Category: The Nation – Nigeria

A GROUP, NECA’s Network of Entrepreneurial Women (NNEW), has said its programmes and projects are impacting on the lives of women.

Its Vice President, Mrs Bolanle Edwards, stated this at a press conference in Ikeja, Lagos. She said the 20-year-old group has come a long as it has increased its membership from fewer than 100 to over 2,000 and spread its tentacles to five chapters, from one.

She announced that the group is set to celebrate its 20th anniversary at its headquarters in Ikeja from October 8 to 9. The event is themed ‘Evolve, elevate, and celebrate”.

During the programme, where Executive Vice-Chair, Emerging Africa Capital, Dr Toyin Sani, would feature as the guest speaker, while MainOne Chief Executive Officer, Funke Opeke, is being expected, among other dignitaries, awards would be given to some deserving people.

Over the years, she said, they had remained committed to their objective of promoting women empowerment.

She listed their achievements as the training of women in entrepreneurship, leadership, export digital transformation, financial literacy and innovation.

Also, she said, through their Women in Digital Business (WIDB), financial literacy clinics and specialised export training, they had equipped thousands of women with the tools to compete anywhere.

Edwards added: ‘These programmes have not only sharpened business skills but also helped women embrace technology and digital economy, ensuring they remain relevant in an ever-changing market. At New, we believe that no woman should walk the path of entrepreneurship alone. We established a robust mentorship, pairing emerging. Our peer-to-peer learning circles and business clusters have provided safe spaces for sharing challenges, exchanging ideas, and building confidence. Many successful women-led enterprises can trace their roots to these mentoring relationships.”

She also said they had championed policies that improve access to finance, reduce barriers to trade, and create a business environment where women can thrive and that their dialogue with the policymakers had helped shape conversations on gender, equity, and entrepreneurship.

‘Access to market and finance,” she said, remains a challenge for women entrepreneurs and new authorities and on, but through collaborations with financial institutions such as the FCMB Ventures Initiative, they have enabled members to secure critical funding and financial tools to scale their businesses. We invest in young women and next-generation entrepreneurs offering training, mentoring, and platforms for growth.

Their challenges were economic recessions, policy shifts, global disruptions such as the COVID-19 pandemic, the rapid evolution of technology and access to more funds.

Yet, she said they had remained resilient in weathering the storms, she noted.

She thanked the Nigeria’s Employers’ Consultative Association (NECA), founders and past presidents, members and partners, financial institutions, development agencies, and private sector’s allies, for their collaboration.

Chairperson, NNEW 20th Anniversary Planning Committee, Mrs Dominga Omolara Odebunmi, said the organisation’s 10-Year Strategic Plan would be unveiled at the ceremony. There would also be cultural performances, networking breaks, interactive activities, and a health check.

She added: ‘Our journey has been remarkable, and our impact undeniable. NNEW has empowered thousands of women, built strong mentorship networks, influenced national discourse, and contributed significantly to enterprise development. These efforts have not gone unnoticed. Over the years, we have been recognised with numerous awards and honours at home and abroad. These recognitions affirm that our story is one of resilience, of progress, and of collective victory.”

At the press conference were the Chairperson of the group’s Governing Council, Mrs Akpabio Edobong; Publicity Secretary, Mrs Eniola Mayowa and Executive Secretary, Niyi Adeyanju, among others.

Music icon 2Baba has debunked reports of his arrest in London following an alleged altercation with wife, Natasha Osawaru.

In a video shared online, he explained that his absence from a scheduled UK tour performance on October 2, 2025, was due to a medical emergency, not a domestic dispute.

He expressed gratitude to fans who attended the event despite the circumstances.

The singer assured that he would regroup and make something beautiful happen.

According to him: ‘First of all, I want to say everyone that came out, I appreciate you. We had a medical emergency, it was tough. To the organizers and everyone that came out, we go regroup and make something beautiful happen’.

Frustrated by the baseless allegations, 2Baba implored people to verify facts before sharing them publicly, saying, ‘If una no sabi something, make una no talk abeg. This allegedly, I don tire’.

