NEWS
Naira Weakens By 16% Amid Soaring Demand In I&E Market
Yesterday, there was a significant decline in the value of the Naira, as it depreciated by 16 percent to reach N770.38 per US dollar in the Investors and Exporters (I&E) window.
This depreciation was primarily driven by an increased demand for dollars, which was exacerbated by a severe shortage in supply.
According to data from the FMDQ, the indicative exchange rate in the Investors and Exporters (I&E) window surged to N770.38 per dollar, compared to N663.04 per dollar on the previous Friday.
This signifies a depreciation of N107.34 for the Naira. However, in the parallel market, the Naira experienced a slight appreciation, strengthening from N759 per dollar to N755 per dollar yesterday.
Consequently, the exchange rate in the Investors and Exporters (I&E) window exceeded the parallel market exchange rate for the first time since 2019.
Sources in the forex market have informed Vanguard that the depreciation of the Naira is primarily attributed to a surge in demand, driven by the maturity of over $3.7 billion worth of Letters of Credit (LCs).
This situation is further exacerbated by a shortage in the supply of foreign exchange, as the Investors and Exporters (I&E) window has yet to witness substantial inflows since the reintroduction of the willing seller, willing buyer model by the Central Bank of Nigeria (CBN).
According to one source, the volume of transactions in the market remains quite limited, involving individuals with urgent forex requirements who are willing to purchase at any exchange rate.
Some of these buyers were already accustomed to acquiring dollars at parallel market rates, and therefore, they are accustomed to paying above N700 per dollar for their purchases.
The development in the I&E window follows the new forex measures announced by the CBN on Wednesday.
Announcing the new measures in a statement titled, “Operational Changes to the Foreign Exchange Market”, Director, Financial Markets, Dr. Angela Sere-Ejembi, said, “The Central Bank of Nigeria (CBN) wishes to inform all authorized dealers and the general public of the following immediate changes to operations in the Nigerian Foreign Exchange (FX) Market.
“Abolishment of segmentation. All segments are now collapsed into the Investors and Exporters (I&E) window. Applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks.
“Re-introduction of the “Willing Buyer, Willing Seller” model at the I&E Window. Operations in this window shall be guided by the extant circular on the establishment of the window, dated 21 April 2017 and referenced FMD/DIR/CIR/GEN/08/007. All eligible transactions are permitted to access foreign exchange at this window.
“The operational rate for all government-related transactions shall be the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two (2) decimal places.
“Proscription of trading limits on oversold FX positions with permission to hedge short positions with Over-The Counter-futures. Limits on overbought positions shall be zero.
“Re-introduction of order-based two-way quotes, with bid-ask spread of N1. All transactions shall be cleared by a Central Counter Party (CCP).
“Reintroduction of Order Book to ensure transparency of orders and seamless execution of trades. The operational hours of trades shall be from 9am to 4pm, Nigeria time.
“Cessation of RT200 Rebate Scheme and the Naira4Dollar Remittance Scheme, with effect from 30 June 2023. Further guidance on these matters shall be communicated in due course. All market participants and the general public are kindly enjoined to abide by these rules.”
NEWS
Over 100 Students Hospitalised as Fresh Gas Leak Hits Ogun Schools
Panic swept through parts of Ijebu Ode, Ogun State, on Friday after a fresh gas leak affected more than 100 students and teachers across several schools, forcing many victims to be rushed to hospitals for treatment.
The incident, which occurred less than two months after a similar case in the town, reportedly affected schools including Anglican Girls Grammar School, Obalende, and Our Lady of Apostles Secondary School, Epe Garage, among others.
Witnesses said students suddenly began complaining of breathing difficulties, stomach aches, dizziness, and weakness as the strange gas spread across the affected areas.
ALSO READ: State of Ogun Schools: Your panic response political gimmick, Adebutu tells Abiodun
Videos circulating online showed frightened students running out of school premises while teachers and residents assisted those who fainted into vehicles for emergency medical attention.
