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No More N1450: Naira Wins As Dollar Crashes To Its Lowest Exchange Rate In 2025

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The United States dollar has crashed to its lowest in the official foreign exchange market against the naira

The British pound and the euro have also dropped in value as the naira continues its strong performance

The naira performance, according to Coronation Merchant Bank Limited, has attracted foreign exchange inflows

The Central Bank of Nigeria has revealed that the naira is now at its lowest level against the US dollar in 2025.

After trading activities at the Nigerian Foreign Exchange Market (NFEM) on Tuesday, October 26, the naira appreciated against the US dollar to close at N1,447/$.

The new exchange rate is a gain of N4.75 or 0.33% against the United States Dollar, in contrast to the preceding day’s N1,453.07/$1.

The last time the naira traded below N1,450 was in 2024 before the introduction of the NFEM.

It was the same performance for the naira against the British pound sterling and the euro on Tuesday in the official market.

The naira strengthened against the pound sterling in the official market, gaining N27.07 to close at N1,919.45 per £1, up from Monday’s N1,946.52 per £1.

The Nigerian currency also rose by N4.91 against the euro, ending the session at N1,690.33 per €1, compared with the prior session’s N1,695.24 per €1.
At GTBank, the naira gained N3 against the US dollar, exchanging at N1,462 per $1, up from N1,465 per $1 recorded the previous day.

In the black market, BDC traders confirmed to Legit.ng that the naira also appreciated:

One of the traders, Musa Bashir of said:

“My brother, the market has changed. We no longer get dollars from CBN and less patrinage because of banks having dollars now.

The dollar buying rate has dropped to 1,463 and selling rate now at N1,475. Previously buying rate was N1,476, while the selling rate is N1,486.

It is the same for the euro sells at N1,715, and we buy at N1,700. The British pound sterling is now trading below N2,000, selling at N1,995, with a buying rate of N1,970.”

Naira appreciation comes at the back of liquidity into the official market from foreign sources, the Central Bank of Nigeria (CBN), and other channels.

Its market update, Coronation Merchant Bank Limited revealed that the inflow to NFEM improved to $1.37 billion last week.

This suggests FX inflows in the official window increased by 25% week on week from $1.10 billion in the prior week.

Foreign portfolio investors (FPIs) remained the dominant source, according to Coronation Research, contributing 33.5 per cent ($460.01 million) of total inflows, followed by exporters (14.9 per cent), Non-Bank Corporates (10.8 per cent), CBN (6.6 per cent), and other sources (28.6 per cent).

In a related development reported that the Bank of Tanzania officially banned the use of foreign currencies, including the dollar, for local transactions and payments within the country.

With the ban, all goods and services in Tanzania must now be priced and paid for strictly in Tanzanian Shillings.

In a public notice, the central bank announced that all goods and services in Tanzania must now be priced and paid for strictly in Tanzanian Shillings.

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Tinubu Approves New Recruitment Into Federal Civil Service

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Nigeria, Benin Sign Integration Pact

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.

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BREAKING: Tinubu Takes Fresh Action After EFCC Freezes Osun Government Accounts

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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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BREAKING: Dangote, BUA, Other Dealers Announce New Cement Prices Nationwide

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Leading manufacturers, including Dangote Cement and BUA Cement, have adjusted cement prices nationwide, with a bag now selling for as high as N12,000 in many parts of the country.

Industry operators say the latest increase marks another sharp jump from previous prices of between N11,000 and N11,500, deepening concerns about affordability and slowing construction activities.

Experts point to rising energy costs as the primary trigger behind the new pricing regime. Manufacturers are grappling with higher fuel prices, which directly impact production processes that rely heavily on energy.

Chairman of the Lagos Chamber of Commerce and Industry Construction and Engineering Group, Soji Adeniji, explained to Legit.ng that the surge in fuel prices has significantly raised factory operating costs.

According to him, the increase in petrol prices from around N1,000 to nearly N1,900 per litre has placed additional pressure on cement producers, forcing them to pass on the cost to consumers.

Stakeholders also link the rising prices to global developments, particularly tensions in the Middle East, which have disrupted energy markets worldwide.

These disruptions have cascading effects on input costs, further compounding the challenges faced by manufacturers already dealing with local economic pressures.

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