Tuesday, September 15, 2026
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There Is No Democracy In Nigeria – Peter Obi

Labour Party Presidential Candidate in 2023 general election – Mr Peter Obi has joined millions of Nigerians to criticize the endorsement of President Tinubu emergency rule and suspension of an elected Governor by National Assembly.According to Peter Obi in the message released on his twitter space ”The parliamentary vote held yesterday clearly demonstrates that democracy, in its true sense, does not exist in Nigeria. Where there is no functional opposition, democracy cannot thrive.

Opposition is a critical pillar of any democratic system. It ensures that the right things are done, holds the ruling party accountable, and offers alternative viewpoints. However, an effective opposition can only exist within a system that supports proportional representation—an approach practised in countries like South Africa and Indonesia.

In South Africa, for example, the National Assembly has 400 seats. The African National Congress (ANC) received about 40% of the vote and holds approximately 160 seats, while the Democratic Alliance (DA), with about 20% of the vote, holds around 80 seats—alongside several other parties. Those who contested the presidential election remain the recognised leaders of their respective parties.

A similar situation exists in Indonesia and other countries where democracy is genuinely practised. As is the norm in such systems, laws prohibit elected officials from switching parties without forfeiting their seats. This helps maintain party discipline and preserves the sanctity of the electoral mandate. These mechanisms contribute to a more balanced, accountable, and credible democratic process.

If that were the case in Nigeria, our Senate—comprising 109 seats—would be more reflective of electoral realities, with the APC holding 44 seats, the PDP 33 (under the leadership of Atiku), and the Labour Party 27 (under my leadership). Ideally, the House of Representatives should mirror this balance, with approximately 144 APC members, 108 PDP members, and 90 Labour Party members. But this is far from the case. The absence of laws restricting party defection allows politicians to switch allegiances freely and without consequence. This not only weakens the opposition but also makes a mockery of the electorate’s will and undermines the integrity of our democratic institutions.

What we are left with is not a genuine democratic system, but one that is transactional, compromised, and, in many respects, resembles organised criminality. Unless we urgently implement reforms to entrench true democratic principles, enforce party discipline, and ensure fair representation, Nigeria’s democracy will remain fragile and dysfunctional.

But we will not surrender to criminality. We shall continue to fight for democracy—genuine democracy”

Nnamdi Kanu Tenders Apology to Justice Binta and Federal High Court

The leader of the proscribed Indigenous People of Biafra (IPOB), Nnamdi Kanu, on Friday issued a formal apology for his recent verbal attacks on the Federal High Court and Justice Binta Nyako. The apology was delivered through his new legal representative, Chief Kanu Agabi, SAN, a former Attorney-General of the Federation and Minister of Justice.

Kanu also extended the apology to the Federal Government’s counsel, Chief Akinlolu Awomolo, SAN, as well as his former team of lawyers led by Aloy Ejimakor, whom he had criticised during proceedings before Justice Nyako. The apology was conveyed in court before Justice James Omotosho, the newly assigned trial judge, after Chief Agabi sought and received the court’s permission to deliver the message on Kanu’s behalf.

 

Justice Omotosho had been assigned the case following a request by Kanu and his legal team for a change of judge, citing bias. This led to the case’s reassignment from Justice Nyako, who had previously recused herself from the matter on September 24, 2024, citing Kanu’s loss of confidence in her court. However, the Chief Judge of the Federal High Court, Justice John Tsoho, later directed that any formal recusal must be backed by a formal application, temporarily returning the case to Justice Nyako.

 

Amid this back and forth, Kanu and his lead counsel insisted that Justice Nyako no longer had jurisdiction over the case, leading her to adjourn proceedings indefinitely. The case is now set to begin afresh before Justice Omotosho, with trial proceedings scheduled to resume on March 21. Kanu, who was brought back to Nigeria from Kenya in June 2021, is expected to take a fresh plea as the trial begins anew.

Enugu Govt. To Feed 300,000 School Children Daily- Ifeanyi

The United Nations Children’s Fund (UNICEF) has extolled Governor Peter Mbah of Enugu State over the administration’s sterling quality leadership, saying the governor’s huge investment in education, primary health care and infrastructure was a turning point in the state.

This was even as the governor reiterated the state’s commitment to feeding over 300,000 Smart Green School children quality nutrition daily come September 2025.

