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Naira To Stabilise At N1,600–N1,650 Per Dollar — Bismarck Rewane

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Economist and Financial Derivatives Limited’s Managing Director, Bismarck Rewane, has predicted that the naira will soon stabilize between N1,600 and N1,650 against the US dollar.

Rewane made this statement during his speech at the June edition of the Lagos Business School Breakfast session.

During his mid-term evaluation of the current administration’s economy, the economist noted that the naira is still undervalued by 26.82 per cent. He also pointed out that the dollar’s 8.7 per cent decline so far this year could help strengthen the naira.

He explained that “The official and parallel market rates have converged more closely. Now trading within a 1–3 per cent margin. A major improvement from the 50–70 per cent gap observed pre-reforms. The spread is now within the N50 margin, meaning that the naira is now fairly priced and the naira will trade at about N1,600-N1,650/$”.

Looking ahead to June and July, Rewane forecasted that “inflation data will reveal a slight decline to 23.15 per cent. The real GDP growth for Q1 25 will come out at 3.4 per cent. Brent will trade at $60-$63 pb as OPEC+ increases output. Nigeria’s oil production will increase to 1.5 mbpd. The price of PMS will decline marginally to N845/litre. Diesel will trade at N950/litre. Corporate profitability in Q2’25 will increase as companies carry lower inventory. FAAC allocation will be flat at N1.6tn as corporate income tax clawback reduces tax liabilities.”

He further said that the Central Bank of Nigeria’s Monetary Policy Committee is expected to lower the benchmark interest rate by 50 basis points in its upcoming meeting. He also mentioned that the recent trade tariffs introduced by US President Donald Trump are unlikely to affect Nigeria significantly.

Rewane’s naira prediction was backed by analysts at Meristem, who believe that the exchange rate will remain stable at the official market, thanks to ongoing foreign exchange interventions and improved liquidity.

However, he added, “the parallel market is likely to remain under pressure, especially if downward risks to FX inflows persist and speculative demand stays elevated. As a result, the widening spread between both markets may linger in the near term,” he stated.

In May, the naira slightly appreciated at the official Nigerian Foreign Exchange Market, indicating a stable foreign exchange supply supported by the Central Bank’s continued interventions. Meanwhile, it depreciated on a month-to-month basis in the parallel market, increasing the gap between both markets from N1.69/$ in April to N24.25/$ in May.

According to Meristem’s monthly report, this was the first significant divergence since March 2025, which it attributed to strong demand pressures and speculation amid rising global uncertainties.

On company performance, Rewane gave a positive assessment, highlighting that businesses are seeing revenue and profit growth. He noted this reflects solid performance and reduced exposure to naira depreciation risks, due to the higher levels of locally denominated debt. He also observed that private firms now have quicker access to local financing, suitable for short-term needs, as shown by the rise in commercial paper issuances. This dependable domestic credit has supported business expansion and temporary financing needs.

These developments, he explained, have contributed to a favorable outlook for the Nigerian private sector as firms “adapt by repricing, local sourcing, and digital transformation. Investor sentiment is warming, fuelled by forex reforms, policy clarity, and signs of macroeconomic stabilisation. Investors are showing renewed interest, particularly in banks, infrastructure, and energy, but are still watching the policy environment. Portfolio investors are slowly returning, encouraged by higher yields, a more flexible exchange rate, and enhanced central bank transparency,” Rewane added.

BIG STORY

Police To Resume Nationwide Tinted Glass Permit Enforcement January 2, 2026

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The Nigeria Police Force has announced that it will resume the nationwide enforcement of the tinted glass permit policy from January 2, 2026, citing growing security concerns linked to the misuse of unauthorized tinted vehicle glass.

The announcement was contained in a statement issued on Monday by the Force Public Relations Officer, Chief Superintendent of Police Benjamin Hundeyin.

The police said the decision followed a review of emerging security threats and the need to enhance public safety, pending the final determination of a related matter currently before the court.

The Force clarified that there was no court order restraining it from enforcing the law regulating the use of tinted glass on vehicles.

It explained that enforcement was earlier suspended in the interest of transparency and public convenience, to allow motorists sufficient time to regularize their documentation and complete the permit application process without pressure.

According to the statement, recent security trends have revealed a rise in criminal activities carried out with the aid of vehicles fitted with unauthorized tinted glass.

Such vehicles, the police noted, have been used by criminals to conceal their identities while committing offences including armed robbery, kidnapping and other violent crimes.

In view of these developments, the police said the resumption of enforcement had become necessary and urgent as a proactive step to safeguard lives and property across the country.

“Recent trends, however, reveal a disturbing rise in criminal activities perpetrated with the aid of vehicles fitted with unauthorized tinted glass.

“Some individuals and organized criminal groups have exploited this gap to conceal their identities and facilitate crimes ranging from armed robbery to kidnapping and other violent crimes.

“In view of this, the Nigeria Police Force has found it both necessary and urgent to resume full enforcement as a proactive measure to safeguard our communities. Consequently, enforcement of Tinted Glass Permit will resume on 2nd January, 2026,” the statement read.

 

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BIG STORY

Buhari Believed Aso Rock Gossip I Planned Killing Him, Began Locking His Room —— Aisha

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Former First Lady, Aisha Buhari, has narrated how her husband, the late President Muhammadu Buhari “began locking his room” following gossip in Aso Rock that she (Aisha) planned to kill him.

