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Nigeria devalues Naira, official rate now 411 to Dollar

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Nigeria let the naira weaken to a record low against the dollar on the official market on Friday, according to traders, who said this could be a move by the central bank to unify multiple exchange rates.

Having traded within a band of 380 and 381 to the dollar since July last year, the naira hit a record low of 419.75 against the dollar on Friday. It then closed at 411.25 — the last closing rate for the naira on the over-the-counter spot market. The central bank did not respond to calls for comment and no quotes have been available on the naira’s official rate since Tuesday. It weakened further on the black market, traders said.

“What the central bank is saying is that the (OTC) spot rate will be the official rate because that’s where the largest volumes trade,” one currency trader at a major Nigerian bank told Reuters.

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Nigeria operates multiple currency regimes, which frustrate businesses and have prompted calls from the World Bank for the rates to be unified to attract investment. Rising dollar demand has put pressure on the naira as providers of foreign exchange, such as offshore investors, exited after the COVID-19 pandemic triggered a fall in global oil prices.

Central Bank Governor Godwin Emefiele in February said the currency was trading at 410 naira on the official market while the government has been using that rate for its business as it tries to boost earnings from crude sales, its main export.

The World Bank has linked approval of a $1.5 billion budget support loan to currency reforms. The central bank had been trying to unify the rates and boost the dollar supply through direct interventions. It revised the futures rate on the naira upwards last month to ease pressure on the currency after quoting the 150-day futures contract at 435.81 naira, in its first dollar sales to foreign investors this year.

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The bank is due to hold its interest rate setting meeting later this month with economic data on inflation and first quarter growth figures expected from next week. It has kept rates on hold to support the economy hobbles by lower oil prices and impact of COVID-19 pandemic but dollar shortages have been contributing to rising inflation, a key source of concern for the central bank.

 

 

 

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Good morning! Nigerian Newspapers Headlines: Army recovers 74 terrorist bodies

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1. No fewer than 74 terrorist bodies were recovered by the Nigerian Army following intensified operations that led to their killing in the North-East.

The Defence Headquarters said troops of Operation Hadin Kai killed several terrorists and foiled what it described as a complex drone-assisted attack during the operations.

2. The Emir of Kano, Mohammadu Sanusi, on Friday urged Muslims to sustain the spiritual lessons of Ramadan by showing compassion to the less privileged and promoting peace in the society. Sanusi II, made the call while delivering his sermon after leading thousands of faithful in the Eid-el-Fitr prayers at the Kofar Mata Eid Ground in Kano.

3. Outrage has trailed scenes from a festival in Delta State, as police confirmed the arrest of the event’s organiser and four other suspects over the assault of women in Oruamudhu community, Ozoro, Isoko North Local Government Area. The backlash followed the emergence of viral videos showing young women being harassed, stripped, and groped by groups of men during the “raping festival”.

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4. Dangote Petroleum Refinery has announced a fresh increase in the price of Premium Motor Spirit, citing escalating global geopolitical tensions and rising crude oil costs as the driving factors. In a notice sent to petroleum marketers late Friday, the refinery revealed that its ex-depot (gantry) price would rise from N1,175 to N1,245 per litre, while the coastal price increased from N1,512,648 to N1,606,518 per metric tonne.

5. No fewer than 8,300 inmates have been pardoned or had their sentences reduced at different custodial centres across the country between January 2022 and March 2026, as federal and state authorities step up efforts to address overcrowding in correctional facilities. Pardons are usually granted after being recommended by a judicial or advisory body, often referred to as a Prerogative of Mercy Committee.

6. The Court of Appeal, Kaduna Division, has nullified the judgment of the Federal High Court in a fundamental human rights suit filed by a former Kaduna State governor, Nasir El-Rufai. The court ordered a fresh hearing of the suit before another judge. In a unanimous judgment delivered on March 17, the Certified True Copy sighted on Friday, the court held that the trial court proceedings were conducted in breach of the appellant’s constitutional right to a fair hearing.

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7. The Presidency on Friday dismissed reports suggesting that Nigeria had agreed to accept foreign deportees under a newly signed migration agreement with the United Kingdom, clarifying that the deal strictly covers Nigerian citizens residing illegally in the UK. Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi, said the clarification became necessary amid what he described as widespread misinformation surrounding the agreement.


8. The Nigerian Army has arrested 53 suspected criminals and extremist group members during coordinated operations in Plateau State within the last 24 hours. According to operational reports made available to the NAN on Friday, the troops of Operations Ensuring Peace conducted targeted raids in Barkin Ladi Local Government Area and Jos North Local Government Area.

9. Dangote Petroleum Refinery and Petrochemicals has rapidly transformed from a massive industrial project into a critical ‘fuel lifeline’ for nations scrambling to keep their economies moving. According to a report by Bloomberg on Friday, several African governments, most notably South Africa, have begun aggressive outreach to the 650,000-barrel-per-day facility for immediate supply.

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10. Nigeria stands at 106 in the 2026 World Happiness Report, indicating a steady slip from 105 in 2025 and 102 in 2024. The report unveiled on Thursday showed the happiness ranking of 147 nations as the world observes the International Day of Happiness.

