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Dollar bows as Naira stages remarkable recovery in both official and black markets

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On Friday, April 12, 2024, the naira witnessed a significant surge in value on the official market, reaching a trading rate of N1,142.38 against the dollar.

Information obtained from the FMDQ Exchange’s official trading platform, which supervises the Nigerian Autonomous Foreign Exchange Market, indicates that the naira experienced an increase of N88.23.

This uptick reflects a 7.16% rise compared to the preceding trading session on Monday, April 8, when it was valued at N1,230.61 per dollar prior to the Sallah holiday.

According to the News Agency of Nigeria, in the Investor’s and Exporter’s window, the naira was seen trading within the range of N1,265 and N1,100 in relation to the dollar.

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Additionally, the naira exhibited appreciation, reaching N1,150 per dollar within the parallel section of the foreign exchange (FX) market, according to TheCable report.

Currency traders operating in Lagos, commonly referred to as Bureau de Change (BDC) operators, set the buying rate of the dollar at N1,110 and the selling rate at N1,150, thereby maintaining a profit margin of N40.

One of the operators, Alhaji Danladi Musa, who spoke with Legit.ng said that the exchange rate is coming down drastically due to the central bank policies.

He said: “We have seen the naira appreciate since the CBN decided to resume selling dollars to us. Presently, individuals hoarding dollars are offloading them to mitigate potential losses.

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This trend has alleviated the pressure to acquire dollars, evident in the significant improvement of the naira’s value over the past few weeks.”

The total daily turnover surged to $281.34 million on Friday, a notable increase from the $125.55 million recorded on Monday.

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2031: Ribadu replies El-Rufai, says he’s focused on helping Tinubu’s govt succeed

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By Kayode Sanni-Arewa

Mr Nuhu Ribadu has countered former governor of Kaduna state, Mr Nasr El-Rufai over his unsavoury comments declaring that he would help his principal, Bola Tinubu succeed.

He said in a statement that he has not discussed contesting in 2031 with anyone.

PREMIUM TIMES reported that Mr El-Rufai on Monday accused Mr Ribadu of being behind his ordeal with anti-graft agencies. He alleged that Mr Ribadu was doing so because he is interested in succeeding President Bola Tinubu in 2031.

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In his response, Mr Ribadu said in a statement that he has not discussed contesting in 2031 with anyone.

“For the avoidance of doubt, I want to put it on record that I have never discussed running for president in 2031 with anybody. All my focus and energy are geared completely towards the advancement of Nigeria and the success of the President Tinubu administration,” he said.

Messrs Ribadu and El-Rufai were friends and allies during the Obasanjo administration and that of the late Umar Yar’Adua. However, both men have become political adversaries although they are both members of the ruling party, APC.

In his statement, Mr Ribadu alluded to their history.

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“If my silence wouldn’t risk being construed as consent, I would have ignored him. I am too preoccupied with my current assignment as to get into a media fight with Nasir El-Rufai or anyone else.

“Despite the incessant baiting and attacks I have never spoken ill of Nasir on record anywhere. This is out of respect for our past association and our respective families. I will not start today.”

Read the full statement below

I WON’T JOIN ISSUES WITH NASIR EL-RUFAI

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My attention has been drawn to the interview granted by Mallam Nasir El-Rufai, the immediate past governor of Kaduna State Monday evening.

If my silence wouldn’t risk being construed as consent, I would have ignored him. I am too preoccupied with my current assignment as to get into a media fight with Nasir El-Rufai or anyone else.

Despite the incessant baiting and attacks I have never spoken ill of Nasir on record anywhere. This is out of respect for our past association and our respective families. I will not start today.

I however urge the public to disregard El-rufai’s statements against me.

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For the avoidance of doubt, I want to put it on record that I have never discussed running for president in 2031 with anybody. All my focus and energy are geared completely towards the advancement of Nigeria and the success of the President Tinubu administration.

I therefore ask Nasir El-Rufai to allow me face my onerous national assignment just as I do not bother myself with his own affairs.