The Chief of Field Office, UNICEF Enugu, Mrs. Juliet Chiluwe, gave the commendation at the signing ceremony of the UNICEF/Enugu Government Multiyear 2025/2027 Workplan at the Government House, Enugu, on Tuesday.

Expressing delight over the governor’s “sterling leadership and great advocate for the welfare of children and women”, Chiluwe added that Mbah had tamed the tide in water, sanitation and hygiene (WASH).

“You are the pioneer of smart schools here. Enugu is one of the states that is leading in terms of the WASH masterplan implementation. Your investment in primary health, upgrading the primary healthcare system to Level 2 is something that is very highly commendable and also the smart schools, which show your commitment to the development of human indices in the state.

“I have been in Enugu for the last three years and I have seen commendable changes in terms of infrastructure, security and the welfare of women and children.

“Your footprint in the infrastructural development of the state and the deliberate efforts in boosting the state’s economy demonstrate your commitment to the viability and achievement of the long term vision. Your interest and commitment to issues of children and women in the state is highly commendable and a sign of the anticipated progress in collaborating with UNICEF towards the improvement in children indices in the state,” she further stressed.

According to her, the signing of the multiyear plan indicated UNICEF’s recommitment to collaborating with the state government towards the realization of the rights of children and women in the ongoing Country Programme of Cooperation which commenced in 2023 and would come to an end in 2027.

The UNICEF boss, however, called for intensified efforts from all stakeholders such as the local government authorities in ensuring that the state attains open defecation free (ODF) status, and the delivery of the social protection policy to eradicate poverty.

Reacting, Mbah expressed gratitude for the partnership and support the UN agency had been giving to the people of the state, adding that the administration was strongly dedicated to addressing compelling social challenges as evidenced the past two budget cycles.

Describing the UNICEF as a reliable development partner, the governor disclosed that the government had continued to prioritize the social services sector which accounted for the reason behind the highest allocation of the budget to the sector.

“Education got 33 per cent and that has been consistent over the 2024 and 2025 budget cycles. The healthcare space is not left out of it. We also have plan that this is going to continue for at least the next five years for things to be well rooted before we feel like we’re starting from ground zero even in terms of the baseline of infrastructure,” Mbah said.

He stressed that the plans for the 260 Type-2 primary healthcare centres in each of the electoral wards, many of which had been completed and equipped, were beyond mere buildings to staffing, ancillary services and other cutting edge medical facilities including 24/7 electricity.

The governor, who highlighted some of the challenges, such as deficit in health personnel, the administration faced when it assumed office, immediately approved the recruitment of 2,500 health workers.

On basic education system in the state, Mbah said the smart schools would come into operation by September 2025 with over 300,000 school children benefitting from the healthcare facilities in each of the schools, including free daily balanced diet and healthy learning environment.

He further emphasized that the administration was aggressive in ensuring that residents of the state lived a comfortable life through the ongoing first phase of the 7,500 mass housing scheme that would relocate those living in urban slums and put an end to open defecation.

(Aprokonation)

House of Assembly Urges Govt to Invest in Seaports in the Country especially Anambra

The House of Representatives yesterday urged the federal government to take pragmatic steps towards diversifying its revenue base by harnessing the potential in the maritime sector and ensuring that the challenges hampering the growth of the sector were effectively dealt with.

The House also urged the federal government to revive the abandoned Oseakwa Seaport in Ihiala Local Government Area of Anambra State and others across the country in order to reduce the pressure on existing seaports and checkmate over-dependency on petroleum as well as boost the nation’s economy.

Its further urged the federal government to include the construction of Oseakwa Seaport and dredging of Orashi River in Ihiala Local Government Area of Anambra State in the 2024 Appropriation Bill.

These resolutions followed the adoption of a motion on the Need to Harness the Potential in the Maritime Sector for Economic Growth and Revive the Abandoned Oseakwa Seaport at Ihiala Local Government Area in Anambra State moved by Hon. Paschal Agbodike.

The lawmaker noted that Nigeria’s Gross Domestic Product (GDP) growth was mainly dependent on the contributions of the oil and gas sector, hence the need for diversification of the country’s revenue base.

Adding that the maritime industry provides the government with the right platform to diversify the economy, and if properly harnessed, it has great potential to generate huge revenue from both Local and International transportation of persons and goods by water as approximately 80 per cent of the shipping business done on the coast of West Africa is done in Nigeria.

