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Nigerian Naira posts strongest gain against US dollar in three weeks as reserves hit $50.01bn

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The Nigerian naira on Wednesday recorded its highest appreciation against the US dollar in three weeks at the official foreign exchange market as Nigeria’s foreign reserves rose to $50.01 billion.

Central Bank of Nigeria’s exchange rate data showed that the local currency strengthened to N1,376.19 per dollar on Wednesday, compared to N1,401.40 recorded on Tuesday.

This represents a gain of N25.21 for the naira on a day-to-day basis, marking its strongest performance in the last three weeks. The improvement followed the currency’s break from a recent depreciation trend against the dollar on Tuesday.

However, the naira weakened slightly at the parallel market. It fell by N10 to N1,430 per dollar on Wednesday from N1,420 traded the previous day.

Meanwhile, CBN data indicated that Nigeria’s foreign reserves increased to $50.01 billion as of March 10, 2026, up from $49.99 billion recorded on March 9.

PDP Crisis: Former Nigerian Senate President Saraki land agent for Wike-Sani 

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A chieftain of the Peoples Democratic Party (PDP), Umar Sani, has alleged that former Senate President Bukola Saraki is acting as a land agent for the minister of the Federal Capital Territory, Nyesom Wike, in Abuja.

 

 

 

Sani made the allegation during an interview on Trust TV while reacting to Saraki’s remarks on the lingering crisis within the PDP. He argued that the former Senate president’s advice on the situation was unnecessary and misplaced.

 

 

 

“I have tremendous respect for Saraki, and I have tried to avoid joining issues with him, but on this matter I must tell you he is not needed,” Sani said.

 

 

 

According to him, Saraki’s views on the crisis carry little weight due to his alleged alignment with a faction of the party loyal to Wike.

 

 

 

“His advice is definitely not necessary and misplaced because he is fully with the Wike faction. He is even rumoured to be, with due respect, an agent for Wike selling lands in Abuja,” Sani alleged.

 

 

 

He further maintained that the dispute surrounding the party crisis should ultimately be settled by the Supreme Court of Nigeria, noting that the apex court had already established the legal principles guiding the matter.

 

 

 

“What matters now is that the Supreme Court needs to take this matter into consideration because it is the Supreme Court that laid out the basic rule. All other courts are merely quoting the Supreme Court’, he added.

Ayra Starr names Afrobeat’s GOAT

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Nigerian singer Ayra Starr has named Wizkid, Tiwa Savage, and Rema as her greatest Afrobeats artists of all time.

Speaking during a recent interview on Hot 97 FM, the singer listed the trio as her personal “Afrobeats Big 3.”

Her selection, however, left out two stars frequently associated with the genre’s biggest names—Davido and Burna Boy—who are often mentioned alongside Wizkid in the widely debated Afrobeats “Big 3.”

“My Afrobeats Big 3 would be Tiwa Savage, Wizkid, and Rema. My solid Big 3,” Ayra Starr said during the interview.

Meanwhile, the singer also opened up about her decision to relocate from Nigeria to New York City in the United States.

In a separate interview with Angela Yee, Ayra Starr explained that her move was influenced by her friends and the city’s cultural environment.

 

 

 

According to her, she spent the last two summers in New York and even lived in the Hell’s Kitchen area for about three months with friends, describing the experience as enjoyable.

 

 

 

“I spent the last two summers in New York, and last summer I lived in Hell’s Kitchen for about three months with my friends. We were watching American shows and movies. It was fun,” she said.

 

 

 

She added that her long-standing desire to visit the United States also played a role in choosing the city.

 

 

 

“Growing up, I had always wanted to come to America. So which city would I want to go to? LA is too far; the time difference with Nigeria is nine hours. So, I chose New York,” she explained.

“If I don’t give you electricity, don’t vote for my re-election”—Nigerians pull out Tinubu’s old video

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President Tinbu

An old video showing President Bola Ahmed Tinubu promising Nigerians a stable electricity supply has resurfaced online amid worsening power outages across the country.

In the clip, recorded during the December 2022 presidential campaign, Tinubu assured Nigerians that his administration would ensure constant electricity if elected.

 

According to the widely circulated video, the president also urged Nigerians not to support him for a second term if he fails to fulfill the promise.

