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CBN pumps $580m to shore up Naira, bolster market confidence
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The Central Bank of Nigeria (CBN) pumped $580 million into the foreign exchange (FX) market in May 2025 as part of aggressive efforts to stabilize the naira and bolster market confidence.
This intervention came despite a continued decline in the country’s external reserves, which stood at $38.045 billion by the end of May—raising concerns over the long-term sustainability of such measures.
Market data reviewed by analysts showed that the central bank’s intervention aimed to relieve pressure caused by strong dollar demand and declining oil revenues, which had pushed the naira to its weakest levels in the first half of May. At one point, the exchange rate reached N1,614/$1.
However, the CBN’s swift response—combined with inflows from exporters and foreign portfolio investors—led to improved FX liquidity and a modest recovery in the naira. According to AIICO Capital Limited, the local currency traded within a relatively narrow range of N1,575 to N1,610/$1 throughout the month, closing at N1,586.15/$1—a 66-basis-point improvement over April levels.
The central bank’s move was in line with its strategy of direct sales to authorised banks, which has become a key policy lever for managing short-term volatility. While the intervention helped reduce panic and maintain a semblance of exchange rate stability, experts warn that relying on external reserves to support the naira may not be sustainable without a corresponding increase in dollar inflows.
The CBN has shown its willingness to defend the naira,” said one market analyst. “But the concern remains: how long can it continue this level of support without significantly depleting reserves?”
Notably, the naira’s slight recovery came amid broader signs of financial stabilisation. Nigeria successfully cleared its obligations to the International Monetary Fund (IMF) by May 2025, slashing its debt from $3.54 billion in December 2020 to zero. This achievement has been lauded as a major milestone for the country’s creditworthiness.
Further strengthening investor sentiment, Moody’s Investors Service recently upgraded Nigeria’s sovereign credit rating from Caa1 to B3 with a stable outlook, citing improved fiscal policies, the removal of fuel subsidies, exchange rate reforms, and enhanced revenue collection under President Bola Ahmed Tinubu’s administration. Additionally, Moody’s raised Nigeria’s local currency ceiling to Ba3 and the foreign currency ceiling to B2, reflecting improved economic fundamentals.
Another positive indicator has been the steady rise in remittance inflows. According to official figures, diaspora remittances via International Money Transfer Operators (IMTOs) rose by 44.5% in 2024, reaching $4.76 billion—up from $3.30 billion in 2023. These inflows have added a crucial layer of support to Nigeria’s FX market and overall external buffer.
Despite the gains, the parallel market continues to reflect underlying demand pressure. The naira closed at N1,617.50/$1 in the unofficial market in May, falling by N11 as demand for hard currency remained strong.
While the CBN’s interventions have stabilized the market in the short term, analysts agree that Nigeria must continue to deepen its structural reforms and attract sustainable foreign exchange sources to ensure long-term currency stability.
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NDLEA starts nationwide training of counselors on standard rehab guidelines(Photos)
. We’ll continue to entrench best global practices in our drug demand reduction efforts, says Marwa
The National Drug Law Enforcement Agency (NDLEA) has commenced a comprehensive training programme for its counselors nationwide, aimed at standardizing operational protocols and strengthening clinical competencies in line with global best practices for drug demand reduction.
The training, which commenced at the NDLEA Academy, Jos, Plateau State, is being coordinated by the Directorate of Counseling, Treatment and Rehabilitation (DCTR) and brings together over 100 counselors drawn from the Agency’s formations across the country.
The exercise marks the first Agency-driven capacity-building programme of its kind for NDLEA counselors in several years, a development that has been widely commended by participants as a demonstration of the Agency’s renewed commitment to the professional growth of its counseling workforce.
Speaking at the commencement of the phase 1 of the exercise, Chairman/Chief Executive Officer of the Agency, Brig Gen Mohamed Buba Marwa (rtd) who was represented by the Director, Counseling, Treatment and Rehabilitation, ACGN Bashir Ibrahim, said the training is critical to revitalizing staff morale and equipping officers with modern therapeutic tools to tackle the evolving complexities of substance use disorders, describing it as a reaffirmation of the rehabilitation pillar of the Agency’s mandate and a guarantee that clients across NDLEA facilities receive evidence-based, quality interventions.

According to him, “key objectives of the training include harmonizing practice through uniform protocols across all State Command rehabilitation facilities; enhancing clinical proficiency to address emerging psychoactive substances and co-occurring mental health disorders; aligning the Agency’s rehabilitation practices with national and international standards; strengthening ethics, confidentiality and quality assurance; improving data management for evidence-based policymaking; promoting continuous professional development through peer review and clinical supervision; and optimizing rehabilitation outcomes by reducing inconsistencies in service delivery.”
He said the initiative underscores the Agency’s commitment to building a resilient, well-equipped counseling workforce capable of responding effectively to the nation’s drug demand reduction needs, adding that the training is expected to significantly improve the quality of care across NDLEA rehabilitation facilities and reinforce the integrity of Nigeria’s drug treatment and rehabilitation architecture.
