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The Nigerian naira fell sharply against the United States dollar at the close of trading on Friday, ending the week on a disappointing note after days of positive performance.

According to official data released by the Central Bank of Nigeria (CBN), the naira depreciated to ?1,465.68 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), compared to ?1,455.25 per dollar recorded on Thursday.

This represents a ?10.43 drop in value within a single day, signaling renewed pressure on the local currency after a brief period of recovery.

The decline comes after the naira had shown strong momentum earlier in the week, gaining steadily for four consecutive days due to improved dollar supply and increased investor confidence.

However, market analysts suggest that renewed demand for foreign exchange by importers and corporate entities toward the weekend may have triggered the latest round of depreciation.

At the parallel (black) market, the naira remained stable at ?1,485 per dollar on both Thursday and Friday, suggesting that traders are maintaining a wait-and-see approach as the market adjusts to recent policy measures introduced by the apex bank.

Despite Friday’s decline, the naira still recorded a slight improvement on a week-on-week basis, appreciating by ?14.98 when compared to the ?1,480.66 per dollar exchange rate recorded on Friday, September 27, 2025.

Meanwhile, Nigeria’s external reserves have continued to grow, standing at $42.40 billion as of October 2, 2025, up from $42.33 billion just three days earlier.

Analysts view this steady rise in reserves as a positive sign, reflecting improved foreign inflows and potential stability for the foreign exchange market in the coming weeks.

Experts have continued to urge the Central Bank to sustain its monetary tightening measures and enhance transparency in the forex market to restore full confidence among investors and businesses.

They also emphasized the need for Nigeria to boost local production and reduce dependence on imports, which remains one of the major factors driving dollar demand.

While the week ended with a slight setback for the naira, economists remain cautiously optimistic that the local currency could regain strength if foreign inflows continue to rise and market reforms are fully implemented.

Lagos State Governor, Babajide Sanwo-Olu, has celebrated 15-year-old Kanyeyachukwu Tagbo-Okeke, a Nigerian teenager living with autism, for making history by creating the world’s largest canvas painting by an individual.

The monumental artwork, titled ‘Impossibility is a Myth’, spans an astonishing 12,303.87 square metres, earning Kanyeyachukwu a place in the Guinness Book of World Records and international acclaim. The piece was unveiled at Marina, Eko Atlantic City, Lagos.

Speaking through his Special Adviser on Tourism, Arts, and Culture, Idris Aregbe, the governor described the achievement as a powerful statement on youth potential, disability inclusion, and the indomitable Nigerian spirit.

‘At just 15, Kanyeyachukwu has done what many thought impossible. His painting is not just a personal triumph – it is a symbol of possibility, inclusion, and hope,’ Sanwo-Olu said.

He highlighted the infinity symbol at the centre of the painting as a message of boundless potential, particularly for people on the autism spectrum. The governor also reiterated his administration’s commitment to investing in platforms that promote youth creativity and global competitiveness.

The painting, first unveiled on World Autism Awareness Day 2025, combines turquoise and coral hues with imagery of multiple human faces to reflect emotions, diversity, and shared humanity.

Kanyeyachukwu, who is non-verbal, has used visual art as his primary form of communication since early childhood. His work has inspired global attention and advocacy for neurodiverse creatives.

The world oil market is facing a shock as OPEC plans to increase oil production. Oil prices fell again on Thursday, marking the fourth straight day of decline.

Brent crude dropped to its lowest level since early June, as traders worried about too much oil in the market.

Sources say OPEC+ may agree to raise production by as much as 500,000 barrels per day in November three times more than the increase for October. Saudi Arabia is reportedly leading this move to regain its share of the market.

Jorge Montepeque, Managing Director of Onyx Capital Group, said some banks, including Macquarie, are warning of a possible ‘super glut’ meaning there could be far more oil than needed, which is lowering market confidence.

Meanwhile, the finance ministers of the G7 countries said on Wednesday they plan to increase pressure on Russia by targeting those who keep buying Russian oil.

The United States also plans to give Ukraine intelligence to help with long-range missile strikes on Russian energy sites. According to officials, this will help Ukraine attack refineries, pipelines, and other key facilities to cut Russia’s oil revenue.

