The Hidden Cost of Our Digital Lives: What Happens to Old Phones and Electronics?

Most of us have a drawer tucked behind the takeaway menus and spare keys with a tangle of dead chargers, a cracked phone from three upgrades ago, maybe a laptop that got slow and was replaced months back. We tell ourselves we will deal with it someday. Multiply that drawer by billions of households, and you begin to see one of the fastest-growing waste problems on the planet.

A mountain that keeps growing

The United Nations’ Global E-waste Monitor reported that people generated around 62 million tonnes of electronic waste in 2022, and the figure has been rising steadily. Only about one fifth of it was formally collected and recycled. The rest was stored away, thrown in general rubbish, or handled through informal channels that nobody tracks.

Part of the reason is how quickly our devices come and go. Phones are marketed as annual upgrades. Batteries are sealed inside bodies that cannot be opened. A screen cracks or a battery fades, and replacing the whole device can seem easier, and sometimes cheaper, than fixing it. Add the explosion of small gadgets such as earbuds, smartwatches, vapes with built-in batteries and cheap electric toys, and the pile grows even faster.

Where old devices actually go

When a phone leaves your hands, its journey depends on where you live and who collects it. Some devices reach authorised recyclers, who dismantle them, separate the materials and send them on for processing. Others are shipped abroad as ‘used goods,’ a label that sometimes hides the fact that much of the cargo no longer works. Large volumes of discarded electronics end up in parts of West Africa and South and Southeast Asia, where informal workers often take them apart by hand.

That is where the human cost appears. To reach the copper inside cables, workers may burn insulation in open fires. To get at gold, some use acids without protective gear. These methods release toxic smoke and contaminate soil and water, and children are frequently among those exposed. The underlying cause is simple. There is money in the metal, and little support for doing the job safely.

What is inside, and why it matters

An old phone is a small package of both treasure and trouble. On the valuable side, it contains gold, silver, copper, palladium and cobalt, along with rare earth elements used in magnets and screens. Mining these materials from the ground is not simple and often damaging to land and communities. Recovering them from old devices uses far less energy, and some experts describe e-waste as an urban mine because the concentration of metals can be higher than in natural ore.

On the other hand, electronics can contain lead, mercury, cadmium, brominated flame retardants and other substances that are harmful if they leak into the environment. Lithium batteries add another risk. When crushed or punctured in a rubbish truck or at a landfill, they can overheat and start fires, which waste handlers report with growing alarm. Throwing an old phone in the bin is not a harmless act.

Repair and reuse come first

The most sustainable device is the one that is never replaced. Repairing a phone, swapping a battery or upgrading a laptop’s memory can directly impact manufacturing. Most of a device’s environmental footprint comes from making it, not from running it, so stretching its life matters more than recycling it afterwards.

Some argue that manufacturers should supply spare parts, tools and manuals, and avoid designs that make repair deliberately difficult. Certain regions have begun introducing rules along these lines, and some brands now offer repair programmes of their own. Local repair shops, long a feature of busy town centres, are doing a great deal of environmental work. Their value is easy to overlook until you need a cracked screen replaced for a fraction of the cost of a new phone.

Reuse is the next step. A phone that no longer suits one person can serve another, whether through resale, donation, or trade-in schemes. Refurbished devices are growing in popularity because they deliver decent performance at lower prices.

Recycling done properly

When a device is broken, responsible recycling is the answer. That means using certified facilities that remove hazardous materials safely, recover metals efficiently, and keep records of where everything goes. Consumers can help by looking for official collection points, retailer take-back schemes, and community drives rather than handing electronics to anyone who offers cash at the gate.

A business opportunity hiding in plain sight

For companies, the numbers are encouraging. The value of the raw materials contained in discarded electronics runs into tens of billions of dollars each year, most of it currently lost. That has created room for refurbishers, repair networks, parts harvesters, battery recovery specialists and recyclers using advanced separation technology. Manufacturers are also exploring take-back programmes that recover materials to feed straight back into new products.