The House further noted that at an event organised by the Joint Body of Nigerian Seafarer’s Professional Group to commemorate the 2023 World Seafarers Day, Seafarers had stated that the Nigerian maritime industry has the potential to generate $100 billion annually if properly harnessed.

Agbodike said the Oseakwa Sea Port at Ihiala Local Government Area of Anambra State was established before Nigeria’s independence and was a major route for transportation in the old Eastern region, but it became moribund after the civil war.

“It was also aware that compared to the Lagos Seaport which is 60 nautical miles to the Atlantic Ocean, Oseakwa Seaport is only 18 nautical miles to the Atlantic Ocean, which, by implication, is a closer and more viable route for shipping goods from China and other countries.

“The Oseakwa seaport has the capacity to handle over 35 per cent of marine business in Nigeria. The abysmal neglect of the sector as both its potential to create jobs and contribute to the country’s GDP are lost, just as foreign operators smile home with billions of dollars yearly that could have accrued to local operators and government’s coffers,” he added.

Furthermore, he noted that, “the country’s ports are currently classified among the worst ports in the world due to challenges such as delay in import/export processes, traffic congestion, poor access roads, safety and security concerns, infrastructure deficits and logistics shortcomings among others.”

(Thisday)

Enugu State House of Assembly Speaker Commends IGBO EFULA for Promoting Igbo Language

Rt Hon Engr Uche Callistus Ugwu, Speaker, Enugu State House of Assembly has commended Igbo Efula, an organization for the promotion of Igbo language for their noteworthy efforts towards the promotion of Igbo language.
The lawmaker made the statement while speaking during an event organized by Igbo Efula in Enugu on Friday, 14th March, 2025, in commemoration of International Mother Language Day 2025.
“I commend Igbo Efula for their noteworthy efforts towards the promotion of Igbo language.That is why I had to attend personally despite my tight schedule. We all have a duty to teach our children (the next generation of Ndigbo), the Igbo language. Therefore, I’m glad to see Secondary School students participating here today”.
He also expressed his support and that of the Enugu State House of Assembly to all efforts aimed at promoting the language. Thereafter, he presented the cup to Queens School, Enugu who emerged champions of this year’s International Mother Language Day Igbo Proverbs competition. May Blossom Secondary School, Enugu and City Girls Secondary School, Enugu were first and second runners up respectively.
Earlier in his opening address, Mazi Ikechukwu Bismarck Oji,MNSE, COREN, President, Igbo Efula, explained the reason for shifting the date of the event marked on 21st February annually
“The event was shifted to 14th March since Secondary School students who are the focus of this year’s celebration were on Mid Term break by 21st February. We took this decision so as to “catch them young”. Our adolescents are the future of our language. Therefore, more emphasis must be placed on getting them to realize why they must speak Igbo fluently, without compulsion. That is the essence of the Secondary School Students Igbo Proverbs competition
Going further, he urged the Government and other stakeholders to support the Igbo language industry, as the surest way of promoting Igbo language,
“According to experts, the surest way of promoting Igbo language is by promoting the Igbo language industry, by supporting all those who earn a living through Igbo language such as Nollywood artistes, Igbo language teachers, Igbo language authors, journalists, etc. Logically, it is their business to promote Igbo language and the growth of their business is symbiotically linked to the growth of the language”
In her welcome speech, Lolo Nkeoma Lilian Agbo, Chairperson of the event’s organizing committee expressed her gratitude to all those who found time to attend the event, urging mothers to teach their children Igbo language at home, to ensure the language’s preservation.