UBS analyst Giovanni Staunovo said there are renewed concerns that Russian oil supplies could be disrupted. However, he added that unless actual disruptions occur, the effect on oil prices will likely be small.

Tragedy has struck in the Federal Capital Territory as unknown gunmen brutally murdered a veterinary doctor, Dr. Ifeanyi Ogbu, and abducted his three children during a late-night invasion of his residence in Kubwa, Abuja.

Dr. Ogbu, a respected veterinarian and former Chairman of the Nigerian Veterinary Medical Association (NVMA),

FCT Chapter, was reportedly taken along with his children on Friday night after the armed assailants stormed his home along the Kubwa-Kaduna Road.

His lifeless body was later discovered by the roadside, raising deep concerns about the growing wave of violent crimes in the capital city.

The heartbreaking news was confirmed by a close associate, Andrew Gabriel Ikechukwu, through a Facebook post. He wrote:

‘Dr. Ifeanyi Ogbu, the immediate past chairman of the NVMA FCT chapter, who was kidnapped alongside his three children from his home in Kubwa Abuja, has been found dead. The children are still missing.

May God please intervene.’

Dr. Ogbu was widely admired for his dedication to animal health and community service.

Friends and professional colleagues described him as a man of integrity and compassion whose death leaves a painful void in the veterinary community.

The deceased leaves behind his wife, who is reportedly in deep distress, and other grieving family members as search efforts intensify to rescue the abducted children.

This gruesome incident follows closely on the heels of another violent crime in Abuja the killing of Arise TV journalist Somtochukwu Maduagwu during a robbery in Katampe last week.

Security experts and residents have expressed alarm over the rising cases of abductions and killings across the FCT, calling for urgent government intervention.

As of press time, the FCT Police Command had yet to issue an official statement concerning thebjwCalls and messages to police spokespersons went unanswered, though sources said an investigation into the attack is ongoing.

The Concerned Taraba Youth Group has advised Gov. Agbu Kefas of Taraba to join the ruling All Progressives Congress (APC) for the better future of Taraba.

Mr Shadrach Gani, Leader of the group gave the advice on Saturday, while briefing newsmen in Jalingo.

He stressed the need for the state to key into the Renewed Hope Agenda of the President Bola Tinubu administration. He noted that the state lacked the capacity to turn around infrastructural development that could create jobs and attract modern amenities.

According to him, Taraba must not be left behind in Nigeria’s development journey.

‘Today, Taraba stands at a defining moment. As young people, we carry the weight of tomorrow on our shoulders, and our greatest desire is to see our state prosper with opportunities, jobs, and modern amenities.

‘Gov. Kefas has already inspired us with bold reforms in education, healthcare, and empowerment. His energy and commitment have rekindled confidence among young people.

‘But the truth remains that many of the challenges holding our state back are beyond what Taraba alone can solve hence the state beeds strong federal support.

‘Critical projects that could transform our economy and create jobs for our youth have been abandoned for too long.

‘The Ibi Bridge, a gateway for trade and commerce. The collapsed Namnai Bridge, which has cut off communities and opportunities.

‘Federal highways in worsening condition, especially the Jalingo-Lau-Karim Lamido road and the River Benue crossing.

‘The massive Wukari-Jalingo-Zing Road project, running into hundreds of billions of naira, far beyond the state’s purse.

‘The Mambilla Hydro Power Project, a dream that can power industries and households across Nigeria.

‘These are not luxury projects; they are lifelines for Taraba’s growth. Without federal partnership, they will remain unfulfilled promises.

‘If Governor Kefas joins the APC, Taraba will gain direct access to federal projects, resources, and opportunities that our people, especially the youth desperately need,’ he said.

The Federal Road Safety Corps (FRSC) FCT Command says it apprehended more than 250 commercial vehicles in just two days for overloading, as it begins full enforcement of safety regulations in the territory.

The FCT Sector Commander, Corps Commander Felix Theman, disclosed this in a statement signed by the Command’s Public Education Officer, Mrs Helen Ntaji, on Saturday in Abuja.