Governments can help with clear regulations, producer responsibility rules that make makers help fund collection, and support for formal recycling industries that offer fair jobs.

The drawer in your home is a small version of a global challenge. Emptying it responsibly and thinking twice before the next upgrade is a practical place to start.

NCC launches platform to tackle fake, cloned phones

The Nigerian Communications Commission (NCC) has introduced a digital platform that allows consumers to verify phones before purchase.

The commission said its Device Checker Platform would strengthen enforcement of technical standards, protect consumers from non-compliant devices and safeguard the integrity of telecommunications networks.

The Zonal Controller of the NCC Zonal Office, Engr. Maigana Gidado disclosed this on Thursday during a media briefing in Kano, saying the initiative was also designed to ensure that devices connected to Nigerian networks meet established regulatory requirements.

The controller said the commission had streamlined its licensing and regularisation process, enabling a significant number of device dealers in Kano State to obtain licences.

The NCC has also conducted sensitisation engagements with importers and other industry stakeholders in Lagos and other parts of the country to deepen awareness of Type Approval requirements and compliance obligations.

To make verification easier, the commission developed a user-friendly application that enables authorised stakeholders to scan the International Mobile Equipment Identity (IMEI) numbers of devices and upload information directly to its platform.

Consumers can check the status of devices before buying them through www.ncc.gov.ng/devicechecker by entering the device’s IMEI number.

The commission also directed manufacturers, importers, distributors and dealers to consult its Type Approval and Device Verification Guide at www.ncc.gov.ng/DeviceCheckerGuide for details of their regulatory obligations.

It said organisations seeking Equipment Type Approval could obtain application requirements and procedures through the Type Approval section of its website.

The NCC, however, dismissed concerns that the platform could be used to spy on consumers, insisting that it was not a surveillance tool and could not access personal data, messages, photographs, contacts, financial information or other private content stored on devices.

‘The purpose is limited to device identification and regulatory compliance verification,’ the commission said.

It urged consumers to verify devices before purchase and patronise reputable, licensed dealers, while advising industry stakeholders to comply fully with its Type Approval requirements.

Consumers seeking assistance or wishing to lodge complaints can contact the commission through its 315 consumer toll-free number.

The NCC said the initiative was part of its broader commitment to consumer protection, fair competition and a more secure and reliable telecommunications ecosystem.

2027 national school sports hosts decided

Kabalega SS will return to the spotlight as hosts of the Uganda Secondary Schools Sports Association (USSSA) U-20 boys’ football championship in 2027, ending a 12-year. St Mary’s Kitende were the champions when Kabalega SS hosted the national championship that was then known as Coca-Cola Cup in 2006. This will be the third time when they host the event having hosted also in 1999.

The Bunyoro-based school was among the hosts announced at GNS Plaza in Old Kampala after a joint team of Ministry of Education and Sports and USSSA officials inspected 15 bidding schools before a panel chaired by Commissioner for Physical Education Dr Rev Can Duncans Mugumya made the final awards.

USSSA president Justus Mugisha said the selection considered regional rotation, facilities, the impact on host communities and additional commitments made by bidders.

Kabalega’s return comes with conditions. Mugisha said the school benefited from regional rotation, with Bunyoro missing out when western Uganda last hosted the games through venues in Kigezi, Ankole and Rwenzori.

Although the inspection report identified gaps in sanitation, accommodation and pitches, the school, backed by its local government and alumni, pledged to renovate dormitories and playing surfaces.

Kabalega presented 13 pitches, exceeding the minimum requirement, and is expected to begin remedial work during the December holiday.

‘We now emphasise excellent facilities for all competitions. Students’ accommodation within the school, alongside hotel accommodation in the host city, is important,’ Mugisha said.

He added that green pitches with proper drainage were non-negotiable, particularly as the competitions increasingly attract television coverage.

