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Naira hits strongest level since EFEMS launch, gains N17.73

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Naira

Naira rises to N1,401 per dollar at official FX market, marking strongest level since EFEMS launch amid improved liquidity and growing investor confidence

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Nigeria’s currency has strengthened to its highest level since the introduction of the new Electronic Foreign Exchange Matching System (EFEMS), reflecting improved liquidity and growing investor confidence.

Also read:  Naira Edges Lower Amid Midweek Forex Market Activity

At the Nigerian Foreign Exchange Market (NFEM) on Tuesday, the naira appreciated to N1,401.22 per dollar, up 1.26 per cent or N17.73 from Monday’s N1,418.95, according to Central Bank of Nigeria (CBN) data.

Trading activity indicated heightened demand at the stronger end of the market, with bids submitted as high as N1,400 per dollar, signalling increased willingness among participants to transact at firmer rates.

Meanwhile, the parallel market remained stable at N1,485 per dollar, suggesting reduced arbitrage pressures.

The currency’s strength has been supported by rising external reserves, which reached $46.03 billion as reflecting steady foreign inflows and improved sentiment around Nigeria’s external position.

Tilewa Adebajo, CEO of CFG Advisory, said the naira is likely to trade within a range of N1,400 to N1,500 per dollar this year, citing rising foreign capital inflows, stronger diaspora remittances, and reforms in the oil and gas sector as key stabilising factors.

The Nigerian Economic Summit Group (NESG) also forecasts the naira at around N1,480 per dollar in 2026, projecting external reserves could rise to $52 billion over the same period, supported by ongoing reforms and sustained stabilisation measures.

CBN projections align with these expectations, estimating an average exchange rate of N1,451.63 per dollar at the NFEM in the fourth quarter of 2025, with further moderation towards N1,400 in 2026.

The apex bank attributes the outlook to improved FX market efficiency, stronger capital inflows, a current account surplus, and broader economic recovery.

Since its full rollout the EFEMS platform has enhanced transparency, tightened price alignment, and improved confidence in the naira, according to market participants.

Also read: Naira Edges Up Amid Volatility, Offers Sliver of Relief

Analysts credit these structural reforms with supporting the currency’s recent gains and fostering stability in Nigeria’s official FX market.

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Panic-stricken Enugu APC begins flag-off of already flagged of roads in Nsukka after PDP’s Chijioke Ugwu’s homecoming

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Nsukka road projects have been flagged off after a major PDP homecoming for Chijioke Ugwu, amid political realignment ahead of the 2027 election (more…)

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NAF Mourns 25 Killed in Ondo Aircraft Crash

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The Nigerian Air Force has confirmed that all 25 people aboard its ATR-42 aircraft, NAF 931, died after the aircraft crashed in the Igbokoda area of Ondo State.

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The aircraft, which had five crew members and 20 passengers on board, was on a routine mission from Benin to Lagos when the NAF 931 aircraft crash occurred on Monday, October 5, 2026. Search-and-rescue operations were immediately activated following the accident.

The Chief of the Air Staff, Air Marshal Sunday Kelvin Aneke, described the incident as a deeply painful moment for the Nigerian Air Force and the country, while extending condolences to the families, colleagues and loved ones of those who died.

Aneke assured the bereaved families of the Nigerian Air Force’s full support as they come to terms with the loss.

The Air Force said no survivors had been found and released the names of the five crew members and 20 passengers on board the aircraft.

The crew members were identified as Squadron Leader M.I. Aburime, Flight Captain; Squadron Leader A.P. Man-Ugwueje, Co-pilot; Flight Lieutenant I.S. Bako, Co-pilot; Warrant Officer A. Abubakar, Aircraft Technician; and Corporal H.C. Uguru, Aircraft Technician.

The 20 passengers were Flight Lieutenant T.L. Lazarus; Flight Lieutenant M. Akinloye; Flying Officer I.M. Adeshina; Master Warrant Officer F. Onwuka; Master Warrant Officer B.A. Matini; Warrant Officer F.S. Nuhu; Flight Sergeant R.B. James; Flight Sergeant A.I. Mohammed; Sergeant A.E. Ani; Sergeant S.I. Izibenikien; Sergeant C. Alafuka; Sergeant A.N. Mbadugha; Lance Corporal F.C. Ugwuba; Lance Corporal G.E. Eledan; Mrs Ezeh Nneka; Godstmine Tarabina; Joy Micheal; Sunday Micheal; Ukeme David; and Gideon Omotola.

The latest figure released by the Air Force differs from the initial information provided after the crash. Aviation Minister Festus Keyamo had initially said 32 people, comprising 25 passengers and seven crew members, were aboard the aircraft. The Nigerian Air Force subsequently clarified that the manifest contained 25 people, made up of five crew members and 20 passengers.

The aircraft crashed in a swampy area around Igbokoda, close to a naval base, after air traffic controllers lost contact with it at about 9:13am while it was travelling from Benin to Lagos. The wreckage was later located and rescue teams were deployed to the area.

The cause of the crash has not been established. The Chief of the Air Staff has directed a comprehensive investigation to determine the circumstances surrounding the accident.

President Bola Tinubu had also directed the Nigerian Air Force to conduct a thorough investigation into the crash and declared three days of national mourning for the personnel who died. He ordered that national flags be flown at half-mast throughout the country in honour of the victims.

The Air Force said it would continue to provide timely and verified information as the investigation progresses. It also urged members of the public to avoid speculation and the circulation of unverified information, while respecting the privacy and dignity of the affected families.

A condolence register has been opened at the Headquarters of the Nigerian Air Force in Abuja for senior government officials, members of the diplomatic corps, heads of security agencies and other well-wishers who wish to pay their respects and convey messages of sympathy to the families of the deceased and the Nigerian Air Force.

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Dauda Lawal joins Shettima-led Ethiopia delegation

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Zamfara Governor Dauda Lawal joins Vice President Kashim Shettima and other Nigerian officials for a nutrition leadership exchange in Ethiopia (more…)

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