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Naira at lowest level in 43 years, now N305/dollar
The financial sector appears to have entered a heightened pressure, yesterday, as both the foreign exchange and stock market sustained major negative trends.
The Naira depreciated further to a 43-year low at N305 per dollar as scarcity of dollars intensified in the unofficial market.
From an average of N287 per dollar on Tuesday, the parallel market exchange rate rose to an average of N305 per dollar across the country.
Similarly, the new year stock market haemorrhage entered the eighth day yesterday, with a total N1.22 trillion losses to investors, giving a year-to-date decline of 12.36 per cent in market capitalisation. The market key index, the Nigerian Stock Exchange All Share Index, NSE ASI, declined year-to-date by same margin.
The stock exchange, which opened this year at market capitalisation of N9.851 trillion began a free fall till yesterday, closing at N8.63 trillion while the NSE ASI which opened the year at 28,642.25 points closed yesterday at 25,103.05 points.
The losses were heightened in the last 48 hours with a cumulative two-day loss of N430 billion following the escalated foreign exchange management crises which came with CBN’s announcement of its decision to cease sale of foreign exchange to BDCs on account of the precarious state the operators had forced the entire economy.
Since Monday when the Central Bank of Nigeria (CBN) stopped weekly dollar sales to Bureaux De Change (BDCs), the Naira has been depreciating against the dollar.
BDC sources who confirmed the development to Vanguard , however, said that the exchange rate situation is uncertain as the rate changes from time to time.
Investigation revealed that though the exchange rate touched N305 in major cities like Lagos, Abuja and Kano, it dropped slightly to between N295 and N300 per dollar in Lagos and Abuja at the close of business, while it closed at N305 in Kano.
Chief Executive Officer, H.J Trust BDC, Mr. Harrison Owoh, told Vanguard that the market is fluid.
“You cannot quote any rate for anybody now because the rate is changing every time.”
Financial analysts believe that the CBN’s state-of-the-economy address which came with the BDCs forex ban are having immediate negative effects on the economy, causing investors to withdraw from the Nigerian bourse to safer securities on the continent.
Justifying the ban, the CBN Governor, Mr Godwin Emefiele, had said: “This fall in oil prices also implies that the CBN’s monthly foreign exchange earnings has fallen from as high as US$3.2 billion to current levels of as low as US$1 billion.
“Yet, the demand for foreign exchange by mostly domestic importers has risen significantly. For example, the last we had oil prices at about US$50 per barrel for an extended period of time was in 2005. “At that time, our average import bill was N148.3 billion per month.
‘’In stark contrast, our average import bill for the first nine months of 2015 is N917.6 billion per month, even though oil prices are now less than US$35 per barrel.
“The net effect of these combined forces unfortunately is the depletion of our foreign exchange reserves.
‘’As of June 2014, the stock of Foreign Exchange Reserves stood at about US$37.3 billion but has declined to around US$28.0 billion as of today.
“With the current economic realities in the country, the NSE, with the aim of hitting N200 trillion market cap by 2019, may well be moving away from its target.
Meanwhile, the Speaker of the House of Representatives yesterday held a closed door meeting with the leadership of the Association of Bureaux De Change Operators of Nigeria (ABCON) over the continued depreciation of the naira. The meeting was still ongoing as at the time of going to press.
Also today the Director General of the Nigerian Stock Exchange, NSE, Mr. Oscar Onyema is expected to present the market outlook where investors’ sentiment is expected to be shaped.
VANGUARD
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Hashim: Nigeria Is at War, Tinubu Lacks Clear Strategy to End Insecurity

Accord Party presidential aspirant Dr. Gbenga Olawepo-Hashim has criticised President Bola Tinubu’s approach to tackling insecurity, saying Nigeria is effectively at war but lacks a clear and coordinated strategy to defeat terrorist groups and criminal gangs.
Hashim argued that despite ongoing military operations, terrorists and armed criminal groups continue to dictate the pace of violence in several parts of the country. He maintained that the nation’s security challenges require more than isolated military offensives, calling instead for a comprehensive national strategy backed by strong political leadership.
According to him, Nigeria’s armed forces possess the capacity to restore security if provided with consistent direction, adequate support, and a clearly defined mission. He stressed that defeating insecurity requires improved intelligence gathering, stronger inter-agency coordination, and sustained political commitment.
Hashim further urged the federal government to treat the country’s security situation with greater urgency, warning that prolonged instability could continue to undermine economic growth, investment, and public confidence in government institutions.
His comments come amid ongoing national debate over security policy, even as the Tinubu administration has announced measures including expanding the Nigerian Army and increasing investment in technology and military capabilities to address the country’s security threats.
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President Tinubu Approves Major Road Infrastructure Boost – Reconstruction of Key Federal Roads in Niger State and Extension of Bodo–Bonny Road in Rivers State