‘When you have pitches with patches and pools of water, they look funny on TV,’ he said.

Hosting rights carry conditions

USSSA has also considered the legacy of hosting, including investment in sports infrastructure, accommodation and local economic activity.

Mugisha cited the FEASSSA Games in Bukedea District, where the construction of stadiums at Amus and Bukedea Comprehensive, an indoor stadium at Amus College, additional pitches and basketball courts left facilities for future use.

St Kaggwa Bushenyi and Bweranyangi Girls will jointly host Ball Games I and athletics for the first time. Athletics has been moved from Ball Games II into the opening championship.

Nyakasura School and Kyebambe Girls will stage Ball Games II, while Janan SS Bombo returns as Elite Games host, sharing duties with Standard High Zzana, Ndejje campus.

Swimming returns to Seroma in Mukono, the only bidder for the gala. Although the school offered to host for four consecutive years, USSSA initially awarded it the 2026 edition, leaving room for other schools to develop suitable facilities. But there was no bidder this year.

To guard against delays, the association has named standby hosts for three championships. Seroma is the reserve for Ball Games I, Mbarara High for boys’ football and St Mary’s Rushoroza for Ball Games II.

Mugisha said the reserve schools already have the required facilities but were not selected as principal hosts because they had staged events recently.

A final compliance inspection in January 2027 will determine whether the successful bidders retain their hosting rights. The assessment will be pass or fail, with a standby venue activated if a school fails to meet the requirements.

Security, medical services, accommodation, properly drained pitches and signed hosting agreements are among the mandatory conditions. The Ministry of Education and Sports will issue agreements binding the hosts to their obligations.

Azerbaijan’s FM Jeyhun Bayramov arrives in Ankara for OTS meeting

Azerbaijan’s Foreign Minister Jeyhun Bayramov has arrived in Ankara to participate in the 13th meeting of the Council of Foreign Ministers of the Organization of Turkic States (OTS).

The Azerbaijani Foreign Ministry announced the visit on its official account on the social media platform X.

As part of the visit, Bayramov was received by Turkish Foreign Minister Hakan Fidan.

Philippines, India pledge deeper defense ties

The Philippines and India pledged on Wednesday, October 28, to deepen defense cooperation, with Manila moving to post a liaison officer at an Indian Navy-run maritime information center.

Defense Secretary Gilberto Teodoro Jr. made the commitment during talks with Indian Defense Minister Rajnath Singh in Cebu, where the Philippines is hosting the 13th ASEAN Defense Ministers’ Meeting.

The center, known as the Information Fusion Centre-Indian Ocean Region, tracks shipping and maritime security incidents and shares the data with partner navies.

Teodoro committed to “facilitating the deployment” of a Philippine officer there “to strengthen maritime information-sharing,” according to a statement from the Department of National Defense.

Joint defense production

Singh said both sides also discussed the possibility of “joint defense production,” among others.

“We reviewed our ongoing defense cooperation and discussed avenues to further strengthen our strategic partnership, particularly focusing on maritime security and joint defense production,” he said in a post on X.

The talks built on ties the two countries raised to a strategic partnership in August 2025, during President Ferdinand Marcos Jr.’s state visit to New Delhi. India became the Philippines’ fifth strategic partner.

Marcos said at the time that the partnership opened “a new era of closer, multidimensional, and impactful engagement.”

India also invited the Philippines to join the information center during that visit.

Defense ties between both sides have also centered on the BrahMos, a supersonic cruise missile that India builds with Russia.

In January 2022, Manila signed a deal worth about $375 million for three shore-based anti-ship missile batteries for the Philippine Marine Corps.

Deliveries began in April 2024, which led the Philippines to test the missiles in a simulated strike at sea during this year’s Balikatan exercises with the United States.

In Cebu, Singh “highlighted the progress” of the BrahMos project under the military’s modernization program, according to the DND.

