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Naira Struggles Between Official and Parallel Markets, Trades at N1,535/$1
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By Kayode Sanni-Arewa
The naira continued its recent streak of relative stability, closing the gap between the official and parallel exchange markets.
On Friday, the currency traded at N1,535 to the dollar in the parallel (black) market, just N1 less than the N1,536/$1 rate recorded at the official market.
Data on the Central Bank of Nigeria’s (CBN) website shows the naira closed at N1,536/$1 on Thursday, a depreciation from N1,531/$1 on Wednesday.
The naira traded at N1,540/$1 on Thursday in the parallel market, indicating a 0.33% appreciation by Friday, Nairametrics data shows.
Intra-day trading on Thursday shows that the naira traded highest at N1,538/$1 and lowest at N1,520/$1, according to data on CBN website on Friday.
Foreign reserves hit $37.78 billion
Nigeria’s foreign exchange reserves have climbed to $37.78 billion, up from $37.6 billion — a 0.37% increase — signaling a notable boost in the country’s external asset base. The development comes as part of ongoing efforts to stabilise the naira and attract foreign investment.
The uptick is largely attributed to higher dollar inflows from oil exports, diaspora remittances, and renewed investor confidence driven by recent monetary and fiscal reforms.
Analysts say the slight increase in reserves bodes well for the economy, as it strengthens the Central Bank’s ability to defend the naira, finance imports, and meet external obligations.
Inflation rate decelerates further in June 2025
The National Bureau of Statistics (NBS) reports that Nigeria’s headline inflation rate eased to 22.22% in June 2025, down from 22.97% recorded in May 2025.
The data shows that on a year-on-year basis, the headline inflation rate was 11.97% lower than the rate recorded in June 2024, which was at 34.19%.
The NBS noted that, on a month-on-month basis, the headline inflation rate in June 2025 stood at 1.68%, representing an increase of 0.15 percentage points from the 1.53% recorded in May 2025.
This indicates that the average price level rose at a faster rate in June compared to May 2025.
The percentage change in the average Consumer Price Index (CPI) for the 12 months ending June 2025, compared to the previous 12-month period, was 26.58%—a 3.42 percentage point decline from the 30.00% recorded in June 2024.
What you should know
CBN has announced that the 301st meeting of the Monetary Policy Committee (MPC), the country’s apex decision-making body on interest rate policy, will be held on Monday, July 21, and Tuesday, July 22, 2025, at its headquarters in Abuja.
At the 300th MPC meeting held in May 2025, the CBN opted to maintain a conservative stance, keeping the Monetary Policy Rate (MPR) unchanged at 27.5%.
News
Youths Flood Ondo City to Honour Akinlaja’s Birthday, Hail Him as Visionary Leader and True Democrat
By Kayode Sanni-Arewa
Ondo City came alive on Monday, June 1, 2026, as a sea of jubilant youths converged on Adoc Events Centre and the residence of Hon. Joseph Iranola Akinlaja, former representative of Ondo East and West Federal Constituency, to celebrate his birthday.
Under the banner of the End Miscreants Movement, the gathering was more than a festivity—it was a tribute to Akinlaja’s enduring legacy and his contributions to the socio-economic growth of Ondo.
The youths described the septuagenarian and former General Secretary of NUPENG as a peace-loving icon, a consummate democrat, and a leader committed to youth empowerment, human capital development, and sustainable innovation.
They emphasized that the “End Miscreants Movement” reflects Akinlaja’s role as a stabilizing force whose interventions have curbed cultism, violent clashes, land grabbing, and other social vices in the community.
The event drew prominent figures, including former Governor Dr. Olusegun Mimiko, who praised Akinlaja as a symbol of peace, unity, and progress. Mimiko lauded his maturity and sacrifice in advancing excellence.
Other dignitaries present were Speaker of the Ondo State House of Assembly Rt. Hon. Olamide Adesanmi Oladiji, Hon. Biola Makinde, Hon. Moyinoluwa Ogunwunmiju, and Hon. Abiola Oladapo, Akin Akinbobola, Eni Akinshola, editor in chief and publisher of Veracity Desk (veracitydesk.com), Emmanuel Ajibulu etc, all of whom extolled Akinlaja’s virtues.
The Chairman of Lagos Zone of Petroleum Tanker Drivers (PTD) Branch of NUPENG, Comrade Gbolahan Saheed Adigun who was unavoidably absent was represented by Israel Okougbo, Comrade Samuel Owolabi, Adekunle Akinlaja and Comrade Timothy Iseoluwa.
The atmosphere was electrified by live music from five different professional musicians, with youths chanting solidarity slogans and dancing in contagious but peaceful jubilation.
