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FG seeks $10bn to stabilise exchange rate as naira tumbles

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The Nigerian Federal Government is planning to raise $10bn to improve liquidity in the foreign exchange market.

On Tuesday, the naira fell to an all-time low of 1,850 per dollar at the parallel market.
President Bola Tinubu, who was represented by Vice President Kashim Shettima, disclosed this at the inaugural Public Wealth Management Conference in Abuja on Tuesday.

The Ministry of Finance Incorporated organised the event with the theme “Championing Nigeria’s Economic Prosperity”.

In a statement on Tuesday, the Senior Special Assistant to the President on Media & Communications, Stanley Nkwocha explained, “The Federal Government set a goal to raise at least $10bn in order to increase foreign exchange liquidity, a key ingredient to stabilise the naira and grow the economy.

“At the core of this is ensuring optimal management of the assets and investments of the Federal Government towards unlocking their revenue potential. This includes our bold and achievable plan to double the GDP growth rate and significantly increase the GDP base over the next 8 years.”

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The President further emphasised transparency and accountability as key principles, believing that improved corporate governance, innovative partnerships, and attracting alternative investment capital would significantly increase returns.

He noted that these improved returns will then be directed towards “crucial funding for education, healthcare, housing, power, roads and other areas vital to lifting millions out of poverty and stimulating sustainable economic development and job creation for the youth”.

Meanwhile, it was learnt that exchange rate volatility continued across the country on Tuesday despite the heavy presence of security personnel at the Wuse Zone 4 currency market in Abuja.

Currency traders in Abuