NewStats: 3,264,680 , 8,184,399 topics. Date: Thursday, 12 June 2025 at 12:40 AM 553f2d

At the end of trading on Wednesday, March 12, 2025, the naira closed at N1,546 to a dollar, down from N1,537 on Tuesday, March 11, 2025.

The naira has been in freefall since the second week of March, following dwindling reserves. It hit a new low in February as the Central Bank of Nigeria (CBN) embarked on international payments.

The naira recorded its best performance on March 3, 2025, exchanging for N1,502 per dollar.

On Wednesday, currency dealers quoted the dollar at a high of N1,550 and a low of N1,520 to the dollar.

Experts have asked the CBN to conduct another round of foreign currency interventions in the FX market to prevent the naira from total collapse.USD exchange rates

The calls are against the advice by a UK group, Chatham House, that strengthening the naira will reduce its competitiveness in the global foreign currency markets.

Chatham House noted that after its depreciation, the naira is better positioned to help the Nigerian economy progress.

In an article titled ‘Nigeria’s Economy Needs the Naira to Stay Competitive, ’ the think tank noted that while inflation has surged under President Bola Tinubu, strengthening the naira was not the best way to improve the situation.

Read also Chatham House warns FG not to strengthen naira, lists benefits for Nigeria’s economy
It argued that the weaker naira has made Nigeria more competitive compared to previous years when the naira exchanged around N460/$.

Chatham House further argued in the article that the naira depreciation has improved Nigeria’s Balance of Payments and return of capital into the country, helping the CBN to increase its foreign exchange reserves to prudent levels where it is roughly around the same level as the foreign debts.

However, economists have asked Nigerian monetary policymakers to ignore Chatham House's advice and defend the naira.

Janet Ogochukwu, economist and senior banker, said there is an urgent need for the apex bank to defend the local currency as that would reduce inflation in the country.

“One of the main drivers of inflation in the country is the exchange rate. Nigeria is an importing country and so needs foreign goods to survive. The call not to strengthen the naira does factor in local dynamics such as low production, and escalating living costs, which are squeezing households.”
Read also Naira reverses gains, depreciates against USD amid profit-taking from foreign investors
He asked foreign advisors to come down from their high horses and face reality and understand Nigeria’s peculiar circumstances.


Naira falls in all markets as Chatham House cautions against stronger naira Credit: Novatis
Source: Getty Images
The naira was buffeted for most of last week following a dwindling reserve that depreciated by over $1 billion in February.

From March 4, 2025, through March 7, 2025, the naira shed about N45 against the US dollar, widening the gap between the parallel and official windows.

Morbeta11:


https://gazettengr.com/mexico-based-nigerian-fraudster-matthew-akande-nabbed-in-london-extradited-to-u-s-over-8-1-million-benefits-scheme/

without this two tribes Igbo and Yoruba Nigeria for better oo

Why people don't want to give peace a chance. Just little chance to enjoy this our lovely world. I beg I want enjoy this world before my time off ooo

I don't have much to say this time. Cause am speechless. Which way my dear country?

Q

Dollar is fast approaching #1k due to the dollar scarcity in the forex Market. F1000 central African cfa is #1450 at the parallel market as of today sep 20. Something very urgent needs to be done to rescue naira... change de bureau are rushing to the neighboring countries as far as Chad Cameroon RCA to get access to dollar

Bongo's era has come to an end. From 1967-2023 what a greediness

G

NAFDAC confirms arrest of Baba Aisha’s producer after TIMES’ investigation
Mr Ononiwu said that upon the arrival of Mr Sani at the NAFDAC’s office, officials of the organisation searched his vehicle and found several uned products.
ByKemi Busari June 15, 2023 Reading Time: 2 mins read
The National Agency for Food and Drugs istration and Control (NAFDAC), Nigeria’s regulatory body for food and drugs, has confirmed the arrest and detention of the producer of Baba Aisha herbal medicine, Salisu Sani.

Mr Sani’s detention was confirmed on Thursday evening by NAFDAC’s Director of Investigation and Enforcement, Francis Ononiwu, while appearing as a list on a Twitter space organised by TIMES and Dubawa to appraise the details of the newspaper’s report.

NAFDAC Headquarters, Abuja
NAFDAC Headquarters, Abuja
The development followed an investigation by DUBAWA and TIMES on the product sold to millions of Nigerians, which has now been found to be deadly.

