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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

Forgive Fubara Like Sanwo-Olu, Reinstate Him In The Spirit Of June 12 — Bode George To Tinubu

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Bode George, a chieftain of the Peoples Democratic Party (PDP), has appealed to President Bola Tinubu to “reinstate Siminalayi Fubara,” the “suspended governor of Rivers,” in the “spirit of the June 12 celebrations.”

In an open letter addressed to Tinubu, George said since the president recently “forgave Babajide Sanwo-Olu,” governor of Lagos, the “same gesture should be extended to Fubara.”

George, a former PDP deputy national chairman (south-west), said the president should “reinstate Fubara” to “honor the memory of the June 12 struggles.”

“If Tinubu could forgive Governor Babajide Sanwo-Olu of Lagos State, then he should extend the same gesture to Fubara,” he was quoted as saying by NAN.

“On June 12, we will be celebrating Democracy Day. This is a reminder of the true meaning of democracy — the will of the people.

“Since Tinubu has forgiven Sanwo-Olu, then it makes a lot of sense, spiritually, to also forgive Fubara and let him return to office. I am talking as an elder.

“He (Tinubu) later joined NADECO to fight for democracy. Some of those who fought alongside him for democracy have died. It is not of his making that he is alive today.

“So, he should thank God, honour the memory of those who fought alongside him for democracy and return Fubara to office immediately.

“I also appeal to him, in the spirit of my maternal grand uncle who founded the first political party in Nigeria in 1922, Herbert Macaulay, to please reinstate Fubara.

“Tinubu should listen to and honour this appeal in memory of all those who died in the journey to our democracy.”

On “June 8,” during a “meeting with the Governor’s Advisory Council (GAC) and other Lagos stakeholders,” Tinubu said he had “forgiven Sanwo-Olu.”

“June 12” has been declared as a day to “commemorate democracy in Nigeria” to “posthumously honor MKO Abiola,” presumed winner of the “June 12, 1993, presidential election.”

BACKGROUND

On “March 18,” Tinubu declared “emergency rule” in the “oil-rich Rivers” over the “political crisis and instability” in the state.

He also “suspended Fubara,” his “deputy, Ngozi Odu,” and “all members of the Rivers assembly” for an “initial period of six months.”

The president immediately appointed Ibok-Ete Ibas, a “retired naval chief,” as the “state’s sole administrator.”

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NIHOTOUR Calls For Calm Engagement After Field Officer Provoked During Lagos Compliance Exercise

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On Tuesday, June 10, 2025, during a “scheduled compliance and standardization exercise” by the “National Institute for Hospitality and Tourism (NIHOTOUR)” at the “Federal Palace Hotel, Victoria Island, Lagos,” a “moment of tension arose” between a “hotel staff member” and a “law enforcement officer” attached to the NIHOTOUR delegation who was “striped off his uniform” by the hotel staff.

The misunderstanding—which “does not reflect the tone of the broader engagement”—escalated when a “hotel staff physically confronted the officer,” resulting in “damage and striping of his official police uniform.”

The officer, “caught off guard” and “naked with only his pants trousers,” got “visibly provoked” and responded with a “slap,” which made “direct contact with the staff member’s face.”

While the incident is “regrettable and avoidable,” it serves as a “sober reminder” of the importance of “composure, clarity, and professionalism” during such exercises.

The Institute reiterates that its mandate is anchored on “collaboration, capacity enhancement, and stakeholder engagement”—”not hostility or confrontation.”

Commenting on the situation, NIHOTOUR’s Director of Inspection and Enforcement, Barrister Chike Ukuekwe, urged practitioners and operators in the industry to “shun aggressive and combative engagement” when officers of the law arrive at their premises for a “compliance exercise.”

He further emphasized the “need for mutual understanding” and a “professional approach to enforcement efforts.”

“Our collective mission is the upliftment of Nigeria’s hospitality, tourism, and travel sectors through standardization and compliance. These exercises are not meant to antagonize operators but to align practices with national expectations and global standards,” he said.

“We commend establishments like Eko Hotel, Sojourner Hotel, Marriot Hotel, Radisson Blu Hotel VI, Black Diamond Hotel, Four Points By Sheraton and others that open their doors to these engagements, and we urge all stakeholders to embrace dialogue, not disruption. It would interest you to know that most of the hotels visited, the compliance issues were resolved within the premises of most hotels, and our team left peacefully after assurances were made by most management of those hotels to comply within 7 days’ time.”

As “Nigeria’s lead institution” for the “standardization of the hospitality, tourism, and travel industry practice,” NIHOTOUR remains “committed to ensuring a professional and safe operational environment.”

“Initiatives such as the ongoing national compliance drive” are designed to “reinforce quality, ethics, and service excellence” across the board.

Moving forward, NIHOTOUR is taking “deliberate steps” to “enhance communication protocols” and “on-site preparedness” during field exercises, ensuring “clarity of purpose and mutual respect” among all parties involved.

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Democracy Day: President Tinubu To Address Nigerians At 7am Tomorrow

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To commemorate the 2025 Democracy Day, President Bola Tinubu is scheduled to deliver a nationwide broadcast on Thursday at 7am.

This was disclosed in a statement released on Wednesday by the Inter-Ministerial Committee on Democracy Day.

Abdulhakeem Adeoye, who signed the statement on behalf of the committee’s Director, Information & Public Relations, stated that following the address, the president will participate in a joint session of the National Assembly at noon.

The session is expected to include speeches about the State of the Nation, reflections on Nigeria’s democratic evolution, and calls for greater unity and reform across the country.

Later in the evening, a public lecture titled “Consolidating on the Gains of Nigeria’s Democracy: Necessity of Enduring Reforms” is set to take place at 4pm at the State House Conference Centre in Abuja.

In contrast to previous celebrations, there will be no Democracy Day parade this year.

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