Economy
Naira Crashes to N1,482/$1 at Official Market, N1,490/$1 at Black Market
By Adedapo Adesanya
The Naira weakened further, this time by 9.9 per cent or N133.95, against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, January 30 as the Central Bank of Nigeria (CBN) made changes to pricing methodology at the FX market.
On Monday, the Naira fell by 51 per cent to a new low of N1,346 per/$1 in the official market segment and on Tuesday, the local currency crashed to a fresh low N1,482.57/$1.
The apex bank said the new move was aimed at addressing “recent fluctuations in the FX market and to ensure that rates accurately reflect market conditions while upholding price formation and transparency.”
However, the Naira gained N4.15 against the Pound Sterling in the spot market during the trading session to close at N1,129.13/£1 compared N1,133.28/£1 and against the Euro, it appreciated by N7.65 to trade at N962.27/€1, in contrast to the preceding session’s N969.92/€1.
According to data obtained from FMDQ Securities Exchange, the value of forex transactions at NAFEM yesterday slightly rose by $8.04 million or 12.5 per cent to $72.33 million from the $64.29 million achieved on Monday.
In the peer-to-peer (P2P) window of the FX market on Tuesday, the value of the Nigerian currency depreciated against the greenback by N15 to quote at N1,436/$1 compared with Monday’s value of N1,421/$1.
Also, in the parallel market segment, the domestic currency weakened against the American Dollar during the trading session by N40 to close at N1,490/$1 versus the preceding day’s rate of N1,450/$1.
In the cryptocurrency market, the bears were on rampage, with Ripple (XRP) losing 4.8 per cent to trade at $0.5102, as Dogecoin (DOGE) slipped by 2.2 per cent to $0.0798, and Cardano (ADA) depreciated by 1.6 per cent to sell at $0.5157.
Further, Litecoin (LTC) slumped by 1.5 per cent to $67.48, Bitcoin (BTC) dropped 1.2 per cent to settle at $42,796.97, and Binance Coin (BNB) recorded a 1.1 per cent depreciation to end at $307.15.
However, Ethereum (ETH) appreciated by 1.2 per cent to $2,341.65, and Solana (SOL) grew by 0.1 per cent to $101.58, while the US Dollar Coin (USDC) and the US Dollar Tether (USDT) closed flat at $1.00 each.
Economy
Ibeto Customs, Police Renew Joint Security Pact for Efficiency, Safety
By Adedapo Adesanya
The Nigeria Customs Service (NCS), Ibeto Seaport and Terminals Command, Port Harcourt, and the Nigeria Police Force have renewed their commitment to joint security operations at the nation’s maritime corridors, following a strategic meeting between top officials of both agencies.
According to a statement, the renewed partnership came as the Commissioner of Police, Eastern Port Police Command, CP Shuaibu Audu, paid a working visit to the Customs Area Controller, Comptroller Usman Yahaya, at the Command headquarters on April 17, 2026.
The engagement, according to a statement by the Command’s Public Relations Officer, Chief Superintendent of Customs Tangwa Emmanuel, was aimed at strengthening inter-agency cooperation and boosting operational efficiency within the port environment.
Speaking during the visit, Comptroller Yahaya described the engagement as significant, stressing that sustained collaboration among security agencies remains critical to safeguarding national assets and ensuring seamless port operations.
This visit is timely and highly appreciated. It reflects the importance of sustained cooperation among agencies entrusted with the security of our nation and the protection of critical economic assets,” he said.
He assured the police boss of Customs’ readiness to maintain strong working relations with the Eastern Port Police Command.
“We are fully committed to working with the new Commissioner of Police and giving all necessary support towards the successful discharge of his responsibilities,” Mr Yahaya added.
The Customs Area Controller noted that the synergy between both agencies has continued to play a vital role in maintaining order, facilitating legitimate trade and curbing criminal activities within the port system.
This was contained in a statement shared via the Customs official X handle.
Customs and the Police share common responsibilities in safeguarding the port environment. Synergy remains the cornerstone for achieving our collective mandate,” he stated.
