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First Lady, Remi Tinubu speaks on child labour practices and the effect of stealing millions of their dreams

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Remi Tinubu
First Lady, Remi Tinubu, speaks on child labour practices and the effect of stealing millions of their dreams.
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First lady of Nigeria, Tinubu’s wife, Senator Remi Tinubu.
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Nigeria’s First Lady, Senator Oluremi Tinubu has lamented on the continuous child labour practices in the country, lamenting that the situation steals the dream of young children.

She said this on World Against Child Labour Day 2025, marked on June 12.

She called for strengthening of laws to discourage the practice, while rallying support for families, and investment in quality education for every child.

First lady

In a personal statement she wrote to commemorate the day, Remi Tinubu said, “Today, we raise our voices for millions of children whose dreams are stolen by the harsh reality of child labour. It is unacceptable that children are still forced to work instead of going to school, pursuing their dreams and learning how to grow into productive members of the society.

“Let us speed up efforts to end child labour in all ramifications by strengthening our laws, supporting families, and investing in quality education for every child.

“I urge us to work towards building a country where every child is free to thrive, dream, and reach their God-given potential. God bless our precious children!

The theme for this year’s celebration is: “Let’s Speed Up Efforts! End Child Labour!”

FIRST LADY

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Many feared dead as suspected herdsmen attack Benue Capital.

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Herdsmen attack
Many feared dead as suspected herdsmen attack Benue Capital.

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Several people have been feared dead, with many others injured, following a deadly overnight attack by suspected herdsmen on Mtsewnem, Akondutyough village in the North Bank area of Makurdi, the Benue State capital.

Sources told that the assailants stormed the community around 3:00 a.m., attacking residents in their sleep.

Reacting to the incident, humanitarian worker and human rights advocate, Ukan Kurugh, described the attack as “deeply disturbing.”

Tiv Traditional
Herdsmen attack

He wrote, “At 3:00 a.m. today, I received a heartbreaking distress call, accompanied by chilling video footage and photographs of yet another suspected herdsmen attack.

“This time, the horror unfolded in North Bank, less than a 40-minute drive from Makurdi town.

“These brazen attackers continue to strike with impunity, undeterred by the presence of state and federal authorities. They have defied the President, the Governor, and our entire security apparatus.

“To the wounded and to the families who lost loved ones, my heart grieves with you. Your pain is our pain. We will not turn away. We will not be silent. We are wide awake and we will continue to speak, to mourn, and to demand action.”

Meanwhile, efforts to reach the Benue State Police Command PRO, Edet Udeme were not successful as of the time of this report.

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Benue killings
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Tinubu to Wike – We will welcome you to APC whenever you decide to join us

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President Bola Tinubu has delared an open welcome to  Wike, stating that he will welcome Federal Capital Territory (FCT) Minister Nyesom Wike into the ruling All Progressives Congress (APC) whenever he chooses to officially become a member .

President Tinubu, who was speaking during the inauguration of the Arterial Road N16 and other facilities in the Katampe District of Abuja, praised the FCT minister’s leadership and made a playful reference to the minister’s signature song from his past campaign rallies.

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“We have somebody—Nyesom Wike—he is not a member of my party (APC), not yet.

“But the day he changes his mind and registers with the progressives, we will welcome him. Because we will enjoy singing ‘as e dey pain dem, e dey sweet us,’” Tinubu said.

The President’s statement drew laughter from the audience, including Wike himself, reflecting a continued mutuality between the two political figures.

wike
Tinubu x Wike

Also Recommended: “Seems we have two presidents”, Dele Momodu berates Tinubu for calling Nigerians busybodies

Since openly endorsing Tinubu in the general election of 2023, Wike, a member of the opposition Peoples Democratic Party (PDP), has sparked political debate.

In August 2023, he was sworn in as the FCT Minister after accepting a cabinet position from the APC-led government, although staying in the PDP after Tinubu won the higly contentious presidential election.

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FCT minister

His often-repeated endorsements and support for President Tinubu have drawn mixed reactions from observers and party loyalists like Bode George and Dele Momodu.