Senator Ishaku Elisha Abbo on Friday denied the allegation of raping a 13-year-old girl or having been detained by the police over the matter.

Abbo, who represented Adamawa North Senatorial District in the Ninth Senate, said rather, a woman attempted to extort N5million from him with a threat to report him to the police that he had sexually assaulted her daughter should he refuse to give her the money.

He said following the threat, he personally reported the issue to the police who thereafter invited him to substantiate his claim as well as the unnamed woman to defend herself over the allegation.

He said he was neither detained nor slept in a police cell as reported by a section of the media.

An online media on Thursday reported that Abbo had surrendered himself to the Nigeria Police Force Criminal Investigation Department (FCID) in Abuja after being accused of raping a 13-year-old secondary school student.

The report claimed that the parents of the minor allegedly told journalists that another popular former Senator from Adamawa had visited their home to plead with them not to disclose the scandal.

According to the report, the parents of the said girl further alleged that after the incident, Abbo repeatedly sent money to the victim’s father in what they described as an attempt to suppress the matter.

The alleged rape reportedly took place on June 29, 2025, at Abbo’s residence in Katampe, Abuja.

However, Abbo denied the allegation and described the report as baseless, unfounded, mischievous and fake news.

Senator Abbo, who reacted in a telephone conversation with some journalists covering the Senate, said he was in his Abuja residence (Katampe Extension) throughout Thursday and not at the FCID, Abuja.

‘The said report is the handiwork of my political detractors. It is an orchestrated smear campaign to disturb my peace by political enemies,’ he said.

He however admitted that he recently reported to the police a case of attempted blackmail and extortion by a woman who allegedly demanded that he should give her N5million or be reported to the police for alleged sexual assault against her daughter.

‘I personally reported the desperate female money monger to the Nigeria Police Force Criminal Investigation Department (FCID), where both of us were later invited for questioning, only for me to be reading or hearing a completely different story several weeks after now.

‘The report that I raped a girl and that I was detained at the FCID is baseless, mischievous and fake,’ he said.

Perception and image are essential components that form our communications and understanding of life. They impact our behaviours and opinions. If not clear, it can be bad and damaging. Over the years, Nigeria has experienced different perceptions globally and some of that hasn’t been good. Things are about to change for the better, as the Managing Director of the Nigeria Global Reputation Management Project, the country’s official initiative dedicated to shaping and projecting a powerful, positive, and unified image of Nigeria globally, Patricia Obozua is leading this commendable initiative.

The former Vice President, Public Affairs, Communications and Sustainability, Africa at The Coca-Cola, said ‘Nigeria’s global perception has evolved from being viewed narrowly as an oil-rich but unstable country to being increasingly recognized as a hub of creativity, innovation, and entrepreneurship.’

Patricia says the biggest misconception we face is the tendency to see Nigeria from one dimension. either a nation defined solely by its challenges, or more recently, only by the explosive success of Afrobeats and Nollywood. ‘We need to dispel this oversimplification.’ She stated.

On the primary target audience for this initiative, Patricia says the project’s expected audiences are not fixed groups, but circles that constantly connect and influence each other. For her, a strong global reputation must be built on the solid foundation of domestic reality and pride. According to her, ‘Domestically, our audience includes citizens, the private sector, civil society, and the media. Nigerians must see themselves reflected positively, because national confidence is the foundation of international credibility.’

The project is powered by the National Orientation Agency (NOA), and it brings together government, private sector, and cultural leaders to align Nigeria’s national narrative with our economic and cultural realities, ultimately driving investment, tourism, and global influence.

Measurement and data analysis of the initiative is important so progress can be reported. Through a combination of quantitative and qualitative metrics, according to Patricia, this will be achieved. From tracking Nigeria’s position in recognised rankings, to measuring tone and volume of international media coverage and social discourse, and monitoring correlations with Foreign Direct Investment (FDI) and tourism numbers (long-term), the initiative is ready to change the wrong narratives projected about Nigeria.