The News Agency of Nigeria (NAN) reports that the enforcement, which started on Oct. 2, specifically targeted the practice of carrying two passengers in the front seat of taxis.

Theman said that the two-day figure demonstrated the scale of violations in the FCT, in spite months of sustained engagement and education to transport unions.

He explained that his top priority since assumption of office had been restoring passenger dignity and safety, noting that enforcement was the most civil way to ensure compliance.

According to him, overloading makes the use of seatbelts impossible, weakens vehicle suspension and tyres and limits driver control in emergencies.

Theman added that the command’s operation was being carried out in collaboration with mobile magistrate courts to ensure immediate prosecution of offenders.

He said that full activation of mobile courts across the FCT would begin on Oct. 6 to intensify the enforcement.

The commander also warned drivers operating vehicles below minimum safety standards to upgrade them or risk outright impoundment.

He hinted that transport unions had pledged full support for the initiative and urged passengers to cooperate to protect their rights to safe and dignified transportation.

Mr Olayemi Cardoso, the Governor of Central Bank of Nigeria has said the reforms being carried out by the bank are aimed at stabilising the economy, restoring confidence and bringing inflation down to single digits in the medium term.

Cardoso said this while taking questions during a fireside chat at his inaugural lecture series at the Lagos Business School (LBS).

The lecture had the theme ‘Next Generation Leadership in Monetary Policy and Nation Building’ and marked the launch of the CBN Governor’s Lecture Series.

The lecture had in attendance students from various tertiary institutions, members of academia, bankers and industry experts.

Cardoso explained the challenges of stabilising the nation’s economy and how hard work and credibility had helped CBN to redirect the nation’s economy on a positive growth path.

He explained ongoing reforms and achievements in the last two years geared toward stabilising the economy and restoring investor confidence.

‘The idea is to ensure that in the medium term we achieve single-digit inflation,’ he said.

He said interest rates and the foreign exchange market were areas of concern for everyone, adding that, at one point in time, the foreign exchange market had multiple challenges.

He explained the crisis of access to foreign exchange when he assumed office two years ago and efforts through necessary and stringent reforms that restored sanity, transparency and credibility.

He said credibility is at the heart of any central bank to win people’s trust and investor confidence, while listing some benefits of the reforms, including the ability of citizens to use Naira debit cards abroad.

Cardoso said when he promised to clear verifiable FX backlog estimated at over seven billion dollars, the feat was a daunting task which credibility, transparency and resilience helped him to achieve.

He said promises must be kept for people to keep trusting the nation’s economy, adding that people invest where there is integrity, credibility and trust, and that transparency and credibility restored sanity and attracted foreign investors.

Cardoso said during his tenure the apex bank began publishing financial statements, a practice that had been suspended for several years.

‘For years, the financial statements of the Central Bank had not been published. We have gone ahead to publish it. It’s on our website,’ he said.

He also explained how CBN used technology to eliminate sharp practices, citing adoption of a new electronic matching system, which made market activities open and transparent.

According to him, beyond macroeconomic stability, vision building involves creating opportunities for young people, in particular areas like financial inclusion and support for small and medium-scale businesses.

Cardoso said he was not seeking to praise himself but urged Nigerians to read positive comments of various local and international rating agencies about the efforts of the bank under his leadership.

Earlier, while delivering his keynote, he insisted that the CBN is building an institution that can be trusted, while urging the youths to embrace credibility.

Cardoso said the inaugural lecture initiative was aimed at deepening public understanding and strengthening the transmission of monetary policy.

The governor said the country’s most important asset is its next generation, which forms the largest demographic comprising more youths who must be groomed to drive the nation’s future development and growth.

He said when he assumed office as governor in 2023, Nigeria’s economy faced formidable headwinds with high inflation rates, depleted external reserves, low investor confidence, and nearly every macroeconomic indicator under pressure.

Cardoso said he tackled inflation with tightening policy aggressively, raising rates by more than 800 basis points and strengthening liquidity management.

He explained other reforms including strengthening reserves, now standing above 42 billion dollars, and new channels for diaspora remittances and investments.

‘On financial inclusion, we expanded mobile and agency banking to underserved communities, raising access from 56 per cent in 2020 to over 64 per cent in 2025, and commenced the recapitalisation of banks to ensure a stronger, more resilient financial system,’ he said.