The two navies held their first joint sail in the West Philippine Sea in August 2025, the part of the South China Sea that falls within the Philippines’ exclusive economic zone.

China, which claims almost the entire waterway, sent its own patrols during the drills. Its foreign ministry reacted to the patrols and said “no third party is in any position to interfere” in the disputes.

A 2016 arbitral ruling under the United Nations Convention on the Law of the Sea (UNCLOS) found that Beijing’s sweeping claims in the South China Sea had no legal basis. China rejects the decision.

On Wednesday, Singh stressed freedom of navigation and “upholding the principles reflected in” UNCLOS, the DND said.

India has cited the 2016 arbitral award in joint statements with Manila since 2023.

Ship visits, working group vs terrorism

Singh also pointed to reciprocal ship visits, staff talks between the two militaries and the setting up of a joint working group on counterterrorism.

The Indian official cited two exercises held at Subic Bay in late September, including the second ASEAN-India Maritime Exercise, which the two countries co-hosted.

Teodoro, for his part, pushed to expand the Philippine defense attaché’s office in India. The DND said this would allow “broader engagement” with India’s defense institutions and military services.

He also thanked India for helping Filipinos in the Indian Ocean and the Persian Gulf.

Kai’s status in doubt

It’s not certain if Kai Sotto will suit up for Gilas in the fifth FIBA World Cup Asia qualifying window in Seremban, Malaysia but coach Tim Cone is hopeful the 7-3 center is able to play against Syria on Nov. 27 and Iran on Nov. 29. The Philippines is chasing one of eight slots reserved for Asia and Oceania at the FIBA World Cup in Doha on Aug. 27-Sept. 12. Host Qatar has an automatic ticket so only seven spots are available.

At the moment, Gilas is fifth in the six-team reconstituted Group E with two qualifying windows left. The top three in Groups E and F, plus the best fourth placer in either bracket, will advance to Doha. If the eliminations were to end today, the Philippines would be out of contention after three straight World Cup appearances in Spain in 2014, China in 2019 and Manila in 2023. Gilas’ record is 4-4 in Group E where Australia leads the way at 8-0, followed by New Zealand at 6-2 and Iran and Jordan at 5-3 each. A sweep in the next window would boost Gilas’ record to 6-4. The final window will be held at the SM Seaside Arena in Cebu with the Philippines facing Jordan on Feb. 26 and Syria on March 1. Syria (2-6) wouldn’t be a problem although no team should ever be taken lightly. Gilas defeated Jordan, 82-81 in OT and Iran, 68-56, in the third window so the goal is to repeat in the rematches. Sotto saw action in both wins, compiling 18 points and 14 rebounds against Jordan and 13 points and 16 rebounds against Iran. They’re the only games Sotto has played for Gilas in the World Cup Asia qualifiers.

Sotto, 24, is playing for his fourth B-League squad Altiri Chiba after Hiroshima, Yokohama and Koshigaya. He sat out Altiri’s first two games of the season then played four contests in a row, averaging 12 points, 12 rebounds, 4.5 assists and 27 minutes while shooting 67.7 percent from the field and 46.2 percent from the line. His most recent outing was marked by 18 points, 12 rebounds and five assists in a 99-90 Altiri win over the Kawasaki Brave Thunders last Oct. 3.

Sotto has missed Altiri’s last six contests due to what the team mentioned as ‘poor physical condition.’ He continues to travel with the club and sit on the bench during games. Apparently, Sotto isn’t suffering from any major ailment. A team source said there is no structural injury. When Sotto will be cleared to play is a question mark. Altiri’s next game is against the Akita Northern Happinets tomorrow and fans are awaiting advice if Sotto will play. Altiri is in last place in the B-League Eastern Conference with a 3-9 record. With Sotto, Altiri is 2-2. Without him, it’s 1-7.