The goals of the project have been broken down to three. First is to project Nigeria’s strengths. our entrepreneurial spirit, creativity, and cultural leadership. Second is to build trust by ensuring that what is communicated abroad aligns with the progress made at home. Third is to create a coordinated platform where government, business, civil society and diaspora voices work together to tell a consistent, compelling story about Nigeria.

On likely challenges, she says the key one will be to provide balance and perspective. ‘I intend to address this by adopting a solutions-driven communications approach. For every story of a challenge, there is a parallel story of resilience, innovation, or progress that deserves equal attention.’

Patricia holds on to the importance of collaboration to make this work. She says the success of the project requires the active involvement of the private sector, development partners, the diaspora, and culture leaders. ‘International collaborations with UN agencies, multilateral banks, and global think tanks will give us reach and credibility.’ Patricia narrated.

She further stated that organisations and individuals can be part of the project through amplifying positive Nigerian narratives within their global networks, joining the project’s working groups or contributing insights as a sector expert, and also partnering if your organisation has a stake in Nigeria’s global standing.

This project is powered by the NOA. The NOA provides the crucial grassroots reach to ensure Nigeria’s international narrative is authentic and reflects the domestic reality.

A former Inspector-General of Police (IGP), Solomon Arase, has been laid to rest in Benin City, the Edo State capital.

Arase was buried in a private ceremony attended by family members and close associates, following a funeral mass held at St. Paul Catholic Church.

Delivering the homily, Reverend Father Andrew Obiyan urged the congregation to live in ways that prepare them for eternal life, stressing that ‘people want to go everywhere on earth but refuse to go to the House of God.’

He also expressed concern over the reluctance of some individuals to contribute to the work of God, describing it as a reflection of misplaced priorities.

According to him, ‘Our own life is in heaven. We must never be distracted. We now see old age creeping into our lives daily, powerfully. It crept in to remind us of immortality. We study so hard to receive so many titles. At death, those titles mean nothing to God. The only title that means so much is a grace of battle.

‘We have the assurance that Arase will reap the fruit of baptism in the presence of the eternal King.

‘Sometimes we go everywhere, but we don’t want to go to the House of God except when we want to please people. We do not want to come to the House of God.

‘Late Arase feared and loved God. Policing is a profession with risk. We see a soaring crime rate, yet many police officers are exemplary, hardworking.

‘We give glory to God for Arase’s getting to the peak of his career. The Lord does not take from you what he cannot give.’

Governor of Bayelsa State, Duoye Diri, said the late Arase was of great service to the Nation.

‘Moments like this are for us to know that one day we will lie down like this. We should be humble to serve our state and country to the best of our ability. All about him is great and a good testament. From his professionalism and service to the country, his relationship with the rest of society marked his humility and spread love everywhere he went.’

Dignitaries at the event were Governor Monday Okpebholo, represented by his Deputy, Dennis Idahosa; Oba Ewuare II, represented by Chief Oseni Elamah and Chief Uso Osaretin, the Usoh of Benin Kingdom; former Governor of Anambra State, Peter Obi, FRSC Zone 5 Commander, Stella Orakwe, Secretary to the Police Service Commission, Onyeabuchi Nnamani, IGP Kayode Egbetokun, Senator Neda Imasuen, amongst others.

The Chief of Naval Staff (CNS), Vice Admiral Emmanuel Ogalla, has declared that the Nigerian Navy has successfully curtailed piracy and maritime crime, resulting in safer waters and increased oil production.

Ogalla made the remarks on Friday during a Regimental Parade held in his honour at his alma mater, the Nigerian Military School (NMS), Zaria, where he also commissioned new projects and addressed students.

He said the Navy had achieved ‘undeniable results’ under his command, noting that Nigeria’s Exclusive Economic Zone (EEZ) had not recorded a single piracy incident since 2022.

‘Our determination from the onset was clear – to turn the tide against those criminal elements bringing insecurity into our maritime environment. And I am proud to say we have achieved that. The results are evident, especially in improved oil production and the elimination of piracy in our waters,’ Ogalla stated.