He said the nation’s inflation, which peaked at almost 35 per cent, moderated to about 20 per cent, adding that real GDP expanded by 4.2 per cent in the second quarter, signaling a re-emergence of growth momentum.

The apex bank boss also explained the future of digital payments, credit, savings, investment and others being redefined by fintech and digital platforms.

Prof. Olayinka David-West, Dean, Lagos Business School (LBS), Pan-Atlantic University, delivering a welcome address, explained the role of the institution since inception in 1991.

She praised the partnership with the CBN governor to foster thought leadership, policy engagement, and in-depth discourse between town and gown.

Chelsea’s manager, Enzo Maresca, was sent off after celebrating his team’s dramatic late goal in their 2-1 win over Liverpool at Stamford Bridge.

Maresca had already received a yellow card earlier in the match for arguing about a VAR decision on a penalty appeal.

When Willian Estevão scored a last-minute winner, Maresca ran across the pitch to celebrate with his players.

Referee Anthony Taylor then showed him a second yellow card, which meant he was sent off.

The red card came in the 96th minute and did not affect Chelsea’s victory.

The win lifts Chelsea to sixth place in the Premier League table with 11 points from seven matches.

Liverpool now drop to second place, behind Arsenal, who had earlier beaten West Ham 2-0.

The Executive Director of the Centre for Citizens with Disabilities (CCD), Mr David Anyaele, has revealed how President Bola Tinubu rehabilitated him after Sierra Leone rebels amputated his hands in 1999.

He said he wrote to various governments, including Southeast governors, seeking support after his ordeal was televised, but his requests were rejected.

Anyaele spoke on Friday evening during the Nkata Umuibe, a monthly speakers’ series organised by the Centre for Memories (CFM), Enugu, with the theme ‘Onye Aghana Nwanne Ya’.

He explained that the assailants were fighters of the Revolutionary United Front (RUF), which waged war in Sierra Leone between 1991 and 2002.

The disability rights activist said after his request to Southeast governors and others were rejected, he later sent the same appeal to then Lagos governor Bola Tinubu, who directed doctors to examine him.

Medical reports recommended overseas treatment, leading to his rehabilitation in Germany, where artificial hands were fitted.

‘I must thank the Tinubu administration and the good people of Lagos State for their hospitality,’ Anyaele said.

He lamented that living with disability in Igboland often meant enduring discrimination and neglect.

Recounting his ordeal, Anyaele said he was on a business trip to Freetown when he was attacked solely because he was Nigerian.

He recalled that his pleas not to be mutilated were ignored, stressing that many Nigerians faced similar inhuman treatment during Sierra Leone’s civil war.

He said Nigerian-led ECOMOG troops rescued him while he lay in pain and rushed him to hospital, saving his life.

‘That experience changed my world as I suddenly found myself in the disability community, without knowing what the future held,’ he said.

He added that he was subjected to stigma, discrimination, isolation, and exclusion because of his disability.

Appealing to Igbos, Anyaele urged them not to discriminate against persons with disabilities but to embrace inclusion, noting disability could happen to anyone anytime.

He commended Gov. Alex Otti for establishing the Abia State Disability Commission and urged Gov. Peter Mbah to replicate it in Enugu State.

Bandits unleashed terror on residents of Zamfara State Friday evening, killing several people and abducting many others in a violent ambush along the Mayanchi-Anka Road.

The Nation reports that eyewitnesses described the attackers as heavily armed and operating with impunity.

According to the report, one of the survivors, Malam Muhammad Ahmad, recounted his narrow escape.

‘The bandits blocked us on the highway and kidnapped many people. Some of us had to flee into the bush. Only those who managed to hide in farms with tall crops escaped,’ he said.

Ahmad also confirmed the death of his colleague, Abubakar Lawali Sardauna, who was killed after refusing to be taken by the armed men. ‘He told them he would not follow them to the bush. They shot him on the spot,’ he added.

As of press time, efforts to reach the Zamfara State Police Public Relations Officer, Yazid Abubakar, were unsuccessful, the report says.