new year of 2024, appreciating to ₦1,220/$1.00.

Nevertheless, this trend experienced a reversal in the second quarter, with a consistent decline leading to a quarterly average of ₦1,620/$1.00 by the end of that period in 2024.

After two months of relative stability at ₦1,630/$1.00 during most of the third quarter, a new phase of depreciation appears to have commenced, raising concerns that the significant depreciation observed in Q4 2023 may be poised to recur.

Economic stakeholders have expressed concerns regarding further price increases, attributing this to the ongoing depreciation of the Naira against the dollar, particularly in the parallel market.

Commenting on the recent trend, the President Bank Customers Association of Nigeria, BCAN, Dr. Uju Ogubunka said: “The depreciation of the naira can be associated with demand chasing limited supply. It is the result of FX Supply gaps.

“The implications can be many but it shows the level of confidence or lack of it in the capacity of the country to meet the FX requirements in the market.

“Generally, it will impact on the cost of imported goods into the country and the prices at which such goods will eventually be sold on arrival.

“So, we should be prepared to complain more about high prices of goods in the market.”

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Court Sets Feb 25 For El-Rufai’s Arraignment In DSS Cybercrime Case

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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.

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Maureen Badejo To Appear Before Federal High Court Tomorrow On Defamation, Cybercrime Charges

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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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Rivers Assembly Suspends Impeachment Move Against Fubara After Tinubu’s Intervention

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The Rivers State House of Assembly has officially suspended impeachment proceedings against Governor Siminalayi Fubara and his deputy, Ngozi Odu, following President Bola Tinubu’s intervention.

The House moved the motion to halt the impeachment process on Thursday at its resumed sitting in Port Harcourt, the state capital.

JomogNews had reported that during its first sitting of 2026, the House had begun impeachment proceedings against the governor and his deputy over allegations of gross misconduct, including the demolition of the State Assembly complex and alleged spending without legislative approval, among other claims.

More details later….

 

 

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