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Democracy Day: Protesters mobilise as Tinubu addresses NASS

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Democracy Day: Protesters mobilise as Tinubu addresses NASS

A clash between protesters and security officials may ensue today June 12 as the Take It Back Movement, protest organisers, have planned to carry out a demonstration at the National Assembly, Abuja and 19 other locations across the country during the democracy day celebrations.

President Bola Tinubu addresses a joint session of the Senate and House of Representatives today as part of Democracy Day activities, setting the stage for a volatile situation.

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Recall that the nationwide broadcast that was originally planned to honour Nigeria’s 26th anniversary of Democracy Day was cancelled by Tinubu.

Abuja
President Tinubu

In a statement released on Wednesday, Segun Imohiosen, the Director of Information and Public Relations in the Office of the Secretary to the Government of the Federation, explained the move by stating that the President was expected to attend a joint session of the National Assembly today.

He noted that the President would instead give his Democracy Day speech straight from the National Assembly chambers.

The organisers of the protests told newsmen that they plan to approach political figures about their fight against economic hardship.

Protest

In an interview with The PUNCH on Wednesday, the Take it back group declared that it would be moving its march against the harsh reforms enacted by the Tinubu administration from Eagle Square to a different location.

The demonstration, which is anticipated to attract attendees from a range of civil society organisations, aims to raise awareness of what the organisers called Tinubu’s government’s “two years of misrule, hardship, and insecurity.”

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Democracy Day: Protesters mobilise as Tinubu addresses NASS

The Director of Mobilisation for the protest in the Federal Capital Territory, Michael Adenola, said the movement had gained momentum among young Nigerians who are angered by the worsening economic conditions and government neglect.

“Preparations are in order. Many Nigerian youths, who have expressed frustration over the spate of killings in the country, mass unemployment, and underfunded education, have shown commitment to participate in the protest.

democracy day

“Other civil society organisations have also committed to mobilising their members. Expect thousands on the streets of Abuja.”

Adenola also urged the security agencies to respect the constitutional rights of protesters and refrain from using force.

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Democracy day: Tinubu cancels nationwide broadcast, to address NASS on June 12

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Democracy day: Tinubu cancels nationwide broadcast, to address NASS on June 12
President Tinubu has cancelled his previously planned nationwide broadcast to commemorate Nigeria’s 26th Democracy Day anniversary and will instead deliver an address during a joint session of the National Assembly(NASS) on Thursday, June 12, 2025.

The Director of Information and Public Relations, Segun Imohiosen, made the statement on Wednesday and explained the move by citing the president’s planned appearance in the National Assembly.

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Tinubu

“Due to President Bola Tinubu’s scheduled attendance at the National Assembly Joint Session, the Presidential National Broadcast on June 12 has been cancelled. President Tinubu will deliver his address from the National Assembly,” Imohiosen stated.

The official affirmed that other Democracy Day events will go forward as planned despite the broadcast’s cancellation.

Furthermore, a previous notification to reporters revealed that the customary military parade, which was originally scheduled on June 12, has also been cancelled. But there was no formal explanation for why it was taken out of the program.

democracy

Additionally, a previous notification to reporters revealed that the customary military parade, which was originally scheduled on June 12, has also been cancelled. But there was no formal explanation for why it was taken out of the program.

A statement, issued by Abdulhakeem Adeoye on behalf of the Director, Information & Public Relations in the Office of the Secretary to the Government of the Federation, detailed the updated schedule for the Democracy Day festivities. It includes;

1. Presidential National Broadcast: Cancelled
2. Democracy Day Parade: Cancelled
3. National Assembly Joint Session: President Tinubu to attend at 12 noon
4. Public Lecture on Democracy Day Celebration: State House Conference Centre, Abuja, at 4 p.m.

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Abuja
President Tinubu

As Nigerians await President Tinubu’s speech on national development and governance, the country’s observance of Democracy Day has changed following the decision to speak to the National Assembly rather than via the customary broadcast.