He explained that piracy, oil theft, and illegal refining had long crippled Nigeria’s oil revenues and discouraged investment, but enhanced operations – including Operation Delta Sanity and joint missions with other security agencies – have reversed the trend and safeguarded critical oil infrastructure.

‘These operations have restored confidence in our maritime environment. Oil production has improved, revenues have gone up, and investors can now see Nigeria as a safer maritime hub. That is the strategic importance of the work we are doing,’ Ogalla emphasised.

He added that the fight against maritime insecurity was not only a military task but a national duty, as the protection of Nigeria’s oil assets directly impacts economic growth and national development.

‘The Nigerian Navy, by its mandate, is the guardian of our maritime environment. That means defending the nation’s territorial integrity and sovereignty at sea. By improving security, we are directly strengthening Nigeria’s economy, because oil is still our major source of revenue,’ the CNS noted.

Ogalla stressed that the successes were made possible by the dedication of naval personnel across formations, whose sacrifices at sea had restored sanity to Nigeria’s waters.

‘I salute the gallant officers and ratings who have put in the hard work. Without their commitment, we would not be celebrating these achievements. Their sacrifices are the foundation of the stability we now enjoy in our maritime domain,’ he added.

He urged continuous vigilance, warning that criminal elements often adapt, and security forces must stay ahead through technology, training, and intelligence-led operations.

The Naval Chief’s remarks were delivered during what he described as a ‘deeply emotional homecoming’ to NMS, where he said the foundations of his discipline and leadership were built.

‘It is with a deep sense of honour and nostalgia that I stand before you today, not just as the Chief of Naval Staff but as a proud product of this great alma mater. This noble institution shaped the foundation of my character, resilience, and leadership,’ he told the students.

Ogalla commissioned a block of six modern classrooms, each furnished with smart boards and learning aids, as part of his contribution to advancing academic excellence at the school.

‘This intervention reflects my belief that learning must evolve with the times. These facilities will equip the Boys with the tools to excel academically and to prepare for the future,’ he said.

He also inaugurated other projects and pledged to deepen collaboration between NMS and the Nigerian Navy Military School in Ikot Ntuen, Akwa Ibom, to strengthen military education.

The CNS commended the Chief of Army Staff, Lieutenant General O.O. Oluyede, for renovating the Boys’ Lines and other facilities at NMS, while also applauding the Ex-Boys Association for sustaining the tradition of giving back.

For Ogalla, however, the highlight was tying the Navy’s operational victories at sea with Nigeria’s economic rebound, declaring: ‘We’ve turned the tide against pirates. We’ve improved oil production. And by doing so, we are securing Nigeria’s future.’

The Commandant of NMS, Brigadier General Owoicho Ejiga, described Ogalla’s visit as ‘a historic milestone,’ noting that it would inspire the students and further cement the legacy of excellence the school has maintained since its establishment in 1954.

Ejiga said the commissioned projects, alongside other interventions by Ex-Boys and military leadership, would continue to transform NMS into a modern centre of discipline, patriotism, and academic excellence.

Former President Goodluck Jonathan said he thought the Boko Haram insurgency would end during the administration of former President Muhammadu Buhari.

Jonathan made the revelation when he spoke at the public presentation of ‘Scars’, a book authored by former Chief of Defence Staff, General Lucky Irabor, in Abuja, on Friday.

Reflecting on the insurgency that defined much of his presidency, Jonathan said his administration devised several ways to curtail the insurgency, but with little success.

He explained that during one of the processes aimed at getting the terrorists to surrender, the insurgents nominated former President Buhari as their preferred negotiator.

Jonathan admitted that with such developments, he believed Buhari’s presidency would eventually bring an end to the insurgency.

He said, ‘One of the committees we set up then, the Boko Haram nominated Buhari to lead their team to negotiate with the government.

‘So I was feeling that, oh, if they nominated Buhari to represent them and have a discussion with the government committee, then when Buhari took over, it could have been an easy way to negotiate with them, and they would have handed over their guns. But it was still there till today,’ he said.

