Business
Naira Set To Break Below N1,500/$ Resistance
The Nigerian currency is less than N30/$ away from breaking the key resistance level of N1500/$ in Nigeria’s official market.
The Naira is trading at N1528/$ on Friday, slightly lower than Thursday’s closing price.
Nigeria’s naira’s fundamentals significantly improved after Nigerian banks resumed foreign currency transactions using naira debit cards.
Guaranty Trust Bank (GTBank), United Bank for Africa (UBA), Wema Bank, and Stanbic IBTC reinstated the ability for their customers to spend using naira cards internationally.
Customers were notified by GTBank that they could now pay for their favorite items anywhere in the world with their naira card, which now has a $1000 limit for international transactions over three months.
“This limit covers cash withdrawals from ATMs abroad up to $500 and online and point-of-sale transactions up to $1000. We would like to remind everyone that the $1000 cap on all other transactions outside of Nigeria applies to cash withdrawals, online payments, point-of-sale payments, and services related to withdrawals paid for in dollars”, the orange coloured bank stated.
UBA also stated, “As part of our unwavering dedication to enhancing your banking experience, we are delighted to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variant cards, are now fully operational for international transactions.”
The naira’s firmness followed support from the IMF for Nigeria’s disinflation strategy. They describe the CBN’s tight monetary policy as “appropriate and necessary” in losing inflation expectations and securing the macroeconomic framework in the Fund’s latest Article IV Consultation Report for 2025.
“Directors agreed that the Central Bank of Nigeria is appropriately maintaining a tight monetary policy stance, which should continue until disinflation becomes entrenched,” the IMF said in the report released Wednesday.
The IMF also acknowledged the CBN’s policy shift to stop monetization of deficit control, which had contributed to inflation in previous years. They also praised efforts to improve governance and transparency in the monetary system.
The Nigerian Apex Bank held the MPR steady at 27.5 per cent and kept the Cash Reserve Ratio at 50 per cent for commercial banks and 16 per cent for merchant banks during the last MPC meeting in May.
Dollar index settled lower in global markets
The greenback eased lower on Friday after gaining in the previous session.
Better-than-expected US jobs data delayed the Federal Reserve’s possible rate-cutting timeline, which caused the US currency to gain strength on Thursday. With high tariffs set into effect on July 9, these gains, however, were short-lived as focus turned to ongoing trade negotiations between the US and many of its trading partners.
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Only three agreements have been announced thus far, and US President Donald Trump escalated tensions by declaring on Thursday that numerous nations will receive letters on Friday outlining the tariff rates they will be subject to.
Jerome Powell, the chairman of the US Federal Reserve (Fed), and Trump have been at odds for several weeks. The European Central Bank (ECB) has lowered its key interest rates multiple times, but the central banker is unwilling to do the same.
His worry? Because inflation is likely to get out of control once more.
However, Jerome Powell suggested that he might cut these rates in the upcoming months at the ECB’s Sintra (Portugal) forum.
“When we saw the size of the tariffs and that almost all inflation forecasts for the United States have increased significantly, we suspended our activities,” the Fed chairman said. Additionally, he promised that his only concern is leaving his successor “a healthy economy.”.
However, it should be noted that a reduction in key rates could also be due to a devaluation of the US dollar. In Europe, EUR/USD increased by 0.1 per cent to 1.1774, with the single currency expected to gain 0.5 per cent per week.
German industrial orders dropped 1.4 per cent from May on a seasonally and calendar-adjusted basis, which was significantly more than anticipated, according to data released earlier Friday.
The European Central Bank lowered interest rates for the eighth time in a year in June, but decision-makers said they would probably take a break at their subsequent meeting.
Business
BREAKING: Presidency Finally Speaks After APC Governor Builds Beer Factory in Two Years
Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, has praised Benue State Governor Hyacinth Alia over the completion of the Food Basket Brewery, a facility his administration built from the ground up within two years.
Onanuga made the remarks while sharing a video of a visit by the presidential media team to the brewery in Benue State, sharing footage of the facility with the public. The brewery produces the Zeva beer brand and malt, and has so far employed over 2,000 people since it began operations.

Governor Alia initiated and completed the brewery project within his first two years in office. The facility represents one of the more visible industrial investments tied to his administration, introducing a locally branded product while creating thousands of direct jobs in a state historically known for agriculture rather than manufacturing.
The presidential media team’s visit drew attention to the scale of the project, with Onanuga pointing to it as evidence of tangible progress under the APC governor’s watch.
The timing of the visit carries political significance. Governor Alia is expected to seek re-election in the 2027 general elections, and the spotlight on the brewery comes as the ruling party looks to showcase achievements by its governors ahead of the polls.
The presidency’s statement has started generating mixed reactions from Nigerians. Below are some of their comments:
Obi Okafor wrote: “A reverend father built a local brewery; APC and Tinubu are praising him. Peter Obi built an international brewery; Reno, Bwala, Bayo and the rest of the APC gangs have been demonising him.”
Iwunna commented: “The same APC and its presidency that mock Peter Obi for brewery is celebrating brewery in Benue?”
