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Naira to Dollar  exchange rate July 1, 2026: Naira Records strongest strongest gain against US Dollar

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The Nigerian naira recorded its strongest appreciation against the United States dollar this week at the official foreign exchange market on Wednesday.

Data from the Central Bank of Nigeria (CBN) showed that the naira strengthened to N1,372.41/$1 on Wednesday, improving from N1,379.68/$1 recorded on Tuesday.

 

The latest figures indicate that the local currency gained N7.27 against the dollar on a day-to-day basis, marking its highest single-day appreciation this week at the official market.

 

However, the naira remained unchanged at the parallel market, trading at N1,139.50 per dollar on Wednesday, the same rate recorded on Tuesday.

 

The latest development means the naira has now appreciated against the US dollar for two consecutive trading sessions at the official foreign exchange window.

 

The currency’s improved performance comes amid a further increase in Nigeria’s external reserves, which climbed to $51.46 billion.

 

Meanwhile, the CBN on Wednesday revoked the operating licences of 46 microfinance banks, including Illegal Credit Microfinance Bank and Sycamore Microfinance Bank, as part of efforts to strengthen regulation in the country’s financial sector.

Tinubu’s presidency speaks on  N600m fraud against Gbajabiamila 

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The Presidency has dismissed allegations that President Bola Tinubu’s Chief of Staff, Femi Gbajabiamila, collected N600 million to facilitate a government appointment, insisting that the Chief of Staff has no constitutional power to issue appointment letters.

The clarification was contained in a statement issued on Wednesday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.

The statement was in response to claims by Adeniyi Adeyemi, who describes himself as the Director-General of the Presidential Foreign Intervention Promotion Council (PFIPC). Adeyemi had alleged that Gbajabiamila received N400 million through a proxy and demanded an additional N200 million to secure his appointment.

The Presidency, however, described the allegations as false, maintaining that the PFIPC is a non-existent government agency and that Adeyemi was never appointed by President Bola Tinubu.

According to the statement, the Office of the Chief of Staff first uncovered the alleged fraud after complaints from the Nigerian Investment Promotion Council (NIPC) that another agency was operating in parallel with its functions.

On October 17, 2025, Gbajabiamila reportedly petitioned the Department of State Services (DSS) and the Nigeria Police Force to investigate individuals allegedly forging appointment letters purportedly issued from his office.

The petition stated that forged documents bearing fake signatures, reference numbers and official seals were being used to claim leadership positions in non-existent government agencies, particularly the Presidential Foreign Intervention Promotion Council.

The Presidency also disclosed that officials of the Ministry of Foreign Affairs had earlier raised concerns over Adeyemi’s activities after he reportedly held a meeting with ambassadors at the Wells Carlton Hotel in Abuja without the ministry’s knowledge.

According to the statement, the ministry sought clarification from both the Office of the National Security Adviser (ONSA) and the Office of the Secretary to the Government of the Federation (OSGF) regarding the status of Adeyemi’s agency.

Responding to the inquiries, the Chief of Staff denied ever issuing any appointment letter to Adeyemi.

“The Chief of Staff could not have issued a letter of appointment to a non-existent agency. Moreover, the Chief of Staff does not make appointments or write letters, as these are the exclusive preserve of the Office of the Secretary to the Government of the Federation,” the statement read.

The Presidency further disclosed that Adeyemi was arrested by the police on October 27, 2025, at an office in Abuja allegedly used to operate the scheme.

Following searches conducted at his office and residence in Suleja, investigators reportedly recovered several documents and exhibits linked to the alleged fraud.

According to the statement, Adeyemi told investigators that one Dolapo Babatunde Tanimola assisted him in obtaining the forged appointment letter. However, police later established that Tanimola had died in a fire incident at Kachi Hotel in Abuja on October 22, 2025, days before Adeyemi’s arrest.