In a significant move to enhance connectivity, durability, and economic development across Nigeria, President Bola Ahmed Tinubu has given the green light for the immediate reconstruction of three critical federal roads in Niger State, alongside the extension of the strategic Bodo–Bonny Road in Rivers State to link up with the East–West Road.
The three roads in Niger State earmarked for full reconstruction will utilize reinforced concrete pavement to guarantee long-lasting performance and better value for money. The projects include:
- Mokwa–Bida Road(approximately 120 km)
- Mokwa–Makeri Road (63 km)
- Bida–Labata Road (123.5 km)
These upgrades aim to improve transportation efficiency, reduce maintenance costs over time, and support socio-economic activities in the North-Central region.
Additionally, President Tinubu has directed the extension of the Bodo–Bonny Road in Rivers State by connecting it to the East–West Road. This extension will be constructed as a *dual carriageway using concrete pavement and will feature solar-powered street lighting for enhanced safety and sustainability. The initiative is expected to boost access to coastal communities, facilitate trade, and strengthen integration in the Niger Delta area.
This approval underscores the administration’s ongoing commitment to revitalizing legacy infrastructure projects and delivering durable, high-quality road networks nationwide under the Renewed Hope Agenda.

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“Political Hushpuppi” Ugochinyere is one of PDP’s aberrations, he is only cashing out – Wike’s Aide

Lere Olayinka, Senior Special Assistant on Public Communications and New Media to the Minister of Federal Capital Territory (FCT), Nyesom Wike, has described House of Representatives member from Ideato North and South Federal Constituency of Imo State, Imo Ugochinyere Ikeagwuonu, as a “political hushpuppi” who was produced by part of the aberrations in the People’s Democratic Party (PDP) that must be made to stop.

Olayinka, who told Ugochinyere to “stop going about masturbating about anything Wike,” admonished him to face the reason for which he was elected into the House of Representatives so that his constituents will stop seeing him as a failure and consistently passing votes of no confidence against him.
While featuring on Channels TV’s Politics Today on Friday, Ugochinyere, had said that the FCT Minister and other G5 Governors like Governor Seyi Makinde of Oyo State, former governors Samuel Ortom (Benue), Ifeanyi Ugwuanyi (Enugu) and Okezie Ikpeazu (Abia) were determined to destroy the Peoples Democratic Party (PDP).
However, in a statement in Abuja on Saturday, Olayinka said; “This is one of the things you get when people who joined the PDP today are awarded the ticket of the party tomorrow morning. If not for the aberration in the PDP that produced a character like Ugochinyere, someone who only joined the party in 2022 won’t be the one to lecture us about who is loyal to the party and who’s not.
“If PDP had functioned properly, would a ‘political hushpuppi’ like Ugochinyere have gotten the party’s ticket while still in another party? Even till today, as a PDP Rep member, Ugochinyere is still holding on to his Action Peoples Party (APP), using it to cash-out in Rivers State.
“Therefore, we on this side are not bothered because we understand why Ugochinyere must now mount the podium and accuse Wike of playing childish and kindergarten politics. He must satisfy those feeding him from the resources of Rivers State.”
While mocking Ugochinyere for always having an organization to speak for to carry out his political hustle, Olayinka said; “In saner climes, such character would have been arrested, tried and jailed for impersonation.
“When he got to the House of Representatives and there was no title under which his political hushpuppism would continue, he awarded to himself a non-existing title of ‘Spokesperson of Opposition Lawmakers Coalition in the 10th National Assembly,’ claiming to have been so appointed by the Coalition of United Political Parties (CUPP).
“But the questions are, is CUPP a political party with members in the House of Representatives? Where and when was CUPP registered? Apart from the positions of Minority Leader, Deputy Minority Leader, Minority Whip and Deputy Minority Whip, is there anything like spokesperson of opposition lawmakers in the National Assembly?
“Being a political hustler that he has always been, Ugochinyere, knew that he will be contravening the rules of the National Assembly by allocating to himself, a non-existing position, but he just must have a title to keep his hustle going, and indeed, it has been booming.
“Impersonating as spokesperson of opposition lawmakers in the House of Representatives, Ugochinyere has been cashing out in Rivers State in particular. If he is not using his former party, APP, to cash-out, he will be using his amorphous opposition lawmakers to chop from inside the Rivers.”
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