Many of the affected students were taken to the Ogun State Hospital in Ijebu Ode, while others were rushed to nearby private medical facilities as worried parents stormed the hospitals.
An eyewitness described the situation as more severe than the previous gas leak recorded in April.
“I am currently at the Ogun State Hospital, Ijebu Ode, and the hospital is overcrowded. Some parents had to move their children to private hospitals. The students are complaining of stomach pain and weakness. This incident affected multiple schools and over 100 students,” the source said.
The Ogun State Commissioner for Environment, Ola Oresanya, confirmed the development, stating that emergency response agencies had been mobilised to contain the situation and investigate the source of the leak.
According to the commissioner, air quality monitoring devices installed within the area detected elevated methane gas concentrations, with readings reportedly peaking at about 13,500 ppm in surrounding locations.
He explained that although the methane level remained below the lower explosive limit, the situation was environmentally significant and required urgent investigation.
Oresanya said the state government had activated a multi-agency environmental and public health assessment team comprising environmental regulators, emergency responders, security agencies, and air quality experts to determine the source and extent of the emissions.
Officials, including the Chairman of Ijebu Ode Local Government, Dare Alebiosu, and the Managing Director of OGEPA, Kenny Bello, were also seen visiting affected schools and hospitals to assess the situation and monitor medical response efforts.
Residents were advised to remain calm, avoid open flames or ignition sources in areas with unusual gas odours, and immediately seek medical attention if they experience symptoms such as dizziness, headaches, nausea, or respiratory discomfort.
The latest incident comes weeks after over 30 students and a teacher were hospitalised following another gas leak at Our Lady of Apostles Secondary School in April, raising fresh concerns over environmental safety in the area.
NEWS
“Free El-Rufai Before Eid” — Atiku Blasts FG Over Detention
Former Vice-President Atiku Abubakar has called on the Federal Government and Kaduna State authorities to release former Kaduna State governor Nasir El-Rufai before the Eid-el-Kabir celebrations, describing his continued detention as unfair and politically troubling.
Atiku made the demand in a statement issued on Friday through his Senior Special Assistant on Public Communication, Phrank Shaibu.
SEE ALSO: Shock as Court Rejects El-Rufai’s Bail Application, Orders Continued Detention
The former presidential candidate condemned El-Rufai’s detention ahead of the Muslim festival, saying it contradicts the spirit of mercy, compassion, and reconciliation associated with Eid-el-Kabir.
According to Atiku, it would be wrong for any government to deny a citizen freedom without clear justification, especially during a significant religious period when families are expected to reunite.
He warned against the alleged use of state institutions to intimidate perceived political opponents, stressing that democracy should not be used as a weapon to settle political scores.
“At a time when millions of Muslims are preparing for Eid-el-Kabir, it is unconscionable to keep a citizen away from his family without just cause,” Atiku stated.
The former vice-president also argued that the credibility of any democratic government depends on how it treats opposition figures and perceived critics.
He urged authorities to ensure transparency if El-Rufai’s detention is connected to ongoing legal proceedings, insisting that every Nigerian citizen is entitled to constitutional rights, including liberty and due process.
The demand comes days after the Independent Corrupt Practices and Other Related Offences Commission confirmed that a Federal High Court in Kaduna granted El-Rufai access to medical treatment while in custody.
El-Rufai and his co-defendant, Joel Adoga, are facing a 10-count charge bordering on alleged corruption, money laundering, and possession of proceeds of crime before Justice Rilwan Aikawa of the Federal High Court in Kaduna.
Both men have pleaded not guilty to the charges.
NEWS
$100,000 Science Prize: NLNG Raises Bar for AI Innovation
The Nigeria LNG Limited (NLNG) has intensified its push for globally competitive artificial intelligence and digital technology solutions, as the 2026 edition of The Nigeria Prize for Science and Innovation attracted a record 237 entries, the highest participation level since the prestigious $100,000 award was established in 2004.
