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
2027: ‘Even If Insecurity Worsens, Power Will Not Change Hands’ – Okpebholo Declares
Governor Monday Okpebholo of Edo State has insisted that political power in Nigeria will remain unchanged even if insecurity in the country worsens, declaring that the ruling party remains firmly in control ahead of future elections.
Okpebholo made the statement on Tuesday during the flag-off of the All Progressives Congress (APC) campaign for the upcoming local government council elections in Edo South Senatorial District.
The governor said the recent rise in insecurity across parts of the country is being politicised, alleging that some actors are deliberately worsening the situation to discredit President Bola Tinubu’s administration.
SEE ALSO: Army Releases Six Kwara Vigilantes Arrested Along Edo Highway
He maintained that such efforts would not succeed in altering the political direction of the country.
“Even if insecurity worsens, power will not change hands. They can even kidnap all of us—there is no vacancy in Aso Rock,” Okpebholo declared.
He further argued that those behind the alleged political manipulation of insecurity have no viable alternative agenda, stressing that violence would only harm ordinary citizens rather than achieve political gain.
The governor also defended the performance of the federal government, noting that key policy decisions, including the removal of fuel subsidy, were beginning to translate into visible development projects across states.
He commended candidates of the All Progressives Congress who emerged from the party primaries for the forthcoming council polls, urging them to take the party’s message of development to grassroots communities.
Okpebholo expressed confidence that the party’s performance at the local government elections would strengthen its position ahead of the 2027 general elections.
The event also featured the official unveiling of APC candidates for various positions in Edo South Senatorial District.
NEWS
Senate Queries SEDC Over N153m Abuja Office Rent, Demands Full Spending Breakdown
The Senate has raised concerns over the financial operations of the South East Development Commission (SEDC), questioning alleged expenditures including N153 million reportedly spent on renting a single-room liaison office in Abuja.
The matter was raised during an investigative hearing of the Senate Committee on the South East Development Commission, chaired by Senator Orji Uzor Kalu, as lawmakers examined the commission’s 2025 budget implementation and spending records.
The committee disclosed that the SEDC received N16.6 billion in December 2025, with about N13 billion reportedly remaining in its account, suggesting that roughly N3.6 billion had already been expended.
ALSO READ: Kalu Dubs SEDC As Historic Milestone
Lawmakers expressed dissatisfaction with the financial report submitted by the commission, insisting that several figures were unclear and required detailed justification.
A key concern was the alleged N153 million spent on office rent in Abuja, despite the commission’s headquarters being located in Enugu.
Senator Orji Uzor Kalu described the financial submission as unacceptable and demanded proper accountability.
“This committee is disappointed with the financial report presented. It is completely unacceptable,” Kalu said.
Other members of the committee also questioned additional expenditures reflected in the report, including about N2.5 billion described as unclear or insufficiently explained.
Responding to the concerns, the Managing Director and Chief Executive Officer of the SEDC, Mark Okoye, defended the commission’s spending, insisting that all expenditures were carried out prudently and within available resources.
Okoye explained that the commission operates based on actual cash releases rather than full budgeted allocations, noting that this approach helps prevent financial mismanagement.
“For example, having a budget of N140 billion does not automatically mean that N140 billion in cash is available. It would be irresponsible to award contracts worth the entire budget if only N10 billion or N20 billion has actually been released,” he said.
However, the committee was not satisfied with the explanations and directed the commission to submit full documentation of all expenditures, including contract details, payment records, and supporting documents, on or before June 23.
Senator Kalu added that the committee would review the documents before fixing another date for further appearance.
“By the 23rd, we want to have the complete documentation. Once we receive and review the documents, we will determine the date for your next appearance before the committee,” he stated.
The hearing was thereafter adjourned, with lawmakers insisting on full transparency and accountability in the management of public funds allocated to the commission.
NEWS
‘Enough of the Speeches’ – Sharia Council Demands Immediate Action on Insecurity
The Supreme Council for Shariah in Nigeria has called on the Federal Government to move beyond promises and take urgent, decisive action to address the worsening security crisis across the country.
The Council, in a statement issued by its Secretary-General, Nafiu Baba Ahmad, expressed concern over the persistent wave of killings, kidnappings, banditry and terrorism, saying Nigerians continue to live in fear despite repeated assurances from authorities that security challenges are being tackled.
According to the Council, the security situation has reached an alarming stage, with recent incidents in Borno, Oyo, Niger and Zamfara states underscoring the vulnerability of communities already struggling with years of violence and criminal activities.
SEE ALSO: ‘Enough Is Enough!’ — NLC, TUC Threaten Nationwide Strike Over Insecurity
The Council also cited the recent abduction of a retired Army General and his wife in Katsina State, describing it as further evidence of the growing reach of kidnappers and armed gangs across the country.
It noted that many attacks occurring in rural and underserved areas often go unreported, suggesting that the true extent of the crisis may be far greater than official figures indicate.
Citing reports from security monitoring and human rights organisations, the Council said thousands of Nigerians have been killed, displaced or abducted in recent months.
It added that reports indicate more than 1,000 people were kidnapped across northern Nigeria during the first quarter of the year.
Expressing frustration over what it described as a lack of meaningful progress, the Council said repeated appeals by traditional rulers, religious leaders, civil society organisations and concerned citizens for stronger security measures have yet to produce significant results.
“Nigerians are tired of speeches, promises, condolences, committees and official rhetoric that are not matched by concrete action and measurable outcomes. What the nation requires now is decisive intervention and visible results,” the statement read.
The Council reminded the Federal Government that the protection of lives and property remains one of its core constitutional responsibilities, stressing that no administration can be considered successful while citizens continue to face threats from criminal elements.
While acknowledging the sacrifices and commitment of military personnel and other security operatives, the Council said its criticism was directed at broader leadership and strategic shortcomings in the fight against insecurity.
It also called for greater transparency and accountability in the management of public funds allocated to the security sector, insisting that citizens deserve to know how resources earmarked for defence and intelligence operations are being utilised.
The Council further urged the government to embrace innovative and proactive measures, including improved intelligence gathering, deployment of modern technology, stronger collaboration among security agencies, enhanced community participation and tighter border security.
Warning against complacency, the Council said Nigerians are expecting competent leadership, concrete action and measurable progress in restoring peace and security across the country.