Sotto’s agent Tony Ronzone of the Los Angeles marketing and talent management The Team, founded by Casey Wasserman, said nothing is final on the Gilas stint. ‘We don’t know yet and we’re waiting how his knee is getting better,’ he said. ‘No confirmed details and we’ll have to wait.’

Sotto played a key role in Gilas’ sweep of the fourth window and he’ll be vital in the drive to seal a slot in the coming World Cup. No doubt, Sotto wants to play for Gilas if he’s good to go. But there’s also the factor of Altiri holding him back to avoid the possibility of injury as a precautionary measure. Sotto’s status remains up in the air with no clear indication on his availability.

Man arrested for allegedly defiling minor in Benue

The Police in Benue State have arrested a 60-year-old man over the alleged defilement of a 10-year-old girl in Igumale district, Ado Local Government Area (LGA) of the state.

The incident was reported to the police on October 13, 2026, while the victim was taken for medical examination and necessary treatment.

State Commissioner of Police, Cletus Nwadiogbu, told journalists in Makurdi during a press conference that the case was ongoing as he assured that the suspect would be dealt with in accordance with the law.

He also pledged to protect the privacy and welfare of the victim throughout the investigation.

Nwadiogbu said that the arrest was among the operational achievements recorded by the command during the month of October under review.

He also explained that the command arrested 14 suspects, recovered seven locally fabricated firearms and 16 rounds of ammunition and cartridges, and neutralised one suspected bandit.

The police commissioner attributed the successes to intelligence-led operations, prompt response to distress calls, sustained patrols and collaboration with other security agencies and community stakeholders.

Nwadiogbu therefore urged members of the public to promptly report cases of violence, abuse and other criminal activities to enable timely intervention.

Nature Is Our Natural Insurance: The Economic Value of Forests, Wetlands and Mangroves

When a cyclone approaches a coastline, most people think about concrete: sea walls, drainage canals, reinforced roofs. Fewer think about the belt of mangroves standing quietly at the water’s edge, or the marsh behind the town that soaks up rain before it reaches anyone’s doorstep. Yet these living systems do some of the most valuable work in the economy, and yes, they do it all free of charge.

Protection that grows on its own

Insurance is something we pay for in the hope we never need it. Healthy ecosystems work like a policy that renews itself. Mangrove forests slow incoming waves with their dense tangle of roots and trunks. Studies have found that a wide, healthy mangrove belt can cut wave height dramatically, which means less erosion and less damage to homes, roads, and farmland behind it. Mangroves protect millions of people from flooding each year and prevent tens of billions of dollars in property damage worldwide.

Compare that with the alternative. Building and maintaining a hard sea wall is expensive, and the cost climbs every time the sea level rises or a storm damages a section. A wall also does nothing for fish or birds, and it does not grow stronger with age. A mangrove forest, once established, repairs itself, traps sediment and can even build land upward as the water rises.

Sponges, filters and shock absorbers

Wetlands do something equally useful inland. Marshes, floodplains and paddy lands behave like enormous sponges. During heavy rain, they hold water and release it slowly, which softens flood peaks downstream. When towns fill in wetlands for housing or industry, the water has nowhere to go, and it ends up in streets and living rooms instead. Many cities have learned this the hard way. Colombo’s low-lying marshes, for example, have long served as a buffer for the capital, and the flooding that follows when such areas are built over shows what that buffer was worth.

Wetlands also filter pollutants and improve water quality, which lowers the cost of treating drinking water. A town that protects the forest and wetland above its reservoir often spends far less on treatment than one that lets the catchment decay.

Forests add their own layer. Tree roots hold soil on slopes, reducing landslides and keeping silt out of rivers and tanks. Canopies slow rainfall and let it soak into the ground. Hill country communities in Sri Lanka know the cost of bare slopes all too well, because every monsoon brings reminders of what happens when vegetation is stripped away.