The milestone comes months after the 2025 edition ended without a winner, following a rigorous evaluation process that found none of the 112 entries submitted met the Prize’s benchmark for scientific excellence, originality, scalability and real-world impact.
The entries were formally handed over to the Prize’s Advisory Board during a press conference in Lagos on Thursday, officially commencing the adjudication process for this year’s competition themed: Innovations in ICT, Artificial Intelligence (AI), and Digital Technologies for Development.
The retention of the theme for a second consecutive year reflects growing recognition of the role of AI and digital technologies in solving socio-economic challenges and accelerating national development.
Speaking at the event, NLNG’s General Manager, External Relations and Sustainable Development, Dr. Sophia Horsfall, said the record-breaking number of entries signals renewed confidence in Nigeria’s innovation ecosystem and growing interest among researchers in technology-driven solutions.
“In this fourth revolution, digital infrastructure is as foundational to our survival as electricity or water. For Nigeria, our economic sustainability depends on our ability to move beyond promising research and into undeniable innovation that delivers,” Horsfall said.
ALSO READ: Adoption of AI Feature as NIPetGE Pays Courtesy Call at NNPC Ltd
She noted that the decision not to award a winner in 2025 was difficult but necessary to preserve the integrity and global credibility of the Prize.
“We believe that if a Nigerian discovery is to command global respect, it must withstand the highest levels of scrutiny. It is this conviction that guided the difficult decision seven months ago,” she stated.
According to Horsfall, NLNG responded to last year’s outcome by deepening engagement with Nigeria’s scientific and technology community through nationwide roadshows, media campaigns, collaborations with innovation hubs, and knowledge-sharing sessions with researchers and academic institutions.
“Our response was not to lower our standards but to deepen engagement. Today, we can confidently say those efforts have paid off,” she added.
She described the leap from 112 entries in 2025 to 237 entries in 2026 as evidence of rising momentum in Nigeria’s science, AI, and digital innovation ecosystem.
“It proves that there is a hunger in this country for research, innovation, discovery and recognition. It also proves that we need platforms such as this Prize that elevate scientific endeavour and transform ideas into impact,” Horsfall said.
Receiving the submissions on behalf of the Advisory Board, Chairman of the Board, Prof. Barth Nnaji, described the handover as a crucial stage in the search for transformative scientific breakthroughs capable of addressing Nigeria’s development challenges.
Nnaji, a former Minister of Power, said the no-winner verdict in 2025 reinforced the Prize’s reputation for excellence rather than diminished it.
“Our refusal to award the prize in 2025 was not a dismissal of the hard work of Nigerian innovators; rather, it reinforces that The Nigeria Prize for Science and Innovation holds a gold standard of excellence,” he stated.
He explained that entries would continue to undergo strict intellectual and technical scrutiny, with emphasis placed on originality, relevance, scalability, and measurable socio-economic impact.
“The theme we have focused on for the past two years is perhaps the most critical topic of our time. We are looking for solutions that directly address Nigeria’s real-world challenges, whether through digital health technologies for rural communities or the use of AI in preserving our cultural heritage and languages,” Nnaji added.
He further assured stakeholders that the adjudication process would remain independent, transparent, and merit-driven.
“We look at every entry through a lens of fairness, balance and equity. It is this consistency that has given the Prize its enduring credibility over the years,” he said.
Also speaking, NLNG’s Manager, Corporate Communication and Public Affairs, Anne-Marie Palmer-Ikuku, commended the resilience of Nigerian innovators who returned with stronger entries despite last year’s disappointing outcome.
“To see the numbers rise to 237 this year tells me that innovators did not see last year’s verdict as a deterrent. Instead, they saw it as a challenge,” she said.
The Advisory Board for the Prize also includes Dr. Nike Akande, former Minister of Industry, and Professor Baba Yusuf Abubakar, a professor of quantitative genetics and animal breeding.
The winning entry for the 2026 edition will be unveiled at a world press conference scheduled for September.