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Falling sugar prices to boost profits for Dangote Sugar, BUA, and Golden Penny

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Falling sugar prices to boost profits for Dangote Sugar, BUA, and Golden Penny

Falling sugar prices to boost profits for Dangote Sugar, BUA, and Golden Penny

Approximately 70% of the world’s raw sugar supply comes from this South American country. With 1.4 to 1.6 million metric tons of sugar consumed domestically each year, Nigeria imports a significant portion of its foreign exchange from Brazil.

The three main sugar refineries in Nigeria, which are owned by Dangote, BUA, and Golden Penny, process about 96% of the country’s imported raw sugar from Brazil.The white commodity is being impacted by favorable weather and cheap oil prices, which deter Brazilian mills from rerouting a greater portion of cane into ethanol.

Nigeria intends to expand its sugar industry.

Because of the robust and expanding demand for domestic production, Nigeria’s sugar market, which is projected to be worth $2 billion, offers investors a profitable opportunity.

sugar
Falling sugar prices to boost profits for Dangote Sugar, BUA, and Golden Penny

The Nigeria Sugar Master Plan II (NSMP II), launched by the Federal Government, aims to boost the nation’s sugar industry by increasing output, creating jobs, and producing ethanol and energy.

The initiative aims to produce 11.6 million metric tons of animal feed, 400 megawatts of power, and 161 million gallons of ethanol. The plan’s seven pillars, which include a more thorough diversification approach, are crucial for determining the best site for sugarcane growing, increasing crop yields, and drawing in more than $4 billion in investment.

To help meet these goals, the government promoted 50,000 hectares of commercial agricultural. While new sugar projects are being considered, brownfield projects—which include extending existing sugar estates—will account for around 70% of the projected production.

Production is Revamp by Major Sugar Producers.

For the previous two months, sugar prices have been plunging; on Friday, London sugar and New York sugar futures both touched four-year lows. Prices are falling as a result of forecasts of a worldwide sugar glut.

sugar
Falling sugar prices to boost profits for Dangote Sugar, BUA, and Golden Penny

Global sugar output is expected to reach a record 189–318 million metric tons (MMT) in 2025–2026, up 4.7% year over year (y/y), according to USDA projections. This would result in a global sugar surplus of 41–188 MMT, which is a 7.5% rise year over year.

  • ndia, the world’s second-largest producer, faces a bleak outlook for sugar prices due to rising production levels. Citing increased planted cane acreage, India’s National Federation of Cooperative Sugar Factories forecasted last Monday that the country’s sugar production in 2025–2026 would rise by 19 percent year over year to 35 MMT. A robust sugar crop could result from anticipated abundant rainfall in India, adversely affecting prices.
  • India’s Ministry of Earth Sciences predicted on April 15 that this year’s monsoon would be above average, with total rainfall expected to reach 105% of historical norms. The monsoon season in India spans from June to September.

The Indian government earlier announced it would ease restrictions on sugar exports, permitting its sugar mills to export one million metric tons of sugar this season. India has limited sugar exports since October 2023 to maintain sufficient domestic supplies.

  • Thailand’s increasing sugar production is anticipated to put downward pressure on sugar prices. The country’s Office of the Cane and Sugar Board reported on May 2 that Thailand’s sugar production increased by 14% year-over-year to 10,000 MMT in 2024–2025. Thailand ranks third for sugar production globally and second for sugar exports.
  • Sugar
    Falling sugar prices to boost profits for Dangote Sugar, BUA, and Golden Penny

Meanwhile, Africa’s richest man, Aliko Dangote, revealed plans for a historic sugar refinery project in the Bono Region that would boost the local industry and lower Ghana’s $162 million sugar import bill.  The refinery in Kwame-Danso will process 12,000 tons of sugarcane daily across 25,000 hectares of irrigated farmland.

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“Seems we have two presidents”, Dele Momodu berates Tinubu for calling Nigerians busybodies

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"Seems we’ve two presidents", Dele Momodu berates Tinubu for calling Nigerians busybodies
President Bola Tinubu has come under fire from Dele Momodu, a chieftain of the Peoples Democratic Party (PDP), for calling certain Nigerians busybodies.

