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Update : Naira weakens further to 517 against dollar

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The naira fell further against the dollar at the parallel market on Wednesday after staying steady at 515/$ in recent days.
The local currency fell to 517 against the US currency at the parallel market on Wednesday.
At the Investors and Exporters’ window, the naira weakened by 0.06 per cent to close at 411.75/$ on Wednesday, according to FMDQ Group.
The naira had strengthened to 506/$ on August 4 after plunging to 525/$ at the parallel market on July 28, a day after the Central Bank of Nigeria stopped foreign exchange sales to Bureaux de Change. It had been hovering around 508/$ and 510/$ in recent days.
The CBN Governor, Mr Godwin Emefiele, had on July 27, at the end of the Monetary Policy Committee meeting, announced the stoppage of forex sale to the BDCs, saying they had turned themselves into ‘agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria’.
He said the CBN would channel a significant portion of its weekly allocation currently meant for BDCs to commercial banks to meet legitimate forex demand for ordinary Nigerians and businesses.
Securities Exchange rose by about 2.24 per cent last week.
The Exchange said in the forex spot and derivatives markets, the total turnover for the week ended August 13, 2021 was $692.60m, up from $677.44m reported for the previous week.
It said the week-on-week increase in turnover was driven by the 12.31 per cent increase in the forex spot, despite the 24.06 per cent decrease in forex derivatives turnover.
The total value of transactions in the Investors’ & Exporters’ window was $550.14m, representing an increase of 12.31 per cent from $489.85m in the previous week.
According to the Exchange, the average Nigerian Autonomous Foreign Exchange Fixing rate was N411.17/$, compared to N411.16/$ recorded in the previous week, representing a depreciation of the naira against the dollar by 0.003 per cent.
The naira, however, appreciated against the dollar by 0.04 per cent at the parallel market as it averaged 510.60/$, compared to 510.80/$ in the previous week.

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Warri- Itakpe train derailment: Police parade suspects, CP Kwaimo, Says vandalism is an economic sabotage

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Warri- Itakpe train derailment: Police parade arrested suspects … this act of vandalism is an economic sabotage – CP Kwaimo

…… Railway properties are critical national assets and not scraps, we are going to deploy technology for rail tracks monitoring – Opeifa

The Railway Command of the Nigeria Police Force today Friday 7th November 2025 at it’s headquarters in Ebute Metta, Lagos, paraded the two suspects arrested in connection with the derailment of the Warri Itakpe train service on Sunday 1st of November 2025.

Speaking to newsmen, the Commissioner of Police Nigeria Police Railway Command, CP Vungmoh S.M. Kwaimo, described the vandalism of train tracks as an act of economic sabotage which will be fought to a standstill. According to CP Kwaimo, the suspects, identified as Mudansuru Mutari (male, aged 27) and Blorie Kokori (aged 39), were apprehended around Kilometer 208 before Abraka, Delta State, on Tuesday, November 4, 2025, by operatives of the NRC Police Command in collaboration with local security agents.

CP Kwaimo described the arrest as a breakthrough in the fight against train tracks vandalism in the Agbor Abraka axis. According to him, “We are going all out against the vandals because we have a responsibility to ensure safety of life and property in line with section 4 of the Police Act”.

According to the CP, preliminary investigations and their confessional statements revealed their direct involvement in tampering with vital components of the rail track. He said, “We will pursue this case to see that justice is served”. He also promised to go after the sponsors, some of whom have been identified in Lagos and Agbor.

The CP used the occasion to inform the public that the number of policemen attached to each coach in the operations of the Nigerian Railway is to be increased. He expressed gratitude to President Bola Tinubu, the Inspector General of police and the management team of the NRC for their support and zero tolerance for railway vandalism.

CP Vungmoh Kwaimo at the parade of the suspects was flanked by his officers and men which included DCP Yahaya Mana DC (CID), DCP Toyin O. Sulyman DC (OPS), ACP Ibrahim Audu AC (OPS), among others.

In a similar vein, the president general of the Nigerian Union of Railwaymen comrade Innocent Luka Ajiji who led members of his executive to the parade of the suspects, was full of praise for the new leadership of the Nigerian Railway police command under CP Kwaimo Vungmoh for their tireless efforts in the fight against rail tracks vandalism, just as he commended the management of NRC led by Dr Kayode Opeifa for the reinvigoration and turn around of the Nigerian Railway Corporation and railway men for their commitment to their duty even in the face of challenges and setbacks caused by train tracks vandalism.

