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Naira Gains As CBN Pays Banks $6.7bn Forex Backlog

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The naira has surged to N1,120 per dollar as the foreign exchange market reacted to news that the Central Bank of Nigeria started clearing part of its foreign exchange backlog on Thursday.

This marks a N50 or 4.27 percent increase over the N1,170 it traded for on Wednesday.

Currency traders, also known as Bureaux De Change operators, claimed the naira was recovering nicely after a rapid recovery from N1,170/dollar in the morning to N1,120/dollar at the close of business.

A trader who gave his name as Awolu said, “The dollar today is N1,040 if I want to sell. I bought it for N1,030. The rate has dropped. This morning it was N1,170. It is still falling; it doesn’t have a bus stop yet.”

Another trader, Kadri, said, “Dollar is N1,120. In the morning, it was N1,150.”
Abubakar confirmed, “Dollar has been coming down today. It is N1,120 now. It was N1,150 before. It is still dropping.”

Muhammad added, “Dollar is N1,125 for sale. In the morning, it was N1,150.”

The President of the Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, affirmed that the dollar closed trading at N1,120/dollar on Thursday. He attributed this to the CBN’s move to clear some of its backlog.

He said, “It is closing at N1,120. Even yesterday it came down to N1,150. Today, it started at N1,170 but it is closing at N1,120. Yes, this is because of the CBN’s move to clear its backlogs. There is a kind signal in the market. The CBN should continue to make clarifications.”

Meanwhile, the naira appreciated by 0.76 per cent at the official market to close at N793.28 to the dollar on Thursday from N799.32/$ on Wednesday according to details on FMDQ OTC Securities Exchange.

Data from the platform which oversees official foreign exchange trading in Nigeria revealed that the highest price recorded within the day’s trading was N1,018.60/$, and lowest price was N730.00/$.

On Thursday, news broke that the apex bank had begun to clear some of its foreign exchange backlogs. Sources close to the matter confirmed that the apex bank had settled some of its FX obligations with certain banks such as Citibank, Stanbic IBTC, Standard Chartered, among others.

Recently, the Federal Government announced it was expecting $10bn to clear forex backlogs and stabilise the naira. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this at the 29th Nigerian Economic Summit.

He said, “In addition, from the supply of foreign exchange through NNPC, increased production, reduced expenditure, from transactions such as forward sales, from our discussions with sovereign wealth funds, which are ready to invest and provide advanced alongside that investment, there is a line of sight of $10bn worth of foreign exchange in the relatively near future in weeks rather months.”

 

Credit: The Punch

BIG STORY

BREAKING: EFCC Arrests Famous Nigerian Musician Terry Apala For Naira Mutilation

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Justice Akintayo Aluko of the Federal High Court sitting in Ikoyi, Lagos, on Friday, April 25, 2025, remanded a musician, Terry Alexander Ejeh, otherwise known as Terry Apala, in a Correctional Centre for alleged “mutilation of the Naira notes.”

He was arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on Friday, April 25, 2025, on a one-count charge of “mutilating the Naira notes.”

The charge reads: “That you, TERRY ALEXANDER EJEH, on the 5th day of January, 2025, at La Madison Place, Oniru, within the jurisdiction of this Honourable Court, whilst dancing during a social event, tampered with Naira notes issued by the Central Bank of Nigeria by marching on the same and you thereby committed an offence contrary to and punishable under Section 21(1) of the Central Bank of Nigeria Act, 2007.”

He pleaded not guilty to the offence when it was read to him. In view of his plea, the prosecution counsel, S.I. Suleiman, prayed for a trial date and also urged the court to remand him in a Correctional Centre.

The defence counsel, Felix Nwabuda, informed the court of a bail application dated April 23, 2025 and prayed the court for a short date for the hearing of the application.

“Whilst praying the court for a short date for the hearing of the bail application, I will be craving the indulgence of the court to release the defendant to the defence. “We undertake to produce him in court. He will not evade hearing. He came in from the United Kingdom on April 23, 2025; and on the invitation of the EFCC, he came on his own.”

The prosecution counsel, however, opposed the application, saying, “ the application is alien and unheard of.”

“I urge the court to afford us the opportunity to look at the application and respond properly so that the court can make a well -informed ruling,” he said.

In a short ruling, Justice Aluko refused the application of the defence. Justice Aluko adjourned till May 5, 2025 and ordered the remand of the defendant in the Ikoyi Correctional Centre pending the determination of the bail application.

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Akpabio To Lead Nigerian Delegation To Pope Francis’ Burial

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President Bola Tinubu has dispatched a delegation to Vatican City for the funeral of Pope Francis, who passed away on Monday at the age of 88.

