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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
Disclaimer: NDLEA alerts public on fraudulent auction offers impersonating officials
The National Drug Law Enforcement Agency (NDLEA) has drawn attention to a fraudulent scheme orchestrated by criminal elements and scammers targeting unsuspecting members of the public.
The fraudsters have been found using the names of top NDLEA officials, most notably the Secretary to the Agency, Barrister Shadrach Haruna, to issue fake private letters and messages offering cheap forfeited vehicles for sale on auction.
The public is hereby notified that these offers are a complete scam. The Agency wishes to categorically state that these fraudulent offers are a malicious gimmick designed solely to defraud targeted individuals of their hard-earned money.
No official of the Agency has the mandate to privately offer, allocate, or sell forfeited vehicles or any other seized assets to individuals. Vehicles and other assets forfeited as proceeds of drug crimes are strictly auctioned through public processes managed by appointed, government-registered auctioneers. Any legitimate auction exercise is widely publicized in national dailies and through the Agency’s official channels, in line with established legal and public procurement guidelines.
Members of the public are strongly urged to discountenance, ignore, and report any such private letters, text messages, or social media offers claiming to originate from Barrister Shadrach Haruna or any other NDLEA official.
The NDLEA remains committed to maintaining transparency and integrity in all its operations. Do not fall victim to these criminal elements. If you are approached with such fraudulent offers, please report immediately to the nearest NDLEA command or via our official communication channels.
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2027 reggae dance: New ADC presidential candidate emerges
By Kayode Sanni-Arewa
A faction of the African Democratic Congress (ADC) led by Nafiu Gombe has picked Professor Chris Uba as its presidential candidate for the 2027 general election.
The party disowned former Vice President Atiku Abubakar as its flag bearer.
The group said the party had already completed its presidential nomination process in line with its constitution and the Electoral Act, adding that Uba emerged as the recognized candidate after all required procedures were concluded.
The faction also disowned the National Working Committee headed by former Senate President David Mark, saying it has no constitutional or legal authority to act on behalf of the party.
It maintained that the recognized leadership of the ADC remains in charge of the party’s affairs.
According to the statement released on Wednesday, the clarification became necessary to stop attempts to create confusion about the party’s position ahead of the 2027 general elections.
The group said the ADC had not entered into any alliance, merger or coalition with any political party.
added that the party remains independent and intends to contest the elections with its own structure, manifesto and leadership.
The faction said it believes Uba has the experience, character and capacity to lead the country if elected in 2027.
It also warned Atiku against presenting himself as the ADC’s presidential candidate, saying such a claim is false and could mislead party members and the public.
The group added that the ADC would not allow its platform to be used by politicians pursuing personal ambitions or by coalition groups seeking to take over the party’s structure.
It said every constitutional and legal step would be taken to protect the party from what it described as unauthorised use of its name and platform.
The faction also dismissed reports suggesting that there were plans to stop the ADC from participating in the 2027 elections, expressing confidence in the Independent National Electoral Commission and the country’s electoral process.
It said the party is preparing to present candidates for the presidency, governorships, National Assembly, state assemblies and local government elections across the country.
News
ANGER: Three Brothers Face Murder Charge for Beating man to death for dating Their Mom
Three brothers have appeared before the Mbabane Magistrates Court in Swaziland on a murder charge following the brutal de@th of their mother’s boyfriend.
The accused, Mlondi Mbuli, 25, Sakhelwe Mbuli, 18, and Lindani Mdziniso, 23, all from the Hholoshini area in Eswatini’s Hhohho Region, are alleged to have fatally assaulted Njabulo Ngwenya on June 28, 2026.
According to police, the brothers att@cked Ngwenya with bricks, stones, sticks, open hands, and kicks to different parts of his body. Investigators allege the assa¥lt was motivated by the brothers’ belief that Ngwenya was having a relationship with their biological mother.
Court records state that the incident was reported after Sibongile Motsa, also from Hholoshini, informed police that she discovered her son, Njabulo Ngwenya, lying deed inside her sister’s house at about 1 a.m. on June 28, 2026.
The matter came before Principal Magistrate Sfiso Vilakati during the trio’s initial court appearance.
The three defendants have been remanded in custody until July 10, 2026, pending committal of the case to the High Court for further proceedings.
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