Similarly, the managing director and chief executive officer of the NRC Dr Kayode Opeifa while speaking to newsmen in his office, called on states governments to show concern to take ownership of the railway tracks that passes through their states through the provision of infrastructures like motorable roads to the train stations.

Comrade Opeifa reiterated his warning that railway properties are critical national assets and not scraps, and warned vandals and their sponsors to stay away or face the full weight of the law. According to the NRC helmsman, “Railway properties are national assets, stay away, we are changing strategies to secure train tracks, We are deploying technology and the use of local communities to safe guard our train tracks”.

According to Dr Opeifa, “We are prosecuting many arrested vandals of train tracks and will not stop, unless they stay away from our national assets”.

Dr. Opeifa emphasized that the NRC under his leadership remains focused on President Bola Tinubu administration Renewed Hope Agenda and will not compromise in the provision of efficient service delivery and safety of it’s passengers whose comfort is non negotiable.

He identified funding as a major challenge in the operations of the NRC, but noted that the support of states governments remains critical, to enhancing quality and efficient service delivery to the people.

Comrade Opeifa said that the corporation was in talks with the Rural Electrification Agency to provide electricity to the stations and trains tracks to about 500 meters to the train stations. He also called on the members of the national assembly to consider the Nigerian Railway Corporation (NRC) in their constituency projects.

Speaking on the derailed Warri Itakpe train of the 1st of November 2025, Dr Opeifa stated that only two coaches were affected as a result of the removed bolts and clips. He highlighted that over 300 bolts and clips were removed within the axis which caused the derailment, but that the re-railment was concluded within 24 hours, but due to the need to carry out necessary and diligent safety checks, the resumption of train services had to be put on hold temporarily and that train service has resumed on the corridor.

Comrade Opeifa used the occasion of the press briefing to appreciate and commend the commuting public whose loyalty, according to him, “Strengthened our resolve to remain committed and undeterred by the derailment setbacks”.

 

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BREAKING: Tinubu declares emergency on security training institutions

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Disturbed by the state of training institutions for the Nigeria Police Force (NPF), Nigeria Security and Civil Defence Corps (NSCDC) and other internal security agencies, President Bola Tinubu has declared emergency on the facilities. 

The emergency declaration was revealed by the chairman, National Economic Council (NEC) ad-hoc Committee on the overhaul of security training institutions in Nigeria and Enugu Governor, Peter Mbah, during an on-the-spot assessment of facilities in Lagos.

Mbah, who was accompanied on the visit by his Ogun State counterpart, Prince Dapo Abiodun, Secretary of the Committee and former Inspector General of Police (IGP), Alkali Usman Baba, as well as Assistant Inspector General of Police (AIG) in charge of Special Protection Unit (SPU), Olatunji Disu, said they have a 30-day deadline to submit a comprehensive report to NEC for action.

He said the President gave the mandate at the last NEC which held on October 23, adding that he categorically told the council that the present state of the security training institutions did not align with his dream of growing the economy to one trillion dollar in the next five years, harping on the need for modernisation.

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NDDC Prepares for Agric Summit, Meets Stakeholders, Says MD

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The Niger Delta Development Commission, NDDC, is hosting a two-day strategic meeting with commissioners, permanent secretaries, and directors of agriculture, fisheries & livestock in the nine Niger Delta states.

The meeting, which kicks off on Thursday in Port Harcourt, Rivers State, would be addressed by the NDDC Managing Director, Dr Samuel Ogbuku, who is expected to outline his plans for a retreat and agricultural summit for the Niger Delta region in line with President Bola Ahmed Tinubu administration’s agrarian programme.

An invitation extended to the stakeholders by the NDDC Director of Agric and Fisheries, Dr Winifred Madume, stated that the Commission was determined to make the Renewed Hope Agenda of the Federal Government a reality in the Niger Delta region by ensuring food security for the people.

Recall that the NDDC Chief Executive Officer had earlier assured that the Commission would align with the President’s vision for agriculture, to ensure that agriculture served as a platform for peace and security in the Niger Delta region.

Ogbuku promised: “Any time from now, the NDDC will convene a mini-agricultural retreat for state governments and commissioners of agriculture. States in the region have their various areas of strength in agriculture. We aim to establish regional agricultural integration, which will later evolve into a regional agricultural summit where a comprehensive master plan for the region’s agriculture will be developed.”

The Managing Director affirmed that the NDDC was engaging all stakeholders to ensure harmony and cooperation in developing the hitherto neglected Niger Delta region.

Reflecting on the Federal Government’s agricultural policies, Ogbuku stressed the need to bring them home to the Niger Delta region, noting that the NDDC would continue to promote policies and programmes that enhance food security and poverty reduction in the states .

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