Mr Ononiwu said Mr Sani was arrested and detained by the police when he visited the agency’s office in Abuja following the raid conducted on his company’s premises earlier conducted on Wednesday by NAFDAC and the arrest of two of his workers.

‘How Sani was arrested’
Mr Sani was said to have visited the agency’s headquarters in Abuja accompanied by a lawyer whose identity was not disclosed by NAFDAC.


FIRS
Mr Ononiwu stated that two other persons were arrested when the agency’s Task Force team raided the premises where the herbal concoction was being produced on Wednesday.

A branded sales car in Kurudu
A branded sales car in Kurudu
He explained that several products carrying fake or expired products were confiscated in the factory that was raided by operatives of the Investigative and Enforcement unit led by Umar Sulaiman.

Mr Ononiwu said that upon the arrival of Mr Sani at the NAFDAC’s office, officials of the organisation searched his vehicle and found several uned products.

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Also confirming the development, Dadi Nantim, the special adviser to the Director-General of the NAFDAC, Moji Adeyeye, a professor of Pharmaceutics and Drug Product Evaluation, said proper investigation would be conducted.

“We collaborate with the police (to effect the arrest). We don’t have a detention facility,” Mr Nantim added.

Background

The investigation, published on Saturday, 10 June, sheds light on the content, safety and regulatory framework guiding the production and sale of the herbal product many Nigerians consume.

After a five-month-long probe, DUBAWA and TIMES found that the product, which carries two invalid NAFDAC registration numbers, is a huge safety risk to s.

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A bottle of Sacra Herbs
A bottle of Sacra Herbs
Extensive laboratory analysis also indicates that continuous consumption of the concoction could lead to acute kidney, lung and liver injuries.

The investigation placed NAFDAC in the spotlight as of the public questioned how the producer got his initial registration done without meeting basic requirements, among other infractions.

The investigation also revealed that the herbal concoction is being produced in a residential building against the dictates of the Good Manufacturinger

This is welcome development. This is very good news

Another victim rescued. Thank God you quickly realized. Run run run for ur life oooo

Tike market mubi

The governor of adamawa state alhaji ahmadu umaru fintiri, came with new policy on tax issue. This affected the cattle markets across the state. The gov demanding 5,000 on each cow against the old price which is 200 naira. 600 be paid on each goat contrary to what they are currently paying which is 50 naira. The cattle dealers association go on strike since last week asking the governor to reduce the price. They offer 500 hundred per cow, and the gov rejected the offer. According to some news outlets the gov reduced the price to 4000 after meeting with some of the union . That's means a truck full of cow ought to pay 150,000 or more. On the other side. The agriculture sector too has to pay 300 hundred naira each bag. A full truck is capable of 500-600 bags approximately 150,000 to 180,000

Even animals in the bush are living in peace. But why humans can't live in peace anymore. Now JESUS Is coming soon. And me never build house buy ferari and the game is almost over. Hey i done die oooo

I' ve already have my refrendeum since last june i got my cameroon citizenship. I don japa leave yakubu uche and lanre with their bubu

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dead they fear to enter aso villa ni? Na so u go dey sweep common person for street like chicken. Wetin hapin ahh

don't forget today is monday. Abi your calender is from friday na monday. Where saturday and mighty sunday abi u dey sleep ni? Still more respect for DAVIDO

All i can say or offer is RIP. But dead get sentiment ooo people wey supose die na dem keep they shine abi dead they fear aso villa ni? Na so kazim vulcanizer wey comot for him house jeje dead go swip am for him workshop piammm

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Jerryherd:
Why not post Imo state indegene as Commissioner of police of IMO state

Where did you kept your brain?

To give the bad name thats why? Selfish intrest Gonna kill this ipobians, refrendeum can never be given to this peace haters. In buhari voice i said never

Which biafra, dokubo asari own biafla not igbo. Igbos has nothing to do with biafla. I thought they ain't gonna stop until they achieve them biafla land. Com on com on mazi why Are you so weak. Is too early to quit, don't forget ojukwu odumegu don't quit early ooo. Rather die like a man than to live like a coward

And so what? You love it or hate it still the name of your country president is BUHARI

It's your pleasure to live with the king of agberos at a point in your life, wow what a good achievement, congratula, is only now that i realize buhari is right to call you lazy

This guy above me Where were you when mnk terorising and disturbing nigeria peace?

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Zaxbash1:
Ewo....ṣee legit working document..apply for unemployment

he has thousand of dollars in his US