He also briefed the visiting Commissioner on the operational relevance of the Ibeto Seaport and Terminals Command, reiterating the Command’s commitment to strengthening maritime security.
On his part, CP Audu said the visit was part of efforts to consolidate existing ties between the Nigeria Police Force and the Nigeria Customs Service.
“My presence here today is to reinforce the cordial relationship between the Nigeria Police Force and the Nigeria Customs Service. No organisation can function effectively in isolation,” he said.
He emphasised the importance of sustained collaboration among security agencies, particularly in securing the nation’s ports, which he described as vital to economic stability.
Synergy among security agencies is essential to addressing emerging threats. Our ports are strategic national assets, and we must work together to keep them secure,” Mr Audu stated.
The police commissioner also sought continued support from Customs officers in advancing shared security objectives.
Economy
Tinubu Removes Wale Edun, Elevates Taiwo Oyedele as New Finance Minister
By Modupe Gbadeyanka
Mr Taiwo Oyedele has become the new Minister of Finance and Coordinating Minister for the Economy after the exit of Mr Wale Edun.
This announcement was made on Tuesday by the Office of the Secretary to the Government of the Federation via a statement signed by Mr Yomi Odunuga, the Special Adviser of Media and Publicity to the Secretary to the Government of the Federation, Mr George Akume.
It was disclosed that President Bola Tinubu approved the removal of Mr Edun as Finance Minister as well his counterpart in the Housing and Urban Development Ministry, Mr Ahmed Musa Dangiwa.
According to Mr Akume, “These changes are aimed at strengthening cohesion, synergy in governance as well as achieving more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda.”
In approving the cabinet reshuffle, the President has fully exercised his powers as conferred on him by Sections 147 and 148 of the Constitution of the Federal Republic of Nigeria (1999, as amended), he added.
Before this minor cabinet reshuffle in the membership of the Federal Executive Council (FEC), Mr Oyedele the Minister of State for Finance.
Mr Muttaqha Rabe Darma has now been named as the ministerial nominee and minister designate for the Housing and Urban Development Ministry.
Mr Tinubu thanked the outgoing ministers for their services to the nation while wishing them the best in all their future endeavours, reminding others that “the process of reinvigoration shall be continuous.”
Economy
Dangote Eyes Crude Oil Production to Ease Shortfalls
By Adedapo Adesanya
The Dangote Group has announced plans to begin its own crude production, to help cover shortfalls in local crude feedstocks, in the coming weeks through its upstream assets.
According to Mr Devakumar Edwin, the Vice President of the Dangote Group, the company has commenced early testing on crude from its Niger Delta licenses.
In an interview with Platts, part of S&P Global Energy, the official said the company has already begun standard well testing and is preparing to scale up output.
“We have opened a well and begun standard testing, which should be completed in the next three to four weeks, maximum.
“After that point, oil can start to be pumped in larger volumes, and the company can begin work on drilling new wells,” he said.
Also speaking, Mr David Bird, the chief executive officer (CEO) of the Dangote refinery, said the upstream assets could provide a more stable crude supply for the refinery.
“Alongside its upstream interests, the company is seeking to establish its own shipping presence to help reduce logistics costs and improve the reliability of its crude sourcing,” Mr Bird said.
While confirmation has come from the company, the Nigerian government or the Nigerian National Petroleum Company (NNPC) Limited is yet to officially confirm the development.
The 650,000 barrels-per-day facility has been able to get enough feedstock locally under the federal government’s Crude-for-Naira initiative, leading it to source crude from international markets at a premium, which is partly responsible for the high cost of petrol and other fuels.
However, in April 2026, the NNPC said it would increase its crude supply to Dangote Refinery to seven cargoes.
The refinery, on several occasions, has stated it sources the majority of its crude oil outside Nigeria despite being the country’s Naira-for-crude sale deal.
Last month, it said the NNPC only gave it four to five cargoes, which is less than 50 per cent of expected volumes. The majority of Nigeria’s crude is tied to joint ventures with international oil companies.
With the latest development, it would help reduce the dependency on international crude as well as allow Dangote to ease some of its import costs.
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