The police investigation reportedly concluded that the PFIPC was fictitious and that Adeyemi forged appointment documents, impersonated a government official and fraudulently requested a note verbale from the Ministry of Foreign Affairs to facilitate United States visas for himself and his associates.

Investigators also alleged that Adeyemi operated 34 bank accounts, including nine opened in the names of fictitious agencies.

The Presidency further claimed that Adeyemi used forged documents to fraudulently open an account with the Central Bank of Nigeria (CBN) by misleading the Office of the Accountant-General of the Federation, adding that no government funds were paid into the account.

Police subsequently filed an eight-count charge against Adeyemi and two alleged accomplices before the Federal High Court in Abuja on November 27, 2025. He is expected to appear in court on July 27.

The Presidency also alleged that Adeyemi had a history of impersonation, recalling that in 2016 he presented himself as an ambassador and President-General of the World Youth Organisation (WYO), which he claimed was affiliated with the United Nations. According to the statement, the UN later denied the existence of the organisation.

The Presidency urged politicians and members of the public not to rely on Adeyemi’s allegations against the Chief of Staff, stressing that the matter is already before the court and remains sub judice.

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2026 FIFA World Cup: Harry Kane Scores Brace as England eliminates DR Congo

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England captain Harry Kane scored twice to fire the Three Lions of DR Congo into the Round of 16 of the 2026 FIFA World Cup.

Kane’s brace proved decisive as England secured qualification for the knockout stage with an impressive performance in their Round of 32 clash.

 

The victory keeps England’s hopes of lifting the World Cup trophy alive as they progress to the next phase of the tournament.

 

Details later…

CBN revokes licenses of 46 Nigerian banks[Full names]

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The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country over their failure to comply with regulatory requirements.

The apex bank announced the decision in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali, stating that the revocation takes immediate effect.

 

According to the CBN, the action was taken in line with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

 

The bank explained that the affected microfinance banks failed to satisfy the conditions required to continue operating as licensed financial institutions.

 

The CBN said the decision followed the identification of one or more regulatory infractions, including insufficient assets to meet liabilities, closure of operations without the approval of the apex bank, prolonged inactivity and cessation of financial intermediation, failure to commence business within 12 months of receiving a licence, and failure to maintain the required minimum capital unimpaired by losses.

 

Explaining the rationale behind the move, the apex bank stated:

 

“The revocation of the licences is part of the bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements.

 

“The Central Bank of Nigeria remains committed to promoting a safe, sound and resilient financial system and will continue to take appropriate supervisory and regulatory actions, where necessary, to maintain public confidence in the Nigerian financial system,” the statement said.

 

See full names:

 

Full Names of mfbs cbn withdraws licenses from
Full Names of mfbs cbn withdraws licenses from
MFBs CBN WITHDRAWS LICENSES FROM

 

Flood: They said my mouth smells- Arise TV’s Rufai Oseni faults Sanwo-Olu, FG

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Arise Television anchor Rufai Oseni has called on the Lagos State Ministry of Environment and the Federal Ministries overseeing environment and works to make public all documents relating to the Environmental Impact Assessment (EIA) conducted for the Lagos Coastal Road project following recent flooding in parts of the state.

Speaking during The Morning Show on Arise Television on Wednesday, Oseni urged the relevant authorities to release correspondence, reports and other official records detailing how the environmental impact assessment was carried out and how it addressed potential flooding risks associated with the project.

According to him, a project of such magnitude could not have proceeded without extensive consultations between the Lagos State Government and the Federal Government on its environmental implications.

Oseni maintained that the public deserves access to the documents to better understand the planning process and the measures proposed to mitigate the impact of the coastal road on surrounding communities.

“You see, when we talk, they say my mouth is smelling, but it is better my mouth smells and Nigeria gets better,” he said.

He further challenged the Lagos State Ministry of Environment, the Federal Ministry of Environment and the Federal Ministry of Works to publish the correspondence and negotiations relating to the project’s environmental impact assessment.

