News
Dollar To Naira Exchange Rate Falls Massively On Independence Day
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.”
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.