According to the reports, Tinubu advised Nyesom Wike, the minister of the Federal Capital Territory, or FCT, on Tuesday to concentrate on his mission to rebuild the nation’s capital rather than becoming sidetracked by “busybodies and naysayers.”

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Dele Momodu x Wike

In an interview with Channels TV on Wednesday, Dele Momodu, however, pointed out flaws in President Tinubu’s statement.

According to Momodu, it now seems as though Tinubu and Wike are co-leading the country.

He said, “The President, Bola Ahmed Tinubu, who has held Lagos since 1999 to date, has not been as audacious as Wike.

president tinubu

“In fact, right now, it’s looking like we have two Presidents in Nigeria.

“Wike can do anything. Yesterday, I listened to the President of the Federal Republic of Nigeria, the Commander-in-Chief, calling fellow Nigerians busybodies.

“You are calling Nigerians busybodies all because of Wike.”

Dele

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Momodu had on Tuesday stated that the President of the can only be overthrown in 2027 by a coalition of political parties.

“If PDP is united, it has all that it takes to wrest power from the All Progressives Congress in 2027, but forces against it would not allow this to be,” he stated.

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‘I want to see Governor Alia before I die’ – first republic senator Suemo Chia pleads

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Benue State Governor , Rev Father Hyacinth Alia
An elder statesman and one of Nigeria’s remaining First Republic senators, Senator  Chia, has made a hear felt public plea to meet with Governor Alia in order to give his advice before he passes away.

In honour of the second anniversary of Governor Alia’s administration, NKST Church, High Level, Makurdi hosted a Thanksgiving mass during which the heartfelt appeal was made.

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Governor Alia
Rev.-Fr.-Dr.-Hyacinth-Iormem-Alia

Senator Chia, who is currently in his 80s, was seen seated quietly at the church entrance, waiting for an opportunity to see the governor.

However, security measures and the large number of worshippers and sympathisers prevented him from entering to the governor.

Benue state Governor

“I cannot see well again,” he said in a frail but determined voice. “I have come to see Alia. I saw him once, and when I tried to see him at the Government House, they blocked me, as if I was looking for a political appointment.”

Senator Chia, who has over the years provided counsel to several past governors of Benue State, stressed that his intention was not political but deeply personal and borne out of duty.

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Benue
Governor Alia

“I want to offer my advice to him before I die,” he declared.

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After 28 years, I will dump PDP to support Tinubu –Segun Sowunmi

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Sowunmi
Segun Sowunmi, a former spokesperson for previous ex PDP presidential candidate Atiku Abubakar, has stated that he is willing to back President Bola Tinubu.

Before endorsing President Tinubu, Sowunmi revealed that he would leave the PDP and join the All Progressives Congress.

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sowunmi

During his appearance on Arise Television’s Prime Time on Tuesday night, Sowunmi revealed hints that he pay be leaving the PDP soon.

Recall that Sowunmi recently met with President Tinubu and stated on Tuesday during a programme on Channels Tv that Tinubu is smarter than his opponents

According to him: “If I’m going to support Tinubu in 2027, by God and everything that is in me, I will leave and join his party.

Tinubu
President Tinubu

“I don’t believe in the nonsense that says you are in one party while supporting someone else.

“I don’t have time for pretense, if I’m not there, I’m not there. I have been in PDP for 28 years and most of them don’t even have that record of 28 days.

“If I’m going to leave to support the president, I will damn say that I’m going.

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“Why will anyone with sense in his head stay in a party when you are telling them to repair the party.

“I have screamed and shouted that we needed to reform the party. There is a very strong possibility, looking at what is going on in my environment, looking at my state where I come from, looking at my tribe and desire – there is a very strong possibility that I may likely leave.”

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TCN announces power shutdown in North-East.

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Grid collapse: TCN MD says, "Our equipment is outdated
Grid collapse: TCN MD says, "Our equipment is outdated
TCN announces power shutdown in North-East.

TCN

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The Transmission Company of Nigeria (TCN) has announced a planned power outage across several states in the North-East due to ongoing construction work at the Bauchi 330kV substation.