Jonathan noted that the inability of Buhari to eradicate Boko Haram terrorists showed that the crisis was more complex than often portrayed.

‘If you conduct research and interview many people, you will only get part of the story, but never the full story of Boko Haram. I was there. Boko Haram started in 2009 when I was vice president. I took over in 2010 and spent five years battling the insurgency until I left office.

‘I thought that after I left, within a reasonable time, General Buhari would wipe them out. But even today, Boko Haram is still there. The issue of Boko Haram is far more complex than it is often presented.

‘So, it’s a bit complex, and not a matter of a single story. But I believe, as a nation, we have to look at the Boko Haram issue differently from the conventional approach. I believe one day we’ll overcome it. Once again, let me thank General Irabor for this, because I always appreciate people who document events clearly. That way, when we write our own accounts, we can borrow from such documentation. I also believe that all the military officers involved in the Boko Haram saga should provide information about what the group truly stood for,’ he said.

Jonathan also said the issue of Boko Haram was beyond hunger, adding that his administration employed so many strategies but did not work.

He said, ‘If it was only about hunger-because we tried different options-I don’t want to sound like I’m defending my government. That will be left for history when we document our books. But I believe we did our best: we set up different committees and tried various approaches during the five years I was in office. I believe the late Buhari too, must have tried his best.

‘I believe the government-luckily, with the Defence Minister here and the service chiefs represented-must adopt a slightly different approach. God willing, we will be able to resolve this crisis.’

The former president described the abduction of the Chibok schoolgirls in 2014 as a permanent scar on his administration.

He added that he hoped some leaders of the insurgent group would eventually document their actions, similar to how key actors of the Nigerian Civil War wrote their own accounts, to provide clarity on the insurgency’s motives.

He said, ‘One of the major scars on my government-and it will remain on my face, as Bishop Kukah said, no plastic or cosmetic surgeon can remove it-is the issue of the Chibok girls.

‘It is a scar I will die with. But perhaps later, more details may become known, and that too has to do with Boko Haram.

‘What did they really want? Our chairman once raised the issue when he interviewed some of them, and they gave him certain perspectives. But I pray that one day, some of the Boko Haram leaders may be literate enough to document what they have done, so that people will truly understand what they want. It is similar to the story of the Nigerian Civil War.’

Jonathan urged the current administration to consider the carrot and stick approach to address the insurgency that has lasted over a decade.

Coalition of Civil Rights Organizations has hailed President Bola Tinubu for rekindling hope in the Nigerian people through purposeful leadership and the appointment of competent ministers, with particular reference to the Minister of Interior, Olubunmi Tunji-Ojo.

The Coalition, in a statement by its leaders, Chisom Ochiaga and Obaseyi Ogunrinde, emphasised that the President’s Independence Day address resonated with Nigerians not only because of its frank assessment of the nation’s challenges but also because it showcased tangible progress already recorded in critical areas of governance.

The group described the mention of Hon. Tunji-Ojo in the President’s speech as a ‘classical example of what Nigeria gains when competence, dedication, and vision are placed above politics in leadership appointments.’

According to the coalition, Tinubu’s recognition of the Interior Minister’s stellar performance has further confirmed that the administration’s reformist agenda is on the right track.

‘The President’s acknowledgement of Hon. Olubunmi Tunji-Ojo’s achievements in the Interior Ministry is a reflection of how the government’s bold reforms are resolving the nation’s long-standing challenges. Nigerians now see how effective governance can transform institutions once regarded as stumbling blocks,’ the coalition stated.

The group cited sweeping reforms championed by the Ministry of Interior under Tunji-Ojo, including the digitization of passport application and processing systems, the drastic reduction in bureaucratic bottlenecks within immigration services, and a renewed efficiency in the handling of correctional facilities.

These reforms, it noted, have restored public confidence in the ministry and demonstrated the tangible benefits of President Tinubu’s commitment to appointing the right people into leadership positions.

The coalition further noted that Tunji-Ojo’s drive to sanitize the operations of agencies under his ministry, ensure transparency, and deploy technology in service delivery has endeared the Tinubu administration to even its staunchest critics.