 

“Whichever way, by all means necessary, you will have electricity, and you will not pay for estimated bills anymore. A promise made will be a promise kept,” he said.

 

Tinubu added, “If I don’t keep the promise and I come for a second time, don’t vote for me, unless I give you adequate reasons why I couldn’t deliver.”

 

The video has been trending on Facebook and X as many parts of the country experience prolonged power outages.

 

Last week, the Nigerian Independent System Operator reported that electricity generation on the national grid dropped to 3,940.53 megawatts as of 5:00 a.m. after several generating units shut down.

 

The development has worsened operational challenges for businesses already struggling with rising fuel costs, as many rely heavily on generators to remain operational.

 

Watch the video here: https://www.facebook.com/share/v/1CQJ5ZBjXJ/

Igbo priestesses pray for Nnamdi Kanu in Sokoto Prison

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A group of Igbo traditional priestesses on Wednesday visited the detained leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, at the Sokoto Correctional Centre, where they offered prayers for his unconditional release.

 

The delegation, operating under the umbrella of the Titled Spiritual Mothers of Igboland, was led by Chief Mrs Oliaku Chika Ibeneme, who holds the title of Nne Mmanwu Igbo Niine (Mother of All Igbo Masquerades).

 

Mrs Ibeneme, a former Anambra State Commissioner for Works and Housing and a respected custodian of Igbo tradition, was accompanied on the visit by Lolo Eze Nwanyị Nnewi.

 

In a statement issued on Wednesday by the pro-Biafra group, the priestesses said they visited Kanu to express solidarity and maternal support, describing him as a cherished son of the Igbo nation.

 

According to the statement, the spiritual mothers offered prayers and invoked ancestral blessings during the visit while presenting symbolic gifts to the detained IPOB leader.

 

“It is with deep reverence and cultural pride that we announce the sacred and purposeful visit paid today on behalf of Ndi Nne Mụọ Ala-Igbo nile — the Titled Spiritual Mothers of Igboland — representing the collective maternal and ancestral guardianship of our people across Ala-Igbo,” the statement read.

 

The group also revealed plans to expand their advocacy by engaging prominent traditional rulers, spiritual leaders, and other authorities across Nigeria in efforts to secure Kanu’s release.

 

They said the initiative is aimed at promoting dialogue, seeking spiritual intervention, and mobilising support for what they described as his unconditional freedom.

 

Ibeneme further called on Igbo people and supporters worldwide to pray for Kanu’s release.

 

“We urge all sons and daughters of Ala-Igbo, as well as people of conscience everywhere, to unite in fervent prayers for the immediate freedom of Mazi Nnamdi Kanu and for the restoration of justice, equity, and harmony in our land,” she said.

Senate confirms Taiwo Oyedele as minister in Tinubu’s cabinet

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The Nigerian Senate has confirmed the appointment of Taiwo Oyedele as a minister in the administration of President Bola Ahmed Tinubu.

The confirmation was announced by the Senate President, Godswill Akpabio, after lawmakers approved the nomination through a voice vote during the Committee of the Whole session.

 

Oyedele is expected to replace Doris Uzoka-Anite as Minister of State for Finance.

 

Recall that President Tinubu had earlier forwarded Oyedele’s name to the Senate for screening and confirmation a few days after announcing his nomination.

2026 World Cup: Iran becomes first to withdraw from tournament 

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Iran has announced its withdrawal from the 2026 FIFA World Cup, becoming the first country to pull out of the tournament.

The country’s Sports Minister, Ahmad Donyamali, confirmed that Iran will not participate in the competition scheduled for this summer.

 

Donyamali said the decision followed recent attacks by the United States and Israel, which reportedly led to the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei.

 

According to him, the escalating conflict has drawn in several countries across the Middle East, with Iran responding by launching attacks on US military bases in the region.

 

The 2026 FIFA World Cup will be jointly hosted by the United States, Canada, and Mexico between June and July.

 

Iran had been scheduled to face New Zealand and Belgium in Los Angeles on June 15 and 21, respectively, before taking on Egypt in Seattle on June 26.

 

However, Donyamali insisted that Iran will not travel to the United States for the tournament, stressing that there is “no possibility” the national team will participate.

