News
Dollar recovers, appreciates against naira in official market
![](https://naijablitznews.com/wp-content/uploads/2025/02/Screenshot_20250209-105031.jpg)
By Kayode Sanni-Arewa
The value of the Naira depreciated in the official foreign exchange market at the close of trading on Thursday, February 7.
Data from FMDQ securities showed that at the Nigerian Autonomous Foreign Exchange Market the forex market closed at N1500.65/1$ on Thursday.
Thursday’s rate represents a slight depreciation when compared to the exchange rate of N1,499.76/$1 reported on Wednesday’s market.
The latest performance of the naira means that the Nigerian currency has depreciated for two consecutive days against the US Dollar.
Naira against dollar in black market
It was a different scenario for the Naira in the parallel market, popularly known as the black forex market.
BDC operators told Legit.ng that the Dollar depreciated further on Thursday, February 6, selling at N1,552, while the buying rate stood at N1,530.
This represents an improvement from Wednesday’s rates, where the Dollar was sold at N1,582 and bought at N1,565.
Naira/dollar: Official and unofficial market rate gap closes
The latest movement in the naira exchange rate indicated that the gap between the official and black markets is nearing convergence.
With the black market exchange rate now at N1,530/$, and official rate at N1500.65/ the gap between the official and black markets is now N30.
CBN’s latest naira rates against other currencies
Here are the latest exchange rates against other currencies on the Nigerian Foreign Exchange Market (NFEM).
NFEM rate is derived at Volume Weighted Average and stands as the official exchange rate for the day.
1. CFA – N2.38
2. Yuan/Renminbi – N205.75
3. Danish Krona – N208.47
4. Euro – N1555.18
5. Yen – N9.87
6. Riyal – N399.92
7. South African Rand – N80.81
8. Pounds Sterling – N1859.98
CBN permits BDCs to buy dollar from official sources
The CBN recently announced that it had extended the window of allowing Bureau De Change (BDC) operators to buy FX from the official market until the end of May.
This policy allows BDCs to purchase $25,000 worth of forex per week and should not resell to their customers at a profit margin above one per cent.
Also, BDCs can only disburse purchased FX for specific
transactions, with a maximum of $5,000 per transaction, quarterly
News
Reps Demand Action on N3.2bn Infraction Allegations in Labour Ministry
![](https://naijablitznews.com/wp-content/uploads/2024/08/house-of-rep.jpg)
By Gloria Ikibah
The House of Representatives has called for an inquiry into financial Expressing concerns over the disregard for parliamentary oversight, amounting to N3.2 billion under the leadership of former Permanent Secretaries in the Federal Ministry of Labour, Williams Alo and Yerima Tafa.
The legislative body has directed the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and Related Offences Commission (IPCC) to take appropriate steps regarding the matter.
The Chairman House Committee on Public Accounts, Rep. Bamidele Salam,con Monday, who expressed concerns over the disregard for parliamentary oversight, crcriticised persistent failure of ministries and government agencies to respond to audit queries.
According to Rep. Salam, despite repeated invitations, the Ministry of Labour has neither provided the necessary documents nor defended itself against 32 audit queries from the 2020 audit report.
He noted that while the Auditor General’s report contained specific recommendations, the committee extended multiple opportunities for the ministry to respond—efforts that were ignored. He further lamented the broader trend of government bodies failing to honor parliamentary summons, undermining the National Assembly’s constitutional role in ensuring accountability.
The committee has also directed the current Permanent Secretary, Saliu Usman, to appear within 72 hours to address the outstanding audit queries for the 2021 financial year. Failure to comply may lead to the adoption of the Auditor General’s recommendations. Similarly, the Permanent Secretaries of the Ministries of Transportation, Women Affairs, and Humanitarian Services have been given the same timeframe to respond to related matters.
Committee members emphasised the urgency of resolving these audit queries before the next report is presented in April. Some lawmakers also raised concerns that the Minister of State for Labour, being a former legislator, should understand the importance of engaging with the National Assembly on financial oversight issues.
News
Appeal Court Returns APC LG Chairmen Fired By Adeleke
![](https://naijablitznews.com/wp-content/uploads/2025/02/Screenshot_20250210-223610-1.jpg)
By Kayode Sanni-Arewa pm
The Court of Appeals sitting in Akure has reinstated the elected Local Government officials who were previously fired by Governors Ademola Adeleke, and has ordered their immediate resumption of office.
Recall that on assumption of office in November 2022, Governor Adeleke sacked the local government officials after a High Court decision had earlier upturned their election.
The High Court sacked the council officials after their election which was organised by OSSIEC.
The Osun State Chapter of the Peoples Democratic Party, PDP, and other political parties had approached the High Court to challenge the council elections.
They prayed the court to declare the election as a nullity because it was only the APC candidates who contested vacant positions and the ‘options given to them was either a YES or NO’.
Daily Post
News
Detained popular TikToker, Seaking regains freedom after Adeboye’s request
![](https://naijablitznews.com/wp-content/uploads/2025/02/Screenshot_20250210-223610.jpg)
By Kayode Sanni-Arewa
TikToker Olumide Ogunsanwo, also known as Seaking has been released after spending some time in police detention.
Human rights activist and former presidential candidate of the African Action Congress (AAC) Omoyele Sowore announced the news on Instagram, expressing gratitude to everyone involved in securing his freedom
He wrote: “We are pleased to confirm that Olumide Ogunsanwo @seaking303 has been released from @PoliceNG custody after our prompt rejection of the initial bail condition requiring a Level 12 or 10 civil servant, resulting in a swift agreement and release on administrative bail, signed by me.”
Recall, on Feburary 6, Seaking was rearrested in Lagos over his defamatory comments against the General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye and flown to Abuja.
Reacting, Pastor Adeboye during a monthly Holy Ghost Service called for the release of the TikToker stating that he was not involved in his arrest.
The clergyman noted that those who moved for the arrest of the Tiktoker didn’t carry him along when they took action over alleged derogatory remarks against him by the social media user.
The popular cleric has, however, directed the release of the Tiktoker, saying he is only fulfilling prophecy.
“I heard that there was someone who lambasted me thoroughly; What’s my offense? because I asked my people to fast for 100 days, I didn’t ask him o. I didn’t ask anybody who is not a member of the Redeemed Christian Church of God to fast. Only my children. But God said that it will happen.
“I was told that some people got so angry and they went and arrested the fellow. Ha, release him, he is fulfilling prophecy
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