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FG explains repatriation deal, says only Nigerians without valid documents to live in UK affected

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The Federal Government has explained that the agreement it signed with the UK government only relates to Nigerians who do not have legal status to live and remain in the UK.

It explained that the Nigerian government was not taking foreigners, as the UK was not compelling Nigeria to take those who are not our citizens.

“For clarity, it is important to state that the agreement signed by the Minister of Interior, Olubunmi Tunji-Ojo, during the state visit of President Bola Tinubu on behalf of the government of Nigeria, and Home Secretary, Shabana Mahmood, on behalf of the UK government, only relates to Nigerians who do not have legal status to live and remain in the UK.

“Nigerian government is not taking back non-Nigerians. The UK government is not compelling Nigeria to take those who are not our citizens. This clarification becomes necessary because of those who have already revved up their misinformation machinery,” a statement signed by a presidential aide, Temitope Ajayi, partly read.

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It further noted that the agreement guarantees that returnees who are citizens of Nigeria would be treated with dignity, rights retention under domestic law, and may re-enter in the future if they meet the applicable immigration requirements.

Quoting a social media post by the Ministry of Interior, the statement added, “It also provides detailed arrangements for the dignified return and reintegration of NIGERIANS who do not have the legal right to remain in the UK.

“This arrangement includes: the use of secured travel documentation, case-by-case identity verification, and safeguards for vulnerable individuals and potential victims of trafficking.

“This framework also sets out clear definitions, scope, and areas of cooperation, including information sharing, capacity building, training, and joint research on migration management and border security.”

Under the agreement, the UK will, for the first time, be able to return affected individuals using “UK letters,” an alternative identification document issued to those without valid passports, after the Nigerian government agreed to recognise them, according to the Home Office.

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“Visa overstayers, foreign criminals and failed asylum seekers will be removed from British soil far more easily under a new agreement struck this week during the state visit of Nigeria’s President, Bola Tinubu.

“UK letters, an alternative identification document issued to individuals without a valid passport and used to support the return of people with no right to remain in the UK, will be recognised by the Nigerian government for the first time.

“The agreement, reached between the Home Secretary, Shabana Mahmood, and Nigeria’s Minister of Interior, Dr Olubunmi Tunji-Ojo, removes one of the major administrative hurdles to returning people, meaning the UK will no longer have to wait for emergency travel documents to be issued by Nigeria,” the statement by the UK Home Office read partly.

UK Minister for Border Security and Asylum, Alex Norris, said the agreement reinforced efforts to tackle illegal migration.

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‘Individuals took advantage to act irresponsibly’ — Community leaders deny rape claims, blame youths for exploiting festival to harass women

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Leaders of Ozoro community in Delta state has reacted to allegations of rape and harassment of young women during the community’s Alue-Do festival.

On Thursday, there was widespread anger on social media after multiple videos circulated on X showing men tearing the clothes of young women during the festival.

In one of the viral videos, young men were seen groping women in a manner widely described as animalistic and despicable.

In the clip, a young woman could be seen crying and clutching her torn clothing as some men violently harassed her.

In its reaction to the shocking incidents, the state government described them as “barbaric, heinous and unacceptable”.

The government said no individual or group should be allowed to hide under the guise of a festival to perpetrate criminal acts.

As outrage grew, the state police arrested Omorede Sunday, a community leader, and four other suspects over allegations of rape and assault.

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However, a statement on Friday, co-signed by Berkley Asiafa, president-general, and Obaro Egware, secretary-general, said the viral videos portrayed the festival in a bad light.

“Ozoro Kingdom is made up of five traditional communities, each with its distinct customs, traditions, and festivals,” the statement reads.

“On the said date, Uruamudhu Community celebrated one of its ancient festivals known as the Alue-Do Festival.”

The community leaders described Alue-Do as a “festival of fertility, widely believed to be a cultural practice that brings blessings of children to individuals or couples experiencing difficulty in childbirth”.

“As part of this long-standing tradition, certain symbolic practices are observed, including the act of playfully dragging and pouring sand on married individuals who are yet to have children, as a cultural expression believed to invoke fertility,” the statement added.

The leaders, however, said “some youths misinterpreted and misapplied the cultural practice in a negative and unacceptable manner, leading to the harassment of some young women”.

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The community leaders, however, maintained that, contrary to widespread reports, there was no rape at the festival, but two young women were harassed.

“We wish to clearly state that reports circulating on social media alleging that rape and widespread atrocities occurred during the festival are false and misleading,” the statement reads.

“No incidents of rape were recorded. The situation involved the harassment of two young women by individuals who took advantage of the occasion to act irresponsibly.”

The statement added that the community leadership contacted security agencies, who brought the situation under control and have commenced investigations.

“The leadership of Ozoro Kingdom strongly condemns any form of harassment or misconduct. Such behaviour is not part of our culture and traditions and will not be tolerated,” the statement reads.

“Appropriate steps are being taken to address the actions of those involved and to ensure that future celebrations are conducted in a peaceful, respectful and orderly manner.”

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The community leaders urged the public to disregard false reports and refrain from spreading misinformation that may tarnish the image of its cultural heritage.

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