In a letter signed by TCN’s Regional Operations Manager, Bauchi Region, Engr. J.O. Joseph, the company, stated that the outage will last from 10:00 a.m. on June 10 to 5:00 p.m. on June 14, 2025.

The planned outage is to enable contractors to erect 330kV Turn-In and Turn-Out transmission towers as part of the development of the new Bauchi 330kV substation. The project will also involve the crossing of the existing Jos–Bauchi–Gombe 132kV transmission line, which will be shut down temporarily.

4000MW

According to the notice, the outage will affect the Jos-Gombe single circuit (SC) line throughout the five-day period. This development means Damaturu, Molai, Yola, and Jalingo will be completely without electricity supply during the work. Meanwhile, Gombe and Biu substations will be partially powered through the Dadin Kowa Hydropower Plant, and Baga Road substation will receive supply from MEPP.

The Jos–Bauchi–Gombe 132kV line will be taken out specifically on June 14 to facilitate the final crossing of the line.

This disruption is the latest in a series of outages that have affected the northern region.

In October 2024, a major blackout left 17 states across the North in darkness after a collapse involving the 330kV Ugwaji–Apir double circuit lines.

Heat

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Toke Makinwa’s ex-husband Maje Ayida opens up on dealing with depression after divorce.

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Maje Ayinda
Toke Makinwa’s ex-husband Maje Ayida opens up on dealing with depression after divorce.

Toke Makinwa

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Maje Ayida, a fitness entrepreneur and ex-husband of Nollywood actress Toke Makinwa, has opened up about falling into depression after their much-publicized divorce.

He stated that he was subjected to public criticism, and he withdrew from society due to shame.

The gym expert disclosed this while testifying at a UK church recently -a clip of which has now gone viral on social media.

He explained that he overcame the depression which lasted for a year and made him stop going to work and lose business opportunities, after learning to take accountability.

Toke Makinwa

He said, “I will be honest about the fact that I want through a divorce which resulted in me being depressed. It was a very publicised divorce.

“And that left me feeling very alone. I withdrew from society, I was really ashamed of my situation. Not just for myself, of course, my self-esteem was affected, but legacy is very important to me. I was ashamed of what I felt I had done to my family’s name. As a result, I went into hiding.

“I didn’t want to interact with anyone. I wanted to be alone, stay at home. I stopped going to work. I found it very difficult to work. It was very hard.

“I not only lose focus but also motivation. I lose the essence of to even get up in the morning. What am I getting up for? Everyone already feels a certain way about me. So, I started to lose work as a result of it. That was when it really started to get to me.

“As a man, your work is your identity, and I started to lose work, business deals so it became a real problem for me.

“That was when I made a decision. I had to make a decision for my own survival because I was living in hopelessness. It went on for weeks.

“I was out of the look for a whole year. I checked out of life for a year to recoup. I realised that I was in a very dark space. I was in a hole but I needed to get out of it… I was on the floor. What’s sleep? I didn’t even know what that was. I had insomnia.

“I was paranoid as well so the few chances that I do get to go out, I have created a scenario in my own mind that everybody is talking about me, people are looking at me. And that would just send me back into my own home.

“That feeling of hopelessness and the noise that was going on around me even though I was in silence was insane. I made a choice. I decided that I didn’t want to stay in this space.

“I did research on how to deal with it. The top of the list of the research that I did was accountability. I took the blame on myself. It made me feel worse at first until I began to take practical steps.”

Toke Makinwa
Toke Makinwa

Maje Ayida and Toke Makinwa got married in 2014 but their marriage hit the rocks in 2016.

In 2017, Ayida sued Toke Makinwa for N100 million for defamation of character after she wrote a memoir entitled, ‘On Becoming,’ documenting her failed marriage to the gym expert.
Ayida’s lawyers had earlier written to Toke Makinwa, asking her to remove parts of the book that were defamatory to their client’s (Ayida’s) character which she had ignored.

In November 2020, a Lagos state high court sitting at Tafawa Balewa Square ruled in favour of the fitness trainer in the defamation lawsuit he instituted against Toke Makinwa.