‘The Interior Ministry has become a model of reform, efficiency, and innovation, thanks to the leadership of Hon. Tunji-Ojo.

‘This is why Nigerians from diverse backgrounds, including those once skeptical of the administration, are beginning to rally behind the President’s vision,’ the coalition remarked.

Reaffirming its stance, the Coalition of Civil Rights Organizations pledged unrelenting support for the progress of Nigeria under President Tinubu.

‘As far as the policies of this administration remain pro-people, we will continue to stand firmly behind President Tinubu and the reformist ministers like Hon. Olubunmi Tunji-Ojo.

‘His example must be replicated across other sectors to deepen the dividends of democracy,’ the statement concluded.

The coalition’s endorsement reflects growing acknowledgment within civic spaces that Tinubu’s reforms, as exemplified by the Interior Ministry, are rekindling faith in governance and opening a new chapter of hope for Nigeria.

An Oyo State High Court sitting in Ibadan has extended its Interim Injunction against the United Bank for Africa (UBA), sustaining the no-debit restriction placed on 30 bank accounts into which withheld Osun State local government allocations were lodged by the Central Bank of Nigeria (CBN).

Justice Ladiran Akintola, in his ruling on Friday, said the extension was necessary to ensure fair hearing for all parties in the suit No. 1/1149/2025: the Attorney-General of Osun State, the Osun State Local Government Service Commission, and United Bank for Africa Plc.

While counsel to UBA Plc was absent, lawyers representing the court-sacked APC council chairmen, led by Kazeem Gbadamosi, SAN, were present, having just filed an application for joinder.

Counsel to the plaintiffs, Musibau Adetunmbi, SAN, however, told the court that he required time to review the two applications filed by the ex-chairmen’s counsel.

He explained that the application for joinder and another one challenging the court’s territorial jurisdiction were filed on Thursday and Friday respectively.

Adetunmbi, while citing points of law, insisted that the ex-APC council chairmen lacked the locus standi to challenge the court’s jurisdiction.

According to him, the ex-LG chairmen remained strangers to the case since their application for joinder had not yet been decided upon by the court.

On the need for extension of the interim order, Adetunmbi said: ‘I received the two applications yesterday (Thursday) and today (Friday). I will need time to study them as well as reply on points of law.’

But counsel to the former APC local government chairmen and councillors faulted the description of his clients as strangers, arguing that they were directly affected by the court’s Interim Injunction of 26 September 2025.

He contended that, under the law, his clients had the right to be joined in the suit.

Gbadamosi, in the application filed on 2 October 2025, also challenged the territorial jurisdiction of the court to hear the matter.

Citing relevant authorities, he argued: ‘The court has no power in respect of a case in which its jurisdiction is being challenged to extend the order of life span that had expired.’

At the court sitting in Ibadan on Friday, further arguments were presented in the form of a further affidavit deposed to by a senior personnel of one of the 30 local government councils.

In her deposition, Mrs. Aluko Rachael Abidemi, Head of Local Government Administration in Boluwaduro Local Government, revealed that certain individuals were making attempts to siphon council funds in defiance of a subsisting court order.

She cited an undated letter addressed to UBA by two individuals-Mr. Adebayo Oyekanmi and Mr. Lasisi Gbadebo Oyebode-who claimed to be Chairman and Treasurer of Boluwaduro Local Government. In the letter, they instructed the bank to deduct 15 percent of the statutory allocation and pay it into the account of a private law firm with UBA.

Mrs. Abidemi, however, informed the court that the said individuals had no legal authority to make such instructions. She stressed that Mr. Oyebode was neither a staff of Boluwaduro Local Government nor its Treasurer, as the position of ‘Treasurer’ does not exist in Osun’s local government structure.

According to her, by the 2025 Guidelines for Local Government Administration in the state, only the Director of Finance and the Director of Administration and General Services are recognised as signatories to local government accounts. She also identified the current officers holding those positions and tendered exhibits to confirm their status.

