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Nigerian Naira records second straight week of significant drop against US dollar

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The Nigerian naira closed the second consecutive week on a downward trend against the United States dollar across both the official and parallel foreign exchange markets.

Data from the Central Bank of Nigeria on Friday showed that the naira weakened further to N1,393.26 per dollar at the official market, compared to N1,387.45 recorded previously.

 

This represents a day-to-day depreciation of N5.81 and a week-on-week drop of N29.87 against the dollar. In the last two weeks alone, the local currency has fallen by N46.94 at the official market.

 

At the parallel market, commonly known as the black market, the naira also recorded a sharp decline. The currency traded at about N1,415 per dollar on Friday, representing a depreciation of N45 from around N1,370 per dollar on February 23, 2026.

 

Bureau de Change operators at Wuse Zone 4 in Abuja confirmed the development.

 

The continued decline of the naira across foreign exchange markets comes despite recent interventions by the Central Bank of Nigeria to stabilize the currency by mopping up dollars from the market.

 

The intervention was recently acknowledged by Bola Ahmed Tinubu, who confirmed that the apex bank had taken steps to manage dollar liquidity in the foreign exchange market.

Recapitalization: Three Nigerian Banks yet to meet CBN capital requirement weeks to deadline

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Three Nigerian banks are yet to meet the minimum capital requirements set by the Central Bank of Nigeria (CBN) as of Friday, March 6, 2026, with the March 31 recapitalization deadline fast approaching.

 

The CBN disclosed this in a statement issued by its spokesperson, Mrs. Hakama Ali-Sidi, on Friday.

 

According to the apex bank, 30 banks have successfully met the new minimum capital thresholds required for their respective license categories, leaving only three banks still short of the requirement.

 

However, the CBN explained that the remaining three banks are currently undergoing routine verification of their capital positions after 33 banks raised additional funds through rights issues and initial public offerings (IPOs).

 

“As of March 6, 2026, the recapitalization exercise is progressing steadily. Thirty (30) banks have met the new minimum capital requirements applicable to their respective license authorizations,” the statement said.

 

Earlier, CBN Governor Olayemi Cardoso had disclosed during the 304th Monetary Policy Committee (MPC) briefing that only 20 of the 33 banks had met the capital requirements.

 

This means that between February 24 and March 6, an additional ten banks successfully complied with the recapitalization requirement.

 

The recapitalization program was introduced by the apex bank in March 2024, with March 31, 2026, set as the deadline for banks to meet the new capital thresholds.

Recapitalization: 30 Nigerian Banks Meet CBN’s capital requirements ahead of March 31 Deadline

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The Central Bank of Nigeria (CBN) has announced that 30 commercial banks have successfully met the new minimum capital requirements ahead of the March 31, 2026, recapitalization deadline.

 

The update was disclosed in a statement on Friday by the CBN spokesperson, Hakama Ali-Sidi.

 

According to the apex bank, a total of 33 banks have raised additional capital through various funding channels, including rights issues, initial public offerings (IPOs), and private placements as part of the ongoing recapitalization program.

 

The CBN explained that although 30 banks have already met the required capital thresholds for their respective licenses, three others are currently undergoing routine verification of their capital positions before final confirmation of compliance within the recapitalization timeline.

 

The regulator noted that the recapitalization exercise is progressing smoothly.

 

“As of March 6, 2026, the recapitalization exercise is progressing steadily. Thirty banks have met the new minimum capital requirements applicable to their respective license authorizations. In total, thirty-three banks have raised additional capital through rights issues, IPOs, and private placements as part of the program,” the statement said.

 

The apex bank added that it will continue to closely monitor regulated institutions to ensure they comply fully with prudential and capital requirements.

 

Earlier, the CBN Governor, Olayemi Cardoso, disclosed during the 304th Monetary Policy Committee briefing that 20 out of the 33 banks had met the new capital threshold as of February 24, 2026.

 

The latest update indicates that an additional 10 banks have achieved compliance between February 24 and March 6.

 

The recapitalization policy was introduced by the CBN in March 2024, giving banks a two-year window to meet the new capital base requirements, with March 31, 2026, set as the deadline.

Lagos businesswoman accuses GTBank of unauthorized debit

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A Lagos-based fashion designer and owner of Unique A’ Wears, Ada George, has accused Guaranty Trust Bank (GTBank) of allegedly debiting N395,425 from her account without her authorization.

Evidence GTB

George made the allegation in a post shared on her X handle, @adageorgeA, on Friday, where she also attached proof of the transaction.

According to her, the deduction occurred on March 3, 2026, without her knowledge or consent.

The businesswoman stated that she had not used her ATM card since 2024 and had not carried out any online transaction prior to the debit.

George further alleged that when she visited a GTBank branch in Ikorodu, Lagos, to lodge a complaint, a staff member told her there was nothing he could do about the issue.

She wrote in part: “The whole story is clear now. The GTB branch at Ikorodu said there’s nothing he can do about it, that if I like, I should sleep here. @gtbank @gtbank_help you are employing a thief to work at your branch.”