Marwa assured that the Agency will continue to invest in the capacity of its personnel as part of its holistic approach to tackling drug supply and demand reduction in the country.
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Gov Muftwang saddened over demise of Dotun Oladipo condoles with family says he was an outstanding media practitioner
The Governor of Plateau State, Caleb Manasseh Mutfwang, has extended his heartfelt condolences to the Oladipo family and the Nigerian media industry following the passing of Dr. Samson Dotun Oladipo, a veteran journalist and distinguished media professional.
In a condolence message, Governor Mutfwang described the late Dr. Oladipo as an ace journalist and a towering figure in the media industry, whose immense contributions to journalism helped shape public discourse, promote democracy and good governance, and project a positive image of Nigeria before the international community.
The Governor commended his decades-long career in journalism, marked by professionalism, intellectual depth, integrity, and an unwavering commitment to ethical journalism.
He noted that Dr. Oladipo’s dedication to mentoring and nurturing younger professionals contributed significantly to building a new generation of journalists equipped with the knowledge, skills, and values required to serve the nation creditably.
Governor Mutfwang recalled with nostalgia his encounter with Dr. Samson Dotun Oladipo during one of the visits of the Nigerian Guild of Editors to Plateau State for its Annual General Meeting, describing the memory as a cherished one, and expressed deep sorrow over his passing.
Governor Mutfwang said the demise of Dr. Oladipo, a newspaper editor and later Publisher of the Eagles Online platform, was not only a monumental loss to his immediate family, the Nigerian Guild of Editors (NGE), the Nigerian Union of Journalists (NUJ), and the journalism profession, but also a profound loss to the entire media community and the nation, considering his remarkable contributions to journalism and national development.
On behalf of his family, the Government and the peace-loving people of Plateau State, Governor Mutfwang conveyed his deepest sympathies to the Oladipo family, the Nigerian Guild of Editors, the Nigerian Union of Journalists, and the entire media community over the painful loss. He prayed that Almighty God would grant the deceased eternal rest and comfort the family, colleagues, and all those mourning his passing.
News
Discovery: ‘True Tomb’ Of Jesus Christ Found After 2,000 Years Matches Biblical Description Account
After years of searching, Italian archaeologists have discovered an ancient site that matches a Bible description of the tomb where Jesus Christ was buried.
This was made known by a preliminary study in the Jerusalem archaeological journal Liber Annuus.
“We have found evidence of a funerary landscape,” lead archaeologist Francesca Romana Stasolla, of the “La Sapienza” University of Rome, told the Daily Mail.
The researchers had been excavating Jerusalem’s Church of the Holy Sepulchre, a fourth century Roman Church that was built over a holy site where many Christians believe Christ was crucified, buried and then resurrected.
True tomb? of Jesus Christ found after 2,000 years and it matches the Biblical description
The church of the Holy Sepulchre
As a result, it’s become a mecca for religious pilgrims from across the world, attracting around four million visitors per year.
?True tomb? of Jesus Christ found after 2,000 years and it matches the Biblical description
Pilgrims praying at the Church of the Holy Sepulchre
During the final phases of the excavations in 2025, the team found a peculiar landscape that suggests they might have been onto something.
Underneath the church was an abandoned quarry, cultivated plots of land, rock-cut tombs and an ancient garden.
Coincidentally, the Book of John said: “At the place where Jesus was crucified, there was a garden, and in the garden a new tomb, in which no one had ever been laid.”
While no one had been found in the tomb, the abundance of parallels was compelling.
John 19:20 says that the crucifixion occurred close to Jerusalem, while Hebrews 13:12 claims that it occurred outside the city gate, which was the exact location of the quarry at the time of Christ.
Sections of the quarry measured 20 feet deep and had been filled with dirt, suggesting that it served a pastoral purpose.
The site’s agricultural function was further supported by the discovery of olive trees and grapevines — possibly the same plant referenced in John 19:41 — that date back to the time of Jesus‘ de@th, which is believed to have happened around 33 A.D.
“The gospel mentions a green area between the Calvary and the tomb, and we identified these cultivated fields,” Stasolla told the Times of Israel.
In fact, the graves, which were carved directly into the stone, proved that it was an actual burial ground, and matched descriptions by Matthew, Mark and Luke of Jesus’ grave as having been carved from rock.
The evidence goes beyond parallels to the Bible. One particular chamber had been obstructed by a Roman structure built during Emperor Hadrian’s reign in the second century.
Around 200 years later, builders employed by Constantine’s workers destroyed the Roman structure and dug up the site to reveal the tomb, which they then separated from the other chambers.
While this doesn’t definitely prove that this was Jesus’ burial site, the campaign to preserve it suggested that knowledge of the site had been passed down to early generations of Christian worshippers.
“The real treasure we are revealing is the history of the people who made this site what it is by expressing their faith here,” Stasolla told the Times. “Whether someone believes or not in the historicity of the Holy Sepulchre, the fact that generations of people did is objective. The history of this place is the history of Jerusalem, and at least from a certain moment, it is the history of the worship of Jesus Christ.”
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