The claimants maintained that the matter of who the legitimate chairmen of the councils are remains sub judice before the Supreme Court in Suit No. SC/CV/773/2025, and warned that disbursing the funds under the present circumstances would undermine justice.

Speaking with reporters after the sitting, counsel to the Attorney-General of Osun State, Adetunmbi (SAN), disclosed that a related case on the funds is already before the Supreme Court and has been fixed for hearing on 7 October.

On Friday’s ruling, he explained: ‘The crux of the matter is to safeguard the money in issue pending the Supreme Court’s determination on Tuesday, 7 October 2025.

‘Our contention is that even those who paid the money knew the matter was already before the court. They should have respected the Supreme Court by holding on to the money.

‘Let the Supreme Court speak, everybody will be happy, but for you to pay just like that is not acceptable.

‘As I earlier informed the court, there is a letter directing that 15% of the withheld funds from March to September – running into billions of naira – should be paid as legal fees to one individual.

‘In what manner? By what procedure? Without this preservation order, the rest of the money would have been gone by now.’

Commenting on the newly filed applications, he added, ‘They just served us with two applications. One was filed today, the other yesterday. I need time to react. The court has extended the Interim Injunction for the preservation of the disputed funds.’

On the joinder application, the Attorney-General maintained, ‘We are going to oppose the joinder because nothing concerns them with this case.’

The naira struck a major rally yesterday as exchange rate at the parallel markets fell below official market, putting pressure on currency speculators.

The naira yesterday closed at N1,450 per dollar at the parallel markets, stronger than N1,475 per dollar it exchanged in the official window where banks and other financial institutions carry out transactions.

The naira had on Wednesday closed around N1,475 per dollar at the parallel market, sustaining relative stability at the official window.

At the parallel markets dominated by bureau de change operators and unofficial foreign exchange (forex) transactions, many operators traded at huge losses.

A Bureaux De Change (BDC) trader based in Ikeja, Lagos, Mohammed Gabi, said many FX dealers lost huge funds after selling below purchase rates as exchange rate gap narrowed.

‘Many BDC operators sold dollar below the purchasing amount as they feared further losses. We expect the trend to continue in the weeks ahead. Also, the expected dollar inflows to the economy will help strengthen the naira position against the dollar,’ he said.

Industry source said there has been increased dollar liquidity in the parallel market, which took many black market dealers unawares.

‘I can tell you that a lot of dollars came into the parallel market, forcing those holding back dollars to offload their funds with fear. If the trend, continues, we could see dollar exchanging around N1,400 per dollar as projected in many quarters,’ the source said.

Analysts at Commercio Partners, attributed the rally and gradual narrowing of the exchange rate gap to a combination of stronger demand for the naira, reduced speculative trading, and improved foreign reserves.

Head of Research at Commercio Partners, Ifeanyi Ubah, expressed optimism that the positive sentiment would be sustained in the near term, supported by increasing external buffers.

‘Nigeria’s rising external reserves are reflecting a healthier external position for the country. With reserves strengthening, speculative activity subsiding, and oil earnings supporting inflows, many market watchers believe the naira’s current rally has a stronger foundation compared to previous cycles of volatility,’ he said.

The local currency rebound is being driven by a combination of stronger demand for the naira, reduced speculative trading, and rising foreign reserves now at $43.05 billion.

CBN Governor, Olayemi Cardoso announced that gross external reserves remained robust at $43.05 billion on September 11, 2025, compared with $40.51 billion at end-July 2025 with an import cover of 8.28 months.

‘Similarly, the second quarter 2025 current account balance recorded a significant surplus of $5.28 billion compared with $2.85 billion in first quarter of 2025,’ Cardoso stated during the 302nd monetary policy committee meeting held this week in Abuja.

Analysts insist that the forex reforms instituted by the Cardoso-led CBN are stabilizing the exchange rates and improving overall health of the economy.

The reforms were instituted to entrench transparency, accountability and improve dollar access in the foreign exchange market.

President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, said the naira gains showed the level of creativity the Central Bank puts in ensuring that more forex flows into the economy and remain accessible to businesses