The ex-First Lady also said the health crisis that forced Buhari, to take 154 days of medical leave in 2017 began with a broken feeding routine and mismanaged nutrition.

She argued that Buhari’s illness was not a mysterious ailment or poisoning.

Her account of the health crisis appeared in a new 600-page biography, ’From Soldier to Statesman: The Legacy of Muhammadu Buhari’, authored by Dr. Charles Omole, launched at the State House on Monday.

It read, “According to Aisha Buhari, her husband’s 2017 health crisis did not originate as a mysterious ailment or a covert plot. It started, she says, with the loss of a routine; ‘my nutrition,’ she describes it, a pattern of meals and supplements she had long overseen in Kaduna before they moved into Aso Villa.”

The former First Lady convened a meeting with close staff, including the physician, Suhayb Rafindadi; the CSO, Bashir Abubakar; the housekeeper, and the SSS DG to explain the plan.

She said, “Daily, cups and bowls with tailored vitamin powders and oils, a touch of protein here, a change to cereals there.”

“When the Presidency’s machinery took over our private lives, she explained the plan: daily, at specific hours, cups and bowls with tailored vitamin powders and oil, a touch of protein here, a change to cereals there. Elderly bodies require gentle, consistent support,” Omole narrated.

However, the routine frayed.

“Then came the gossip and the fearmongering. They said I wanted to kill him,” the book quotes her as saying.

“My husband believed them for a week or so,” she said, revealing that the President began locking his room, changed small habits, and crucially, “meals were delayed or missed; the supplements were stopped.”

“For a year, he did not have lunch. They mismanaged his meals,” she added.

The deterioration culminated in Buhari’s two extended medical trips to the United Kingdom, totalling 154 days in 2017, during which he ceded authority to Vice President Yemi Osinbajo.

Upon return, he admitted to being “never so ill” and having received blood transfusions.

Buhari’s absences “sparked rumours, speculation, and even conspiracy theories,” Omole wrote.

Mrs Buhari debunked stories of plots to poison her husband.

Her contention, Omole noted, is that “loss of a routine, ‘my nutrition,’ was the genesis of the crisis.”

In London, doctors prescribed an even stronger regimen of supplements, he explained.

Initially, Buhari “was frightened and not taking them as prescribed. So she took charge of his welfare, slipping hospital-issued supplements into his juice and oats,” it read.

The former First Lady described the turnaround as swift, noting, “After just three days, he threw away the stick he was walking with. After a week, he was receiving relatives.”

“‘That,’ she says, ‘was the genesis, and also the reversal of his sickness,’” the book stated.

According to Omole, critics said Buhari’s reliance on UK hospitals exposed the failure of Nigeria’s health system.

A “more compassionate perspective,” he wrote, recognises that a man in his 70s may require specialised care “not readily available in Nigeria” after “decades of underinvestment.”

He also noted Buhari’s habit of handing power to his deputy during absences, which, he said, ensured “institutional propriety, even during personal health crises.”

The book also revealed a climate of mistrust around the Presidency.

Mrs Buhari alleged surveillance, the bugging of the President’s office with listening devices and playback of private conversations, saying, fear and conscience “contributed to taking his life.”

She refuted the long-held rumour that Buhari had a body double, popularly known as “Jibril of Sudan,” as absurd, arguing that poor strategic communication in government allowed simple, banal developments to metastasise into conspiracies.

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BIG STORY

Dangote Releases Details of ‘$5m Spent By NMDPRA CEO’ On His Children’s Secondary School Education In Switzerland [PHOTO]

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Aliko Dangote, chairman of the Dangote Group, says Farouk Ahmed, chief executive officer (CEO) of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), spent about $5 million on the secondary school education of his children in Switzerland.

In a paid newspaper advert on Tuesday, the billionaire said Ahmed paid the said amount for four of his children, covering a period of six years.

On Monday, Dangote had alleged that Ahmed Farouk “paid $5 million” to a Swiss secondary school for his children’s education, describing the act as “economic sabotage and corruption”.

Releasing details of his allegations, in the newspaper advert, Dangote listed the four children as Faisal Farouk, Farouk Jr., Ashraf Farouk, and Farhana Farouk.

According to the billionaire entrepreneur, the secondary schools the children attended for a duration of six years were Montreux School, Aiglon College, Institut Le Rosey, and La Garenne International School.

Dangoted also presented estimated annual tuition, living expenses, air travel, and upkeep, which were multiplied across four children and several years of study.

He said the annual cost of tuition, airfare, and upkeep per child was $200,000, which totals $800,000 per year for his four children.

The businessman further explained that the total living expenses and air tickets per child over six years was $1.2 million, amounting to $4.8 million for all four children.

Overall, Dangote estimated that the combined cost of tuition and upkeep for all the children reached $5 million.

He also listed the tertiary education expenses for Ahmed’s children, noting that tuition, upkeep, airfare, and other costs average approximately $125,000 per year over a four-year period.

According to the billionaire, this adds up to $500,000 for four years per child, totaling $2 million for all of them.

“Faisal just finished the 2025 Harvard MBA at $150,000 and $60,000 for upkeep, tickets and other incidentals. Total =$210,000 spent in 2025 for Faisal’s MBA,” he added.

Dangote said Nigerians deserve to know the source of the money “paid by a public officer while many parents in his home state of Sokoto cannot afford to pay N10,000 school fees for their children and wards”.

 

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