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Naira Falls Massively At Black Market, See New Exchange Rate Today

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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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How Rivers Women Spread Wrappers For Wike’s Motorcade During Port Harcourt Visit

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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.

 

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Impeachment Proceedings Against Fubara, Deputy Still Active – Rivers Assembly

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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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Your Second Coming Was A Chance To Avoid These Political Mistakes – Fayose To Fubara

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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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