Samuel tweeted: “I hope they will not also come after him by the time he dumps this party called APC, just like they always come after Peter Obi, saying instead of him building industry that will benefit Nigerians,
Real Samson, Esq. said: “That is what Tinubu should be doing. He should try to revive Ajaokuta Steel Company and Textile companies in Kaduna and Kano.”
Business
Tinubu Approves New Recruitment Into Federal Civil Service
President Bola Tinubu has approved the recruitment process for 3,252 verified Parent-Teacher Association teachers into the Federal Civil Service, a move aimed at addressing the persistent shortage of teachers in Federal Unity Colleges and improving the quality of education.
The Minister of Education, Dr Tunji Alausa, disclosed this in a statement issued on Thursday by his Special Adviser on Media and Communications, Ikharo Attah.
According to the minister, priority will be given to verified PTA teachers, many of whom have served in Federal Unity Colleges and Federal Technical Colleges for almost 25 years, allowing them to become part of the mainstream public service.
Alausa described the approval as a major intervention by the Tinubu administration and one of the most significant efforts to strengthen the teaching workforce, while recognising the contributions of thousands of PTA teachers who have sustained learning in federal schools over the years.
“This is a president who cares deeply for Nigeria and for the future of our country.
“The president has approved the recruitment of teachers. Priority will be given to absorbing verified PTA teachers, many of whom have served in our Federal Unity Colleges and Federal Technical Colleges for almost 25 years. This approval provides them with the opportunity to become part of the mainstream public service,” the minister said.
He said the recruitment followed a comprehensive verification exercise conducted by an inter-ministerial committee, which screened eligible PTA teachers across Federal Unity Colleges.
The exercise, he said, verified “3,252 teachers across the cadres of Education Officers, Assistant Education Officers and Technical Instructors, paving the way for their regularisation upon completion of all statutory requirements.”
Describing the development as a milestone under the Renewed Hope Agenda, Alausa said the recruitment would improve the teacher-student ratio in Federal Unity Colleges while rewarding teachers who had remained committed despite years of uncertainty.
According to him, integrating experienced PTA teachers into the federal public service would preserve institutional knowledge, strengthen classroom instruction and improve learning outcomes across the colleges.
“The recruitment forms part of the Federal Government’s broader efforts to improve teacher quality and reposition the colleges as centres of academic excellence,” he said.
The minister added that the education ministry would continue to work with relevant government agencies to conclude the remaining statutory processes required for the issuance of the final recruitment approval in line with public service regulations.
He thanked Tinubu for approving the exercise, saying the decision demonstrated the administration’s resolve to place education at the centre of national development.
“Investing in teachers is fundamental to building a stronger education system, as no education system can rise above the quality of its teachers,” he said.
Alausa assured all verified PTA teachers that the regularisation process would be concluded with transparency, fairness and due diligence.
He also reaffirmed the ministry’s commitment to implementing policies that strengthen the teaching profession, improve learning outcomes and ensure that learners in Federal Unity Colleges receive quality education from competent and dedicated teachers.
For years, Federal Unity Colleges have relied on PTA teachers engaged and paid by PTAs to bridge chronic staffing gaps caused by inadequate recruitment into the federal teaching service. Many of the teachers have worked in the colleges for between 10 and 25 years without permanent appointments, despite performing the same classroom responsibilities as regular government-employed teachers.
Successive administrations received appeals from the affected teachers and education stakeholders to regularise their appointments, arguing that the prolonged reliance on PTA-funded staff placed a financial burden on parents and created job insecurity for thousands of qualified teachers.
Business
BREAKING: Tinubu Takes Fresh Action After EFCC Freezes Osun Government Accounts
President Bola Tinubu has directed the Economic and Financial Crimes Commission (EFCC) to immediately approach the court to vacate an order freezing the bank accounts of the Osun State Government, saying the timing of the action could undermine public confidence in the forthcoming governorship election.
The President made this known in a statement issued on Thursday after it emerged that the EFCC had secured a court order on August 5, 2026, freezing the state’s accounts.
Tinubu said although he respects the independence of anti-corruption agencies and had no prior knowledge of the EFCC’s action, he was concerned that the move came just days before the Osun governorship election.
According to him, actions taken by federal institutions are often attributed to the Presidency, regardless of whether he was involved in the decision-making process.
“I feel deeply embarrassed, not by the EFCC’s exercise of its mandate backed by a court order, but by the timing of the agency’s action,” the President stated.
Tinubu reiterated that since assuming office, he has consistently allowed the EFCC and other law enforcement agencies to carry out their constitutional responsibilities independently, without political interference or executive directives.
He stressed that strong democratic institutions must operate within the law and without fear or favour, adding that he has deliberately avoided interfering in the operational activities of anti-corruption agencies.
The President, however, noted that while he had yet to receive the full details surrounding the EFCC’s decision to obtain the court order, the timing of the action was “inauspicious” given the proximity of the Osun governorship election.
He warned that no action should create the impression that any federal agency was being used to influence or interfere with the electoral process.
“In the overriding public interest of preserving public confidence and the integrity, credibility, and fairness of our democratic process, I have directed the EFCC to immediately proceed to the court to vacate the order and discontinue whatever action it has instituted against the Osun State Government in this regard,” Tinubu said.
The directive is expected to ease concerns over the freezing of the state’s accounts as political parties and stakeholders prepare for the governorship election in Osun State.
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