In her speech, the Enugu State Commissioner for Culture & Tourism, Dame Ugochi Madueke commended the organizers of the event for steadily working for the promotion of Igbo language,
“I commend the organizers of this event, Igbo Efula, for steadily working for the promotion of Igbo language.
“We all have a duty in ensuring that Igbo language grows and flourishes, rather than going extinct. However, our parents have a big duty in ensuring that their children learn to speak Igbo from their homes”.
In his own speech, the chairman of the event, Okpala Eze Nri Chukwuemeka Onyesoh(Oba Agbalanze) had this to say:
“I sincerely commend the organizers of this event -Igbo Efula and I urge all of us to take up the task of ensuring the promotion of Igbo language.
“I equally urge Igbo Efula to explore ways of working together with other organizations that equally have the goal of promoting Igbo language”
In his speech, HRM Igwe Ambassador L.O.C. Agubuzu, OON, CFR, former chairman, South East Council of Traditional Rulers/Chairman, Board of Trustees, Igbo Efula, expressed his appreciation to all the dignitaries who honoured the organizer’s invitation.
He urged them all to support Igbo Efula to ensure that their lofty and onerous task of reviving and promoting Igbo language was achieved.
Equally, HRM Igwe Samuel Ikechukwu Asadu (Ogadagidi), Chairman, Enugu State Traditional Rulers Council commended the President, Igbo Efula, Mazi Ikechukwu Bismarck Oji, for his untiring efforts towards the promotion of Igbo language. He equally pledged the support of traditional rulers in the state in that regard.
Other dignitaries at the event include Hon Okey Mba, member representing Nkanu East constituency/Deputy Minority Whip, Enugu State House of Assembly, Pharm. Chika Ugwuoke, Enugu State Commissioner for Labour & Productivity, represented by Mrs Ifeyinwa Nnaji, Agbalanze Chike Madueke, President, Aka Ikenga, Lagos, Prof Eddy Ndibuagu, Enugu State University of Science & Technology (ESUT) Teaching Hospital, Parklane, Enugu and Mazi ‘Zulu Ofoelue, Chairman, Association of Nigerian Authors (ANA), Enugu chapter.
Highlights of the event include the launching of a sticker in promotion of Igbo language, musical performance by Bukas,an Igbo language artiste, Secondary School Students Igbo Proverbs Competition, a dramatic presenation on the importance of kolanut in Igbo culture by pupils of Fresh Grace Montessori School, Enugu.
Also, there were cultural displays by Fresh Grace Montessori School, Enugu, May Blossom Secondary School, Enugu and City Girls Secondary School, Enugu. Others schools in attendance include College of the Immaculate Conception (CIC), Enugu and Day Secondary School, Independence Layout, Enugu and Queens School, Enugu.

GGM Condemns The suspension of Rivers State Governor And Others,Calls Action Unconstitutional .

Good Governance Ministry (GGM) has declared the suspension of  Governor Siminalayi Fubara, his deputy, and members of the State House of Assembly by President Bola Tinubu as unconstitutional and outright breach of Nigeria’s federal structure.The President action is undemocratic and autocratic!

GGM noted that the political crisis in Rivers State was rather avoidable and could have been nipped in the bud by the President who had given Minister Wike open cheque to hold the people of Rivers hostage. The declaration of a state of emergency in Rivers State ,an opposition political party is to say the least total State capture by APC central government.

In a Statement released to BVI Channel 1 online , Ndubuisi Anaenugwu,the Ambassador General of GGM, argued that while Section 305 of the 1999 Constitution grants the President authority to declare a state of emergency, it establishes certain conditions and procedural to protect democratic governance and fundamental rights.

It should be noted that the Constitution does not grant the President power to unilaterally remove elected officials under the guise of a state of emergency. Section 188 of the Constitution specifies the process for the removal of a governor and deputy governor, while the removal of House of Assembly members must adhere to constitutional and electoral guidelines. GGM further clarified that a state of emergency does not dissolve or suspend elected state governments, and any attempt to do so amounts to an “unconstitutional usurpation of power.”

GGM insisted that the suspension of Governor Fubara and others is unlawful and a dangerous affront to Nigeria’s democracy and could be interpreted as democratic coup against opposition party .

 

Maureen Okafor writes for BVI Channel 1 online

Breaking: Tinubu Removes Rivers Gov. and Deputy Gov. Appoints a Military Administrator

President Tinubu declares a state of emergency in Rivers State

Removes Gov Fubara and his deputy.

The president also suspended the state House of Assembly.

He appointed a military administrator to take charge in Rivers State for 6 months.

The new military governor appointed by President Tinubu Rear Admiral Ibok-Ete Ibas

(AIF Media)

President Tinubu’s Full Speech Declaring State of Emergency in Rivers State

TEXT OF THE BROADCAST BY PRESIDENT BOLA AHMED TINUBU, COMMANDER-IN-CHIEF OF THE ARMED FORCES, DECLARING STATE OF EMERGENCY IN RIVERS STATE ON TUESDAY 18 MARCH 2025

Fellow Nigerians, I feel greatly disturbed at the turn we have come to regarding the political crisis in Rivers State. Like many of you, I have watched with concern the development with the hope that the parties involved would allow good sense to prevail at the soonest, but all that hope burned out without any solution to the crisis.

With the crisis persisting, there is no way democratic governance, which we have all fought and worked for over the years, can thrive in a way that will redound to the benefit of the good people of the state. The state has been at a standstill since the crisis started, with the good people of the state not being able to have access to the dividends of democracy.

Also, it is public knowledge that the Governor of Rivers State for unjustifiable reasons, demolished the  House of Assembly of the state as far back as 13th December 2023 and has, up until now, fourteen (14) months after, not rebuilt same. I have made personal interventions between the contending parties for a peaceful resolution of the crisis, but my efforts have been largely ignored by the parties to the crisis. I am also aware that many well-meaning Nigerians, Leaders of thought and Patriotic groups have also intervened at various times with the best of intentions to resolve the matter, but all their efforts were also to no avail. Still, I thank them.

On February 28, 2025, the supreme court, in a judgment in respect of about eight consolidated appeals concerning the political crisis in Rivers State, based on several grave unconstitutional acts and disregard of rule of law that have been committed by the Governor of Rivers State as shown by the evidence before it pronounced in very clear terms:

“a government cannot be said to exist without one of the three arms that make up the government of a state under the 1999 Constitution as amended. In this case the head of the executive arm of the government has chosen to collapse the legislature to enable him to govern without the legislature as a despot. As it is there is no government in Rivers State.”

The above pronouncement came after a catalogue of judicial findings of constitutional breaches against the Governor Siminalayi Fubara.

Going Forward in their judgment, and having found and held that 27 members of the House who had allegedly defected

are still valid members of Rivers State House of Assembly and cannot be prevented from participating in the proceedings of that House by the 8th Respondent (that is, the Governor) in cohorts with four members”

The Supreme Court then made some orders to restore the state to immediate constitutional democracy.  These orders include the immediate passing of an Appropriation Bill by the Rivers State House of Assembly which up till now has not been facilitated.

Some militants had threatened fire and brimstone against their perceived enemy of the governor who has up till now NOT disowned them.

Apart from that both the House and the governor have not been able to work together.

Both of them do not realise that they are in office to work together for the peace and good governance of the state.

The latest security reports made available to me show that between yesterday and today there have been disturbing incidents of vandalization of pipelines by some militant without the governor taking any action to curtail them. I have, of course given stern order to the security agencies to ensure safety of lives of the good people of Rivers State and the oil pipelines.

With all these and many more, no good and responsible President will standby and allow the grave situation to continue without taking remedial steps prescribed by the Constitution to address the situation in the state, which no doubt requires extraordinary measures to restore good governance, peace, order and security.

In the circumstance,  having soberly reflected on and evaluated the political situation in Rivers State and the Governor and Deputy Governor of Rivers State having failed to make a request to me as President to issue this proclamation as required by section 305(5) of the 1999 Constitution as amended, it has become inevitably compelling for me to invoke the provision of section 305 of the Constitution of the Federal Republic of Nigeria, 1999 as amended, to declare a state of emergency in Rivers State with effect from today, 18th  March, 2025 and I so do.

By this declaration, the Governor of Rivers State, Mr Siminalayi Fubara, his deputy, Mrs Ngozi Odu and all elected members of the House of Assembly of Rivers State are hereby suspended for an initial period of six months.

In the meantime, I hereby nominate Vice Admiral Ibokette Ibas (Rtd) as Administrator to take charge of the affairs of the state in the interest of the good people of Rivers State. For the avoidance of doubt, this declaration does not affect the judicial arm of Rivers State, which shall continue to function in accordance with their constitutional mandate.

The Administrator will not make any new laws. He will, however, be free to formulate regulations as may be found necessary to do his job, but such regulations will need to be considered and approved by the Federal Executive Council and promulgated by the President for the state.

This declaration has been published in the Federal Gazette, a copy of which has been forwarded to the National Assembly in accordance with the Constitution. It is my fervent hope that this inevitable intervention will help to restore peace and order in Rivers State by awakening all the contenders to the constitutional imperatives binding on all political players in Rivers State in particular and Nigeria as a whole.

Long live a united, peaceful, secure and democratic Rivers State in particular and the Federal Republic of Nigeria as a whole.

 

 

Five Things you Need to Know About Alex Otti Electricity Bill Law

This Monday, our dear Governor, Dr Alex Otti, OFR, signed the Abia State Electricity Bill, recently passed into Law by the State House of Assembly.