She also insisted that she did not authorize the transaction, adding that the money left her account on March 3, 2026.

“Today I will sleep in GTB bank. Baba wants to be lying that I used my ATM,” she wrote.

Responding to the complaint, GTBank’s customer support team on X asked the customer to send details of the issue through a private message to enable them to investigate the matter.

Nigerian Newssphere reports that GTB is among the Nigerian banks that have met the Central Bank of Nigeria’s minimum capital requirements.

 

 

2027: Major win for opposition party as court dismisses suit seeking removal of David Mark, other ADC national officers

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A Federal High Court in Abuja has dismissed a suit seeking the removal of David Mark and Rauf Aregbesola as National Chairman and National Secretary of the African Democratic Congress (ADC).

Delivering judgment on Friday, Justice Joyce Abdulmalik ruled that the court lacked jurisdiction to entertain the suit because it concerned the internal affairs of a political party.

The judge held that matters relating to party leadership and membership fall within the internal mechanisms of political parties and are therefore not justiciable in court.

 

Justice Abdulmalik noted that political parties are voluntary associations and that individuals choose to join them without compulsion. According to her, members who are dissatisfied with decisions within their parties should explore internal dispute resolution mechanisms or, if necessary, withdraw from the party and join another.

 

She emphasized that courts cannot interfere in issues concerning party membership or leadership positions.

 

David Mark currently serves as the National Chairman of the African Democratic Congress, while Rauf Aregbesola holds the position of National Secretary.

2027: I won’t be intimidated by APC’s 30 govs- Peter Obi declares intent to contest Presidency

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Former Anambra State Governor Peter Obi has declared his intention to contest the 2027 presidential election, insisting that the large number of governors in the ruling All Progressives Congress (APC) will not intimidate him.

Obi, who was the presidential candidate of the Labour Party (Nigeria) in the 2023 election, said there have been several attempts to discourage him from joining the race, but he remains determined.

 

Speaking to supporters in the Njikoka Local Government Area of Anambra State on Friday, Obi said Nigeria has collapsed and requires urgent rescue.

 

According to him, his ambition is not driven by a personal desire to become president but by a strong determination to see a functioning Nigeria.

Tinubu approves posting of Reno Omokri, Fani-Kayode, other Ambassadors to various foreign countries [DETAILS]

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President Tinbu

President Bola Ahmed Tinubu has approved the deployment of 65 ambassadors-designate to Nigeria’s foreign missions and the United Nations.

The postings include 31 career diplomats and 34 non-career ambassadors, according to a statement issued on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

 

The ambassadors were earlier confirmed by the Senate in December 2025.

Among the non-career ambassadors, former presidential aide Reno Omokri was posted to Mexico, while former Minister of Aviation Femi Fani-Kayode will serve in Germany. Former Minister of Health Prof. Isaac Adewole was assigned to Canada, while Lateef Kayode Are was posted to the United States.

Others include Senator Ita Enang to South Africa, Senator Grace Bent to Togo, Olufemi Pedro to Australia, Jimoh Ibrahim as Nigeria’s Permanent Representative to the United Nations, and Lt. Gen. Abdulrahman Bello Dambazau (retd.) to China.

 

In the list of career diplomats, Ambassador Mohammed Mahmud Lele was posted to Algeria, Ambassador Ahmed Mohammed Monguno to Egypt, Ambassador Abdussalam Habu Zayyad to Senegal, Ambassador Aminu Nasir to Ethiopia, and Ambassador Bako Adamu Umar to Morocco, among others.

2026 Ekiti Poll: Court orders INEC to recognize Oluyede as PDP Governorship candidate 

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The Federal High Court in Abuja has directed the Independent National Electoral Commission (INEC) to recognize Dr. Oluwole Oluyede as the governorship candidate of the Peoples Democratic Party (PDP) for the 2026 election in Ekiti State.

 

Delivering judgment on Friday, Justice Umar granted all the reliefs sought by Oluyede and the PDP in a suit marked FHC/ABJ/CS/40/2026 filed against INEC.

 

The court faulted the electoral commission for excluding Oluyede from the list of candidates for the forthcoming governorship election and ordered the commission to immediately recognize him as the PDP’s flagbearer.

 

Justice Umar also directed INEC to include Oluyede’s name alongside the PDP logo on the ballot for the election. In addition, the court issued a perpetual injunction restraining the commission from rejecting or excluding him from any activities connected to the governorship poll.

 

Oluyede had earlier received a certificate of return from the PDP National Chairman, Kabiru Turaki (SAN), confirming him as the party’s candidate for the 2026 governorship election in Ekiti State.

 

However, the PDP alleged that INEC, under the leadership of its chairman, Joash Amupitan (SAN), failed to include Oluyede’s name on the official list of candidates, prompting the party and its candidate to challenge the decision in court.

 

Reacting to the judgment, the PDP described the ruling as a victory for justice and democracy.