In his remarks, Akinlaja thanked the youths for their support, urging them to prepare for a prosperous future. He highlighted the achievements of Dr. Mimiko (fondly called Iroko), noting his enduring legacies in governance and innovation.
“Our youths must remain steadfast as ambassadors of excellence, shaping a brighter future for Nigeria,” Akinlaja declared, challenging them to actively participate in the electoral process to ensure credible and peaceful elections.
Speaking on behalf of the youths, Aseyege Ayoola, popularly known as Spender, hailed Akinlaja as a unifying figure whose temperament and experience are vital for Nigeria’s progress.
He commended fellow youths for making the event successful and acknowledged contributors such as Kayode Folajogun, Adijath Wonuola, Akin Fadayomi, Lawrence Adefolaju, Lukas Famakinwa, and Akinpelumi.
News
Fire security chiefs if insecurity persists in next 90 days– Adeboye urges FG
The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, has advised the federal government to give Nigeria’s security chiefs a 90-day deadline to eliminate terrorists across the country or resign from office.
Adeboye made the call in a video shared on X on Tuesday where he expressed concern over the country’s security situation and urged authorities to act swiftly against those responsible for the violence.
Addressing the government, the cleric said security chiefs should be held accountable for delivering results in the fight against terrorism.
“If I were asked to make suggestions, I would say quietly to our government, ‘Move fast and tell our security chiefs, get rid of these terrorists within 90 days or resign,” he said.
The cleric also called on the government to go beyond targeting terrorists and focus on those financing and supporting their activities.
“When giving orders to the service chiefs this time around, we should make it clear to them that they are not only to eliminate the terrorists; they should eliminate their sponsors, no matter how influential they may be,” he added.
Adeboye recalled advising a former Nigerian president to issue a similar ultimatum to security chiefs in the past, noting that although the directive was given, it was not fully enforced when the deadline elapsed.
According to him, the experience underscored the need for stronger political will and strict enforcement of directives aimed at ending insecurity.
The cleric’s remarks come amid renewed concerns over terrorist attacks, banditry and kidnappings in several parts of the country, with calls mounting for more decisive measures to tackle the security challenges.
News
Reps Demand Swift Action Over Abduction of 42 Pupils in Borno
…seek tougher protection measures for schools in high-risk communities
By Gloria Ikibah
The House of Representatives has called for the immediate rescue of 42 schoolchildren abducted from Mussa Ward in Askira-Uba Local Government Area of Borno State, as lawmakers renewed demands for stronger security around schools across Nigeria.
The resolution was sequel to the adoption of a Motion of Urgent Public Importance sponsored by Rep. Midala Balami during Tuesday’s plenary session.
Debating the motion, Rep. Balami described the abduction as a disturbing reminder of the persistent insecurity confronting communities in Borno State and other parts of the country. He emphasised that safeguarding students, teachers and educational institutions remains a core responsibility of government and warned that repeated attacks on schools continue to threaten access to education and undermine public confidence in security efforts.
The lawmaker recalled a series of high-profile abductions in the state, including the Chibok schoolgirls kidnapping, in which many of the victims are yet to be reunited with their families. He also referenced the mass abduction of more than 400 adults and children from Ngoshe, as well as several kidnappings reported along the Biu-Buratai Road and surrounding communities.
According to Balami, the recurring attacks have left families traumatised, disrupted livelihoods and contributed to declining school enrolment and attendance in vulnerable areas, as many parents fear for the safety of their children.
He argued that urgent and coordinated action is needed to secure the release of those still in captivity, restore public confidence and reassure communities that their safety remains a priority.
The lawmaker also noted growing frustration among residents who increasingly expect concrete results in the fight against insecurity rather than repeated promises.
Following deliberations, the House urged the Federal Government and security agencies to intensify efforts to rescue the 42 abducted pupils and all other victims currently being held by kidnappers or insurgents, with a view to reuniting them with their families as quickly as possible.
Lawmakers further called for enhanced protection of schools in Borno State and other vulnerable regions through increased deployment of security personnel, improved intelligence gathering and more effective rapid-response mechanisms.
The House maintained that ensuring the safety of children and protecting access to education must remain a national priority, particularly in communities that continue to face threats from criminal and insurgent groups.
In addition, the House encouraged the expansion of school protection initiatives, including early warning systems, community-based security arrangements, security awareness programmes and improved surveillance infrastructure around educational institutions.
The House further mandated its Committees on National Security, Defence, Basic Education and Legislative Compliance to engage with relevant security agencies and report back on measures being taken to secure the release of abductees and improve security around schools nationwide.
Lawmakers also urged the Federal Government to develop and implement a comprehensive Safe Schools Security Framework aimed at protecting students, teachers and educational institutions from future attacks.
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