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Naira at lowest level in 43 years, now N305/dollar

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Currency

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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Troops Rescue 40-Year-Old Kidnap Victim, Recover 18 Cattle

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Troops of the Joint Task Force, Operation Fansan Yamma, have rescued a kidnapping victim and recovered 18 rustled cattle following an attack by suspected terrorists in Kebbi State.

The operation took place on Sunday, October 18, 2026, after security personnel received a distress call about an invasion of Rambo village in Danko-Wasagu Local Government Area, where armed men reportedly attempted to abduct residents and steal cattle.

The Media Information Officer of Operation Fansan Yamma, Lieutenant Colonel Aliyu Danja, disclosed the development in a statement issued on Monday.

According to Danja, troops of Sector 2, working alongside local vigilantes, immediately mobilised to the community and engaged the suspected attackers in a gunfight.

The armed men reportedly fled during the confrontation, allowing the troops to rescue a 40-year-old resident identified as Suleiman Maiyaki Ikara and recover the stolen livestock.

The rescued man and the recovered cattle were subsequently handed over to the district head of Rambo village for further action, the military said.

Four Suspected Drug Peddlers Arrested

In a separate security operation conducted on the same day, troops collaborated with personnel of the National Drug Law Enforcement Agency (NDLEA) to raid suspected drug trafficking locations in Maiyama Local Government Area.

The raids targeted locations in Dakin Kowa, Karaye and Gubba communities.

The operation led to the arrest of four suspects and the recovery of substances suspected to be illicit drugs.

Danja said the suspects and recovered substances had been handed over to the NDLEA command in Maiyama for further investigation and appropriate action.

The task force reaffirmed its commitment to sustaining military operations against terrorists and other criminal groups operating within its area of responsibility.

It also commended residents for supporting security agencies and urged communities to provide timely and credible information that could help prevent attacks and improve security.

The latest operation comes amid continuing security challenges in parts of Kebbi State, where rural communities have faced incidents of kidnapping and cattle rustling.

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Hashim: Nigeria Is at War, Tinubu Lacks Clear Strategy to End Insecurity

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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

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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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