The court granted damages of the sum of N500,000 each to be paid by the 1st and 2nd defendants to any charity organization of the claimant’s choice.

It also granted an injunction preventing the defendants from producing copies of the book with the defamatory words in the said pages.

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D’banj will hold a joint tour with 2Face, Timaya.

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D’banj will hold a joint tour with 2Face and Timaya.
2baba Idibia
2baba
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Veteran Afrobeats star, D’banj, has announced a joint tour with colleagues, 2Baba and Timaya.
He made the revelation in a recent interview with Adesope Live in London, United Kingdom.
D’banj noted that Afrobeats’ meteoric rise was not just because of the dedication of its artists and executives, but also the support of the African diaspora.
Timaya
D’banj said, “I was speaking with Timaya the other day and he was like, ‘Banger, it’s okay, you’ve entrepreneur enough. It’s time to come out.’ And I said the same thing. I’m speaking to 2Face as well. 2Face was telling me – let’s go on a tour together.
 
“We have myself, 2Face and Timaya. We have great bodies of work. Because of how our industry is, there is a big market for everyone. So, yes, we will be going on a tour…
 
“I’m also dropping a new song with 2Face soon titled ‘Feeling Good.’ For those who have waited, I want to thank you guys. I think that would be the tag of the tour -just to thank. Because looking back 20 years…
 
“Now everybody is Afrobeats, everybody is African. But I remember when in this London it was not that great for you to say you are a Nigerian. We all wanted to be Jamaicans. Back then, everybody was embracing Jamaica so for us [Africans] to be the new pop [it is a big deal].
 
“These days, there is no UK movie that I’ve seen and our music is not in. So a big kudos not just to the creatives but to the whole community [African diaspora].”
D'banj
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PDP – Nigerians must rise against one-party state.

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PDP 99 NEC meeting in session as scheduled after postponement
PDP – Nigerians must rise against a one-party state.

PDP

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The Peoples Democratic Party, PDP, has called on Nigerians to rise against a one-party state.

The party made this call in a statement on Tuesday as it prepares for its National convention in August in Kano.

It said that the event will serve as a pivotal moment to elect new national officers, strengthen internal democracy, and reposition the PDP as a formidable force to rescue Nigeria from the grip of the failed All Progressives Congress, APC, ahead of the 2027 general elections.

The statement added that the National Convention will prioritize merit, transparency, and inclusivity in electing leaders capable of confronting the APC’s misrule.

pdp

“Nigerians must therefore rise to resist the APC’s sinister plot to transform Nigeria into a one-party totalitarian state.

“The Tinubu-led administration’s economic policies have inflicted unprecedented hardship, with rising poverty, insecurity, and wanton killings plaguing the nation.

“The APC’s desperate attempts to stifle opposition voices through sponsorship of crisis within political parties, threats, intimidation, and attacks on democratic institutions reveal their fear of imminent defeat in 2027.

“The PDP as a party that stands for the rule of law, and the supremacy of the will of the people is gearing up to restore democratic principles in 2027,” it said.

It charged Nigerians reject the APC’s anti-people policies and join the PDP in building a united front to reclaim Nigeria’s future.

According to the statement, the August 2025 National Convention will lay the foundation for a reinvigorated PDP, ready to lead the charge for a Nigeria where every citizen thrives.

It, therefore, urged party members, other critical stakeholders, and patriotic Nigerians to rally behind the PDP as it prepares to elect leaders who will champion the aspirations of the Nigerian people.

“Together, we will defeat the APC’s authoritarian agenda and restore Nigeria to the path of progress, security, and economic stability,” it added.

Lagos PDP

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Tinubu: Orji Uzor Kalu says his ready to die for APC.

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Orji Uzor Kalu
Tinubu: Orji Uzor Kalu says his ready to die for APC.

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Abia North Senator Orji Uzor Kalu declared that he is ready to die to ensure victory for the All Progressives Congress, APC.

Kalu said he and other APC loyalists will work hard to deliver the state to President Bola Tinubu and the party.

The former governor disclosed this while addressing journalists at his country home in Igbere, Abia State, yesterday.

