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Naira Drops ‘Little Value’ Against US Dollar At Official Market

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Data obtained from the official trading platform of the FMDQ Exchange on Tuesday indicated that Nigerian currency, the Naira experienced a decrease of 83 kobo, translating to a 0.06 per cent loss compared to the previous trading day on Monday when it was valued at N1,476.12 to the United States dollar.

The volume of currency traded also saw an increase, reaching $236.99 million from the $121.87 million recorded on Monday.

In the Investor’s and Exporter’s (I&E) window, the Naira was exchanged at rates ranging between N1,500.00 and N1,362.15 against the dollar.

It is worth noting that the exchange rate is important for Nigerians who import goods or services from abroad, as they need more Naira to pay for these items.

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It can also impact businesses that trade internationally.

It is no longer news that currency exchange rates fluctuate all the time, so the Naira-to-Dollar rate you see today may not be the same tomorrow.

A matter of concern, however, is that a weaker Naira means it takes more Naira to buy the same amount of Dollars.

This inflates the cost of imported goods, from raw materials for factories to finished products on store shelves. Businesses struggle to absorb these rising costs.

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Consumers end up paying more for imported goods, leading to inflation. If businesses can’t raise prices, their profit margins shrink, potentially hurting their ability to operate.

Also, the unpredictable exchange rate makes planning for imports a nightmare. Businesses can’t be sure how much Naira they’ll need for future purchases.

Another matter of concern is that uncertain costs make long-term investment and budgeting a challenge.

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‘He was our bread winner’: Dad laments 28-Year-Old Lieutenant Killed in Oyo School Rescue Mission

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The family of Lieutenant Felix Ademe Isaac, the 28-year-old Nigerian Army officer killed during the operation that rescued abducted teachers and pupils in Oyo State, has expressed deep grief, describing his death as a painful loss to both the family and the nation.

Lt. Isaac lost his life while leading troops during the military operation that secured the release of dozens of abducted teachers and schoolchildren from Oriire Local Government Area of Oyo State after 56 days in captivity.

His father, Mr. Isaac Alabura, a retired Master Warrant Officer, said the family was still struggling to come to terms with the tragedy.

Speaking to Daily Trust at his residence in Bachure Quarters, Yola, Adamawa State, Alabura described his late son as “the hope of the family and the community.”

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After 56 Days in Captivity, Oriire Parents Scared of Sending Rescued Kids Back to School

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Parents of pupils kidnapped from schools in Oriire Local Government Area of Oyo State have expressed deep fears about returning their children to the classrooms, saying the traumatic experience of spending 56 days in captivity has left families unwilling to take further risks despite the successful rescue of the victims.

The pupils were among 39 schoolchildren and seven teachers, including a school principal, kidnapped when heavily armed terrorists attacked three schools in the Ahoro-Esiele and Yawota communities on May 15, 2026. Two teachers were killed during the incident, while the survivors were taken into forests around the Old Oyo National Park before security forces rescued them on July 10 after an intensive multi-agency operation.

Speaking after the victims regained their freedom, some parents said although they remain grateful to God, the Federal Government and security agencies for the rescue, the emotional scars left by the ordeal have made an immediate return to school difficult.

One parent said the fear among families remains overwhelming, stressing that parents must first be convinced the schools are secure before allowing their children to resume classes. Another relative, Basirat Adigun, noted that no parent wants to expose a child to another similar experience, insisting that visible and effective security measures must be put in place around the affected schools and communities.

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Gunmen Kidnap 60-Year-Old Headmaster In Oyo, Demand N30m Ransom

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A 60-year-old headmaster of Nomadic Basic School, Igbojaye, in Itesiwaju Local Government Area of Oyo State, Mr. Matthew Kolawale Owoade, popularly called “Onaiye”, has reportedly been kidnapped by unidentified gunmen.

It was gathered that the incident happened on Saturday evening, July 11, 2026, between 5:00 p.m. and 6:00 p.m.

According to his son, Mr. Abiola Owoade, the headmaster was on his way back from his farm when he was stopped and taken away by armed men.

Shortly after the abduction, the kidnappers allegedly called the family with the victim’s phone and demanded Thirty Million Naira (N30,000,000) for his release.

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At about 8:20 a.m. on Sunday, July 12, 2026, a search team found the victim’s motorcycle abandoned in a bush.

Members of the family, colleagues, and the entire education community in Itesiwaju LGA have expressed sadness over the incident. They have called on the Nigeria Police Force, the Department of State Services (DSS), the Nigeria Security and Civil Defence Corps (NSCDC), and other security agencies to act fast to secure Mr. Kolawale’s immediate and unconditional release.

The public has also been urged to provide any information that could help ensure his safe return.

Confirming the incident, the Oyo State Police Command spokesperson, DSP Olayinka Ayanlade, said: “I can confirm to you that a farmer Mr. Owoade Mathew was kidnapped at his farm in Budo Aare and efforts are on to rescue the man unhurt and perpetrator arrested.”

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