Carbon in the bank

There is also the climate argument. Forests, peatlands and mangroves store huge amounts of carbon in their trees and soils. Coastal ecosystems are especially interesting, because the waterlogged mud beneath mangroves and seagrass can lock carbon away for centuries. When these places are cleared or drained, that carbon is released back into the atmosphere. Protecting them is one of the cheapest ways to keep emissions out of the air, and in some countries it can even generate income through carbon markets, as long as the projects are honest and well monitored.

Fish, tourism and daily livelihoods

Mangroves and seagrass beds act as nurseries for fish, prawns and crabs. Take away the nursery and the catch offshore declines a few seasons later.

Tourism tells a similar story. Visitors travel to see coral reefs, rainforests, lagoons and wildlife. A clean beach backed by green vegetation is worth far more to a hotel than one eroded and littered with debris. Boat safaris through mangrove channels, birdwatching in wetlands and hiking in cloud forests all depend on the health of the places being sold. Damage the scenery, and you slowly damage the business.

The cost of losing it

The world has been losing these natural assets for decades. Roughly a third of the world’s mangroves have disappeared over the past half century, cleared for shrimp farms, ports, resorts and firewood. Wetlands have declined even faster in many regions. The losses rarely appear in national accounts. A cleared mangrove is counted as a gain for the shrimp farm, while the lost flood protection, lost fisheries and lost carbon storage show up later, spread across other people, often poorer ones.

That accounting gap explains why short-term profits keep beating long-term value. The person who clears the forest earns the money. The community downstream pays for the floods. Without a way to make that cost visible, the damage looks cheap.

Restoration pays back

The encouraging part is that restoration works, and often at a good price. Replanting mangroves can cost far less than building engineered defences, and the benefits arrive in several forms at once: safer shorelines, better fish catches, new tourism opportunities and stored carbon. Projects that involve local people tend to last longest, because communities who earn from a healthy mangrove or wetland have good reasons to guard it. Success also depends on small details, such as choosing the right species and restoring natural water flow rather than just pushing seedlings into unsuitable mud.

Governments and businesses can help by counting nature in their budgets, protecting wetlands from reckless development, and rewarding landowners who keep ecosystems intact. Insurers and banks are beginning to ask whether a project damages the natural defences that lower its own risk.

Nature will not rescue us from every storm. But it is the cheapest, most flexible and most durable form of cover we have, and unlike most policies, it improves the longer we keep it.

Treasury targets graft in schools with shift to public tenders portal

Schools are set to be added to the electronic public procurement portal (e-GP), in a fresh push to curb graft and expose beneficiaries of public contracts worth billions of shillings annually.

The rollout will shift school tenders from fragmented manual processes to a centralised online system linked to the government’s financial and administrative databases, raising hopes of transparency and closure of loopholes that have clouded procurement in public learning institutions.

Treasury says the e-GP platform, which was launched in July 2025, has been linked to the Integrated Financial Management Information System (IFMIS), Business Registration Services, e-Citizen and the iTax system, connecting procurement activities with key government operations.

‘Next steps will include full rollout to schools and other procuring entities yet to onboard to the e-GP system,’ the Treasury said.

The reform could strengthen scrutiny of how schools spend public money, including the Sh92.3 billion allocated to basic education capitation in the current 2026/27 financial year.

The allocation comprises Sh54.6 billion for free day secondary education, Sh30.7 billion for junior secondary schools and Sh7 billion for free primary education.

These funds are channelled through the Ministry of Education based on school enrolment numbers recorded in the National Education Management Information System (NEMIS), and are spent on approved operational and instructional needs. NEMIS is a web-based data management solution used by governments to collect, process, and report real-time data from educational institutions.

They finance textbooks, laboratory supplies, classroom renovations, sanitation facilities, electricity, water, co-curricular activities and other essential school operations.

Digitising procurement could make it easier to trace suppliers, compare prices and scrutinise contract awards for goods and services bought using public funds.