He also said Tinubu’s achievements in the past two years were enough to gain the support of Nigerians.

Abuja

Orji Uzor Kalu said: “APC is strong in Abia. Like I said in my interview, I am ready to lay down my life for the party. I am a member of the party and a strong one at that. I am APC to the core. That’s why APC is strong in Abia North.

“Our party will work hard to deliver the President in the state. We have done it in the past, and we will do it again in 2027.”

The former Senate Chief Whip further expressed confidence that Nigeria’s economy would bounce back because Tinubu is working hard to make the naira regain its value.

He said, “The economy needs time to bounce back. The President is working to ensure that the economy bounces back.”

Orji Kalu

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Exchange rate extends one-week appreciation rally across official, parallel markets 

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Exchange rate
Exchange rate extends one-week appreciation rally across official, parallel markets 

Exchange rate extends one-week appreciation rally across official, parallel markets.

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 After the Sallah holidays, the Naira has continued to rise on both the official and parallel foreign exchange rate markets for the past week.

Exchange rate
Exchange rate extends one-week appreciation rally across official, parallel markets

According to Naijaeyes, the naira rose from N1610/$1 on Wednesday to N1605/$1 on Thursday on the parallel market, ahead of Sallah.In honor of Eid-ul-Adha, the Federal Government of Nigeria formally announced Friday, June 6, and Monday, June 9, 2025, as public holidays throughout the country.

According to data from the Central Bank of Nigeria’s (CBN) website, the currency closed at N1,540/$1 on Tuesday, the first day of trade, up from N1,551/$1 on Thursday.

Additionally, the data indicates that the naira finished at N1,564/$1 on Wednesday, completing a week-long appreciating surge after closing at N1,579/$1 on Tuesday and N1,580/$1 on Monday.

A similar pattern can be seen in the data from Naijaeyes sources from BDC operators in Lagos.The currency stabilized between N1600-N1610/$1 during that time, according to Naijaeyes data data. The currency appreciated from N1605/$1 on Thursday and N1610/$1 on Wednesday to trade at N1600/$1 on Tuesday, according to Naijaeyes sources.

Exchange rate
Exchange rate extends one-week appreciation rally across official, parallel markets
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Performance in relation to other key currencies

According to Naijaeyes data, the value of the naira increased from N2,160.00/£1 on Thursday to N2,145.00/£1 on Tuesday.

Before strengthening to N2,165.00/£1 on Tuesday, the naira began the week at N2,175.00/£1 against the British pound sterling. On Wednesday, however, the value of the naira dropped to N2,210.00/£1.

  • The naira also showed a similar pattern against the Euro during the week; Currently, Naijaeyes data shows the naira has appreciated to N1,790.00/€1 in the parallel market on Tuesday. This is an appreciation from Thursday’s N1,805.00/€1.
  • Recall that the naira started the week at N1,810.00/€1 on Monday. It stayed the same on Tuesday at N1,810.00/€1 before depreciating to N1,815.00/€1 on Wednesday.

Comparing post-holiday exchange rate performance 

The naira’s performance after the Sallah holidays stands in contrast to the trend observed after the Easter holidays in April 2025.

  • Data from CBN shows that the naira depreciated further in the official foreign exchange market, depreciating to N1,606.00/$1, a marginal decline compared to N1,600.50/$1 recorded on Thursday, 17 April 2025, the last trading day before the Easter holidays.
  • This represents a depreciation of 0.34% over the four-day holiday period, signaling continued pressure on the local currency amid liquidity concerns and sustained demand for dollars in the market.
  • In the parallel market, also known as the black market, the naira also weakened slightly, trading at N1,615/$1, compared to N1,610/$1 before the Easter break. This represents a depreciation of N5, based on market data.
  • Exchange rate
    Exchange rate extends one-week appreciation rally across official, parallel markets

Analysts say the currency’s recent gains reflect growing investor confidence and an improved foreign exchange (FX) supply environment.

The continued convergence of rates in both the official and parallel markets suggests a narrowing gap between the two, pointing to improved market alignment.

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