In a ceremony witnessed by senior officials of the Executive and Legislative Arms of Government in the State including the Deputy Governor, Engr Ikechukwu Emetu, FNSE, SSG, Prof Ken Kalu, Speaker and Deputy Speaker of the State House of Assembly, Rt. Honourables Emmanuel Emeruwa and Austin Meregini, Commissioners, Senior aides to the Governor and gentlemen of the press, the message was once again sent out that Abia has become a national pacesetter when it comes to building robust legal and legislative frameworks for prosperity and freedom.

Here for me, are 5 very important things members of the public, investors and watchers of the Nigerian electricity market must know about the recently signed Bill and the implications for industrialisation, job creation and a rapid expansion of the energy market to accommodate different categories of new players:

1. The creation of an independent multi-value chain electricity market for Abia State: Leveraging on the provisions of the Electricity Act of 2023, the Abia State Electricity Law of 2025 has opened a new vista of opportunities for those wishing to play in the generation, distribution or transmission value chains of the electricity ecosystem in our dear State. The legal and legislative frameworks have now been put in place by the provisions of this Law for investors wishing to tap into the streams of opportunities in the local domestic market here in our dear State.

2. An open invitation to local operators to step in: Before now, the electricity value chain only favoured big players, those who can afford to sink in tens of millions of dollars at once. With the signing of the new Law, you will only need a fraction of what it would have cost you in the old regime to play in the Abia State Electricity market. The trick here is to identify a niche that you can serve satisfactorily, register your business as required by the law and start your business from any location of your choice. You are selling to the local market here in the State so you don’t need to sell to the national market or worry about lost energy due to poor distribution and transmission infrastructure. The ball this time is strictly in your court.

3. Conventional and renewable energy sources have been factored in: Whether you are producing your electricity through gas or hydro channels, sun or solid waste, you will find that the Abia State Electricity Bill is a robust piece of regulation that left nothing to chance, catered for what already exist and what comes tomorrow and integrates the reliability of fossil fuel with the promises of renewables. In the 64-page document assented to by the Governor, you will find overwhelming evidence that Governor Otti is preparing Abia for what comes next.

4. A major boost to the industrialisation agenda of the Government: Economic growth requires reliable energy supplies. Part of our challenge with sustained development stems from the perennial crisis in the energy sector. No nation has ever prospered on the backdrop of epileptic power supply. Governor Alex Otti has, by supporting the initiation and passage of this Law, demonstrated that he understands the major issues at the heart of our struggles with growth and industrialisation. What this new Law promises is that Ndi Abia will take control of their energy destiny and make of it what they can. Never again will what happens in a twin 2000 kilometres away from my village with regard to electricity affect whether I go to sleep unhappy or worried. We are now masters of our destiny.

5. Jobs, new investments and expansion of opportunities are now guaranteed: It is almost guaranteed that the Abia State Electricity market is bound to explode in the next few years as investors pour in funds to tap into what promises to be a steady growth market. The good news is that the present Law is looking beyond just the local market, as the Governor stated before putting pen to paper, the immediate priority is to serve the domestic Abia market but ultimately, a time will come when what is generated within will be more than local demands so the next option will be to start looking for external buyers within and outside the south east and south south regions. The necessary infrastructure and technical systems will be set up to make Abia a major national electricity market hub, serving consumers in far and near places. What follows next will be jobs, new opportunities and of course, the revival of long abandoned dreams….

Exchange Rate: Dollar to Naira as at Today

The naira, which has depreciated for over two weeks, on Monday recovered by 0.95 percent as demands for the dollar moderated in the parallel market, also known as black market.

During the intra-day trading on Monday, the naira traded at N1,575, marking a N15 gain compared to N1,590 traded last week in the black market.

Traders said on Monday that the demand for the dollar by end users moderated as the market witnessed calmness.

On Friday the naira fell to a new low of N1,590 in the parallel market following a shortage of dollars. The first time the naira depreciated to this level was on February 16, 2024, according to data compiled from street traders and online data collating platforms.

Analysts at Afrinvest Securities Limited said the naira depreciated on renewed USD demand-supply imbalance.

The naira on Friday appreciated by 1.96 percent after about one week depreciation, to close the week at N1,517.93, marking a gain of N29.88 compared to N1,547.81 per dollar quoted on Thursday, at the Nigerian Foreign Exchange Market (NFEM), data from the Central Bank of Nigeria (CBN) indicated.

Nigeria’s external reserves gained 5bps week/week to $38.4 billion as of March 12, 2025, according to data from the CBN.

(Business Day)