 

“Since this corrupt government assassinated our leader, we have no conditions under which we can participate in the World Cup,” he said during a television interview.

Iran claims ‘Trump, Netanyahu trapped in Slaughterhouse’, releases video of captured US soldiers[Video]

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The Commander-in-Chief of the Islamic Revolutionary Guard Corps (IRGC), Ahmad Vahidi, has claimed that US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu are “trapped in a slaughterhouse in the Persian Gulf” amid escalating tensions in the region.

Vahidi made the remark during an interview with Mehr News Agency while speaking on the ongoing hostilities involving Iran, the United States, and Israel.

According to him, recent strikes carried out by Iran targeted key infrastructure in Israel.

“Now is our downhill phase. You saw what happened just last night in Tel Aviv,” he said.

“This means that we hit the radars and the infrastructure. Today, truly, Mr Trump and Netanyahu are trapped in a slaughterhouse in the Persian Gulf.

“And in the coming days and weeks, much more joyful news will be delivered to the dear nation of Iran.”

In a related development, Iran released a video allegedly showing captured US soldiers during the ongoing conflict between the United States and Israel on one side and Iran on the other.

In the footage circulating online, the soldiers appear kneeling with their hands cuffed behind their backs.

Reports indicate that tensions escalated on February 28 after the United States and Israel launched airstrikes on Iran, an attack said to have killed Iran’s Supreme Leader, Ali Khamenei.

Since then, hostilities have intensified, with Iran reportedly targeting US interests in neighbouring countries and launching drone and missile strikes toward Israel.

The United States is said to have recorded at least seven soldiers killed during the conflict, while no fewer than 104 others have sustained injuries.

Watch the video: https://x.com/i/status/203149795184411865

Defense Minister summons service chief as insecurity worsens in Nigeria

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U.S. Navy Adm. Christopher W. Grady, Vice Chairman of the Joint Chiefs of Staff, meets with General Christopher Musa, Chief of the Defense Staff of Nigeria, at the Pentagon, Washington, D.C., January 19, 2024. (DOD photo by Staff Sgt. Alexander Nieves)

The Minister of Defence, Christopher Musa, on Wednesday held a crucial meeting with Nigeria’s Service Chiefs amid escalating security challenges across the country.

 

The meeting follows a series of deadly attacks on military bases in the NortNortheastion by terrorists.

 

Reports indicate that at least three Nigerian Army commanding officers, all holding the rank of Lieulieutenant colonel,e recently killed during attacks carried out by terrorists in Borno State.

 

The high-level security meeting is currently taking place at the Miniminister’sice at the Ministry of Defence Headquarters in Abuja.

 

According to reports, those present at the meeting include the Chief of Defence Staff, Olufemi Oluyede, and the Chief of Army Staff, Waidi Shaibu.

 

Also in attendance are the Chief of Air Staff, Sunday AnekAneke, and Chief of Naval Staff, Idi Abass, as well as representatives of the National Intelligence Agency and other security officials.

Nigerian Naira records first gain against US dollar after weeks of decline

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The Nigerian naira recorded its first appreciation against the United States dollar at the official foreign exchange market on Tuesday after weeks of persistent decline.

Data released by the Central Bank of Nigeria showed that the naira closed at N1,401.40 per dollar on Tuesday, an improvement from the N1,405.62 recorded on Monday.

The latest figure indicates that the local currency strengthened by N4.22 against the dollar on a day-to-day basis.

The last time the naira appreciated at the official market was on February 17, when it exchanged at N1,335.96 per dollar. Since then, the currency has been on a sustained depreciation streak.

Meanwhile, at the parallel market, popularly known as the black market, the naira remained unchanged at N1,420 per dollar on Tuesday, the same rate recorded a day earlier.

The development comes as global oil prices declined, with Brent and West Texas Intermediate crude falling below $90 per barrel on Tuesday for the first time since the Iran-United States-Israel conflict began on February 28, 2026.

Amid the drop in global crude prices, Dangote Refinery recently reduced its gantry price for petrol to N1,075 per liter after several previous increases.

According to data from the Central Bank of Nigeria, Nigeria’s external reserves stood at $49.94 billion as of March 6.