A statement released on Friday by Bayo Onanuga, special adviser to the president on information and strategy, announced that Godswill Akpabio, the senate president, is leading the five-member delegation to the funeral.

The other members of the delegation include Bianca Odumegwu Ojukwu, “minister of state for foreign affairs”; Lucius Iwejuru Ugorji, “president of the Catholic Bishops Conference of Nigeria”; Matthew Hassan Kukah, “archbishop of the Sokoto diocese”; and Ignatius Ayua Kaigama, “archbishop of the Abuja diocese.”

“The funeral service of the revered head of the Roman Catholic Church is scheduled to take place on Saturday at the Vatican.”

“The Nigerian delegation will formally deliver a letter to the acting head of the Vatican conveying Tinubu’s condolences.”

On Monday, Tinubu joined the global Christian community in mourning the late pope.

“Pope Francis was a humble servant of God, a tireless champion of the poor, and a guiding light for millions,” Tinubu said.

The president described the pope’s death, which occurred just after Easter Sunday, as “a sacred return to his Maker at a time of renewed hope for Christians”.

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BIG STORY

Rivers Situation Complex, I Need More Time To Prepare For Briefing — Ibas To Reps Panel

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Ibok-Ete Ibas, the sole administrator of Rivers, has asked the house of representatives ad hoc committee overseeing the emergency rule in the state for more time.

Ibas made this request on Friday when he appeared before the committee.

On April 15, Tajudeen Abbas, the speaker of the house, inaugurated the 21-member committee to ensure transparent governance and the rule of law in the state.

A day after the committee was formed, the lawmakers invited the Rivers sole administrator to appear before them on April 17.

Ibas was scheduled to address the lawmakers on governance in the state.

However, the sole administrator requested a rescheduling, and the meeting was moved to April 24.

The committee members met in the meeting room on Thursday, but Ibas did not attend.

Julius Ihonvbere, the chairman of the committee and leader of the house, declined to comment on the situation, simply stating, “No comment,” to journalists.

Addressing the committee on Friday, Ibas apologised to the lawmakers for not attending previous invitations.

He requested additional time to prepare a “comprehensive and constructive” briefing, citing the complexity of the situation in Rivers state.

“Today is exactly 10 days after the first invitation, and in between, we’ve had four days off the calendar as public holidays plus the weekends inclusive,” he said.

“The absence, of course, was not out of disregard but rather due to the weighty and urgent demands of stabilising governance in a state under a declared emergency.”

“I have always held the national assembly in the highest regard. I recognise the importance of your oversight responsibilities and your interest in the progress being made in Rivers state, which is presently relatively calm, but still fragile.”

“That said, I only request your understanding and the indulgence of this committee to grant me additional time to adequately prepare and present a comprehensive and constructive briefing.”

“Given the complexities and sensitivities surrounding the current transitional period in Rivers state, it is important that any engagement with this committee is done with the depth, accuracy and clarity it rightfully deserves.”

Ibas stated that he will cooperate with the committee to ensure that all relevant information is available in due course.

In a statement issued after the meeting, Ihonvbere said the committee has accepted Ibas’ apology and would reschedule the briefing.

“The Committee notes that the Administrator, in a correspondence received last night, expressed his regrets for not honouring earlier invitations and appeared in person today to offer a formal apology,” the statement reads.

“He also requested an opportunity to return for a more robust and comprehensive engagement with the Committee.”

“In keeping with the House’s tradition of fairness, and in recognition of the Administrator’s demonstration of respect and responsibility, the Committee has magnanimously accepted his apology.”

“Accordingly, the Committee has resolved to proceed with the rescheduled engagement on a date and time to be announced in due course.”

Ihonvbere added that the committee needs the cooperation of all stakeholders and remains open to constructive engagement in line with the principles of accountability and the rule of law.

On March 18, President Bola Tinubu declared a state of emergency in Rivers, citing the prolonged political crisis.

He also suspended Siminalayi Fubara, governor of the state; his deputy, Ngozi Odu; and all members of the Rivers assembly for a period of six months.

The president appointed Ibas, a retired naval chief, as the state’s sole administrator.

After his appointment, Ibas suspended all political officeholders appointed by Fubara.

Several stakeholders, including the Pan Niger Delta Forum (PANDEF), have criticised Ibas over the handling of the state’s affairs.

There have been protests in the state demanding the reinstatement of Fubara.

Fubara reportedly met with Tinubu in London last week as part of moves to resolve the political crisis in the state.

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