The reform comes amid longstanding concerns over disclosure of tender winners in public schools, where procurement deals have faced allegations of predetermined awards and limited visibility into the firms benefiting from public spending.

The Public Procurement Regulatory Authority (PPRA) has previously attributed non-compliance with disclosure requirements partly to a shortage of procurement professionals in schools, undermining adherence to public procurement regulations.

The authority has advised institutions without in-house procurement specialists to outsource the services to help them meet legal requirements.

The government’s latest plan also follows scrutiny of school uniform procurement, where complaints have emerged that some secondary schools compel parents to buy uniforms from designated suppliers at inflated prices.

In a February 5, 2026 letter to principals, PPRA Director-General Patrick Wanjuki directed national and extra-county schools to disclose uniform suppliers, quantities supplied, prices charged and the tendering process behind contract awards.

‘To facilitate the audit, you are required to provide the list of all suppliers that supplied school uniforms in the financial year 2025/2026,’ Mr Wanjuki said, directing schools to upload contracts and supporting documents to the Public Procurement Information Portal (PPIP).

The regulator warned that schools failing to comply could be referred to investigative agencies, including the Directorate of Criminal Investigations and the Ethics and Anti-Corruption Commission.

School uniforms are bought by parents and are not financed through government capitation. The scrutiny, however, illustrates the wider concerns surrounding supplier selection, pricing and disclosure in school procurement.

The PPIP already publishes public tender notices, contract awards, supplier identities and market prices for commonly procured items.

The e-GP system is expected to deepen the digitisation of procurement processes across government entities.

Treasury says the passage of the Procurement and Asset Disposal (Amendment) Bill, 2025, which President William Ruto declined to sign into law in July, will strengthen transparency and accountability through mandatory disclosure requirements, tougher regulatory enforcement and a stronger legal basis for electronic procurement.

In returning the Bill to Parliament, Dr Ruto warned that strict local sourcing requirements, including provisions structuring multibillion-shilling contracts around local joint ventures, could undermine Kenya’s investment climate and conflict with existing procurement laws.

MPs must now reconsider the reservations, amend the Bill or seek to override the veto with a two-thirds majority.

The proposed changes in the Bill also seek to promote local content and preference schemes for youth, women and persons with disabilities, while strengthening sanctions against procuring entities that fail to comply with procurement standards.

The Treasury says that 1,543 procuring entities had registered on e-GP, alongside more than 40,000 suppliers. The system had closed 7,355 tenders and published 1,497 contracts by the time the data was compiled in August 2026.

Naira gains N5.34 against dollar as exchange rate improves

The Naira strengthened against the United States Dollar in both the official and parallel foreign exchange markets on Wednesday, October 28, 2026.

In the parallel market, the Naira gained N2 to close at N1,378 per dollar, compared with N1,380 recorded on Tuesday.

At the GTBank foreign exchange counter, the Naira appreciated by N5 to N1,365 per dollar from N1,370 the previous day.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira gained N5.34, or 0.39 per cent, to close at N1,347.53 per dollar, compared with N1,352.87 on Tuesday.

The local currency also strengthened against the British Pound and the Euro in the official market.

It gained N12.38 against the Pound to close at N1,790.86, compared with N1,803.34 recorded the previous day.

Against the Euro, the Naira appreciated by N8.25 to close at N1,500.34, from N1,508.59.

Data from the Central Bank of Nigeria (CBN) showed that foreign exchange transactions between banks fell to $244.61 million from $543.74 million. The number of transactions also dropped from 197 to 151.

The US central bank chairman, Kevin Warsh, said inflation was easing but price pressures remained high. Market analysts expect another rate increase in December following a hike in September.

Dogecoin fell by 1.1 per cent to $0.0787, while Bitcoin dropped by 0.8 per cent to $80,201.22.

However, Binance Coin gained 1.5 per cent to $765.55, while TRON rose by 0.1 per cent to $0.3309. Tether and USD Coin remained stable at $1 each.