 

“There is no way you would have been building a road like that without environmental impact assessments where the state Ministry of Environment liaises with the federal,” Oseni stated.

 

He also called for the release of the full environmental impact assessment report, including findings on the potential effects of the coastal road on Lagos’ flood patterns, when the assessment was conducted, and the mitigation measures proposed to reduce any adverse consequences.

 

In addition, Oseni urged the authorities to disclose documents relating to flooding in other affected parts of Lagos, insisting that greater transparency would help the public understand the government’s response to the environmental challenges.

Fuel price in Nigeria: IPMAN threatens nationwide shutdown

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has threatened to shut down filling stations across the country if the Federal Government attempts to impose fuel price controls on marketers despite the deregulation of the downstream petroleum sector.

 

IPMAN’s National Publicity Secretary, Chinedu Ukadike, disclosed this in an interview with Nigerian Newssphere, warning that any move to regulate petrol prices would violate the provisions of the Petroleum Industry Act (PIA).

 

His comments follow recent directives by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, who urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to sanction petroleum marketers found exploiting consumers through excessive fuel prices.

 

Similarly, the Federal Competition and Consumer Protection Commission (FCCPC) recently warned fuel marketers against arbitrary pricing, expressing concern over what it described as exploitative petrol prices despite the decline in global crude oil prices.

 

International oil prices have fallen significantly in recent weeks, with Brent crude trading around $72 per barrel and West Texas Intermediate (WTI) hovering near $69 per barrel following the easing of tensions linked to the Iran-Israel-United States conflict.

 

Despite the drop in crude oil prices and recent reductions in petrol prices by the Dangote Refinery, pump prices remain high across Nigeria. In Abuja, petrol is still sold between N1,210 and N1,300 per litre at many filling stations, prompting calls by government agencies for marketers to reflect lower costs in retail prices.

 

Responding to the government’s position, Ukadike insisted that marketers were already operating under severe financial pressure and warned that any attempt to enforce price controls would force operators to close their retail outlets nationwide.

 

According to him, petroleum marketers have collectively lost between N10 billion and N15 billion in recent weeks due to the repeated reductions in petrol prices.

 

He explained that marketers often purchase fuel at higher prices, only for market prices to decline before the products reach their filling stations, forcing them to sell at a loss to remain competitive.

 

“Capital is hard to gather. There is no buffer area for marketers. Most of us are losing between N10 billion and N15 billion due to the recent fuel price reductions. You buy at a particular price, and before the product gets to your station, the price has dropped again. We are forced to sell at a loss because if you don’t sell competitively, customers won’t buy,” he said.

 

Ukadike maintained that the downstream petroleum sector is fully deregulated and argued that the government cannot dictate pump prices without considering marketers’ acquisition costs.

 

“Marketers will shut down if they try to enforce price control. We are going to shut down our stations nationwide. You cannot regulate a deregulated market. You cannot tell me how much to sell my product without considering how much I bought it.

 

“You can’t be blowing hot and cold at the same time. The Petroleum Industry Act must be followed to the letter. If they try to enforce price control, we will shut down,” he added

Insecurity: Notorious Bandit flaunts kidnap ransom cash on TikTok

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A notorious bandit identified as Auta Yankuzo has reportedly shared a photograph on TikTok showing what is alleged to be a large sum of money obtained from kidnap ransom payments.

 

The claim was made on Wednesday by conflict journalist Bakatsine in a post on X, formerly Twitter.

 

According to Bakatsine, the image was uploaded to Yankuzo’s TikTok account on Tuesday. However, he noted that the photograph may not be recent, suggesting it was likely taken during an earlier ransom payment.

 

“Bandits TikToker Auta Yankuzo has posted a ransom payment on his account yesterday. The picture appears to be from previous payment as the ground looks too dry to be of recent days,” Bakatsine wrote.