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Angry Sowore slams security operatives at Abuja court gate who tried to block him

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By Kayode Sanni-Arewa

Angry Omoyele Sowore, The Publisher of Sahara Reporters and former presidential candidate of the African Action Congress (AAC), Omoyele Sowore, on Monday clashed with security operatives who wanted to stop him from entering the Federal High Court in Abuja.

The security cordon of the court gate by operatives drawn from Nigeria Police Force and the Nigeria Security and Civil Defence Corps (NSCDC), was emplaced because of the trial of the former Kogi State governor Yahaya Bello.

Bello is charged with money laundering and misappropriation of public funds.

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In a video posted on his X account on Monday, Sowore, singlehanded, dared the security operatives, questioning their authority to prevent his entry.

“Why are you shouting at me? Do I look like Yahaya Bello?” he asked.

“I have business in court. I don’t need to be cleared by either the police or EFCC because none of you is an officer of the court.

“This is a Federal High Court; bring court officials, and I will talk to them. EFCC brought me to court, and they are still harassing us.”

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“You have no right to stand in front of the high court. You are not my lawyer and have no right to know my case,” he stated in response to a request by one of the security operatives to know the particulars of his case.

Overwhelmed by Sowore’s readiness to make big trouble and possibly expose the errors by the security operatives, one of the senior officers eventually directed that Sowore be allowed to enter.

Condemning the incident, Sowore wrote, “The justice system in Nigeria has been hijacked by uniformed, uncouth security agents ranging from @OfficialDSSNG, @PoliceNG, and @CivilDefenceNGR. Today, they mounted illegally in front of the court, harassing everybody because of a thief, Yahaya Bello @officialgybkogi. The same Yahaya Bello they couldn’t apprehend for months; even lawyers were harassed, and the @NigBarAssoc should stop this nonsense.”

In January 2025, Sowore was arrested and charged with 17 counts under the Cybercrime Act for referring to Inspector-General of Police (IGP) Kayode Egbetokun as an “illegal IGP” on his social media platforms.

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In the charges, it was alleged that Sowore’s statements were intended to cause a breakdown of law and order.

Sowore’s arrest sparked criticisms from various human rights organizations, which viewed the charges as an attempt to suppress voice of dissent and freedom of expression.

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Just in: David Setonji May Become New LSHA Speaker Meranda To Step Down

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By Kayode Sanni-Arewa

The Speaker of the Lagos State House of Assembly, Princess Mojisola Meranda, may step down to allow either Mr. David Setonji or Mr. Wale Rauf to assume the position of speaker.

This development follows intervention efforts by prominent political figures, including former APC National Chairman and ex-Osun State Governor Chief Bisi Akande, former Ogun State Governor Aremo Olusegun Osoba, and Chief Pius Akinyelure, Chairman of the Board of the Nigerian National Petroleum Company Limited.

Meranda made history as the first female Speaker of the House on January 13 after the removal of Mudashiru Obasa, who faced allegations of corruption, abuse of office, and high-handedness. However, Obasa has since challenged his removal in court, arguing that due process was not followed.

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Sources reveal that key political figures held an initial meeting with principal officers and House members over the weekend, with another meeting expected soon.

It is speculated that Meranda may be asked to return to her former position as Deputy Speaker, while one of the two lawmakers from Lagos West—David Setonji (Badagry 2) or Wale Rauf (Amuwo Odofin 2)—could become the next Speaker.

David Setonji is currently the Chief Whip of the House and has served as a lawmaker since 2015.

Wale Rauf has been in the House since 2019.

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This arrangement is reportedly influenced by regional representation in state leadership. Presently, Governor Babajide Sanwo-Olu and Speaker Mojisola Meranda are both from Lagos Central, leaving Lagos West without a top leadership position. Given that Obasa hails from Lagos West, stakeholders have recommended that the next Speaker be chosen from the district.

Despite these developments, 36 out of 40 lawmakers passed a vote of confidence in Meranda on Monday, February 17, affirming their support for her continued leadership. However, the House adjourned sitting indefinitely, leaving room for further negotiations.

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