 

In a statement signed by its National Publicity Secretary, Ini Ememobong, the party urged INEC to operate strictly within the law and avoid actions capable of undermining Nigeria’s multi-party democratic system.

 

The PDP also called on its members in Ekiti State to intensify their campaigns ahead of the governorship election, expressing confidence that the party would secure victory with Oluyede as its candidate.

‘Humans are more wicked than snakes’—Baba Ijesha speaks after prison release

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Popular Nollywood actor Baba Ijesha has claimed that human beings can be more wicked than venomous snakes as he publicly addressed the controversy surrounding his imprisonment for the first time since regaining freedom.

The actor made the remarks about three months after his release from prison in Lagos State, where he served a five-year jail term over allegations of sexual assault brought against him by his colleague and comedian, Damilola Adekoya.

Princess had in 2021 accused the actor of sexually assaulting her 14-year-old foster daughter at her residence. However, Baba Ijesha has continued to deny the allegation.

According to him, the incident was a setup orchestrated by Princess, who he said invited him to her residence under the pretext of participating in a movie production. The actor alleged that he was asked to rehearse a scene where he would act as the girl’s boyfriend in the presence of others on the supposed movie set.

DAILY POST recalls that Baba Ijesha was released in November 2025 after completing his five-year prison sentence.

Speaking in a viral music video circulating online, the actor narrated his version of the events that led to his arrest and imprisonment, accusing Princess of betraying his trust.

He alleged that she invited him over with the promise of preparing his favorite meal, pounded yam and egusi soup with bush meat, while also discussing a film project they would work on together.

Baba Ijesha said he later realized that the supposed film shoot was not real and claimed the entire arrangement was a trap that eventually led to his arrest and detention at Kirikiri prison.

The actor lamented what he described as betrayal by people he trusted within the entertainment industry and urged his fans and the public to be cautious in their relationships.

He warned that longtime friends could sometimes be untrustworthy, advising supporters to learn from his experience.

The video containing his remarks has since gone viral on social media, sparking mixed reactions among Nigerians.

Outrage over Boko Haram viral video after deadly attack in Northern Nigeria

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Reactions have continued to pour in across Nigeria following a trending video allegedly released by members of the terrorist group Boko Haram after a reported attack in Ngoshe, a community in Gwoza.

 

It was reported that suspected terrorists attacked a military base and an Internally Displaced Persons (IDPs) camp in Ngoshe town, killing an unspecified number of soldiers and civilians.

 

Local sources and security operatives confirmed the incident, noting that a large number of armed terrorists invaded the town shortly after Muslims broke their fast on Wednesday.

 

Amid the development, controversial social media commentator VeryDarkMan reacted to the alleged video, describing the situation as evidence of worsening insecurity in the country.

 

“Islamic terrorists, Boko Haram, have released a video from the raid in Ngoshe, Gwoza, Borno State. Nigeria is a failed state! Only @realDonaldTrump can save us,” he wrote, referencing former United States President Donald Trump.

 

The alleged video has triggered heated debate online, with several media commentators and social media users criticizing the government as well as remarks previously made by Nigeria’s National Security Adviser, Nuhu Ribadu.

 

One user, identified as @Garuba, accused political leaders of prioritizing future elections over pressing security concerns.

 

“All this is happening, but guess what? Our leaders are busy buying expensive luxury buses and doling out billions for campaign mobilization for 2027, while the people you swore to serve and protect are not sure of making it alive to 2027,” the user wrote.

 

Another commenter, @Dubem, suggested the attackers’ confidence might indicate possible backing.

 

“There’s no way someone can talk boldly like that without a strong backup,” the user stated.

 

Similarly, @charles William criticized the government for allegedly focusing on politics instead of the safety of citizens.

 

“Does it look like what happens in Nigeria concerns this government right now? It is next year’s election that concerns them, not the killing and kidnapping of Nigerians,” the user said.

 

Some commenters also blamed the ruling All Progressives Congress (APC), describing the situation as a failure of leadership.

 

“The APC-led government has failed Nigeria and her citizens,” another user, @peter obi is coming, wrote.

 

The criticism also extended to Ribadu following remarks he made in a Hausa speech where he reportedly described some bandits and terrorists as “our brothers” who want peace.

 

Ribadu had emphasized the importance of dialogue and understanding in certain circumstances, noting that non-military approaches could complement ongoing security operations.

 

Reacting, an X user, @Oluwafemi, wrote, “The NSA are our brothers.”

 

Another media commentator referenced alleged threats made by the attackers, claiming they boasted about entering Ngoshe despite warnings.

 

“They said we can’t come into Ngoshe town. Here we are today in Ngoshe, and we are going to celebrate Sallah Eid here. We are not going to stop only in Maiduguri; we will also reach up to Abuja,” the commentator, @Abu Amir, wrote while quoting the alleged message from the attackers.

 

The video has continued to generate widespread reactions online as concerns grow over the security situation in parts of the Northeast.

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