 

Bakatsine, who regularly reports on conflict and insecurity in Nigeria’s North-West, said the image appears to have been reposted despite likely originating from an earlier incident.

 

The development has renewed concerns over the use of social media platforms by criminal groups to display their activities and alleged proceeds from crime.

 

It comes days after a viral video surfaced online showing armed bandits displaying large sums of cash reportedly received as ransom payments, further raising alarm over the country’s worsening security situation.

 

Kidnapping for ransom remains one of Nigeria’s most persistent security challenges, particularly across the North-West and parts of the North-Central, where armed gangs have repeatedly targeted communities, travellers, schools and farmers.

 

Despite ongoing military operations against bandit groups, incidents of attacks and abductions continue to be reported in several states across the country.

 

The authenticity of the TikTok image and the source of the money have not been independently verified.

Lagos in darkness over flooding

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Several parts of Lagos State have been thrown into darkness after severe flooding disrupted operations at key electricity transmission facilities.

The Transmission Company of Nigeria (TCN) on Wednesday declared force majeure on the Oworoshoki 33KV and Lekki 330/132KV Transmission Substations following flooding caused by persistent rainfall across the state.

In a statement issued by its General Manager, Public Affairs, Ndidi Mbah, TCN disclosed that the Oworoshoki 133/33KV Transmission Substation has been completely shut down after floodwaters affected two power transformers.

According to the company, while the Lekki 330/132KV Transmission Substation remains operational as engineers continue pumping out water, the Oworoshoki facility is currently out of service.

“The level of water has affected two power transformers, TR1 – 60MVA and TR3 – 30MVA, which tripped on no load even after attempted restoration,” the statement said.

TCN added that the protection and control cables of the affected transformers remain submerged, making restoration efforts difficult.

“Presently, all power protection and control cables of the two power transformers are submerged in water, and efforts to evacuate the floodwater have proved ineffective as the rain continues to fall,” the company stated.

Despite the setback, TCN assured residents that engineers are working round the clock to drain the flooded substation and restore electricity supply as quickly as possible.

“Our engineers are doing everything possible to evacuate the floodwater to enable them to test the transformers for restoration,” the statement added.

The company also apologised for the disruption, expressing regret over the inconvenience caused to customers of Eko Electricity Distribution Company (EKEDC) served by the affected substations.

2026 World Cup: Disgraceful, what’s VAR for- Drogba fumes on Cote Côte d’Ivoire by Norway 

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Côte d’Ivoire legend Didier Drogba has criticised the Video Assistant Referee (VAR) following his country’s exit from the 2026 FIFA World Cup.

 

The Elephants were knocked out of the tournament after suffering a 2-1 defeat to Norway in their Round of 32 clash on Tuesday.

 

Antonio Nusa gave Norway the lead in the first half before Amad Diallo restored parity for Côte d’Ivoire. However, Erling Haaland struck the decisive goal late in the match to send the Norwegians into the Round of 16.

 

Reacting after the game, Drogba questioned the decision not to award Côte d’Ivoire a penalty after Nicolas Pépé went down in the box.

 

“Disgraceful that penalty not given for Nicolas Pépé… what is VAR even for?” Drogba wrote on his X account.

 

Norway will face Brazil in the Round of 16 as they continue their World Cup campaign.

2026 FIFA World Cup: Three African countries eliminated 

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Côte d’Ivoire have become the third African nation to exit the 2026 FIFA World Cup after suffering a 2-1 defeat to Norway in their Round of 32 clash on Tuesday.

Norway took the lead in the first half through Antonio Nusa before Côte d’Ivoire fought back, with Amad Diallo equalising in the 72nd minute to restore hope for the Elephants.

 

However, Erling Haaland netted the decisive goal to seal victory for Norway and book their place in the Round of 16. The strike was Haaland’s fifth goal of the tournament.

 

With the defeat, Côte d’Ivoire join South Africa and Tunisia as the African teams eliminated from the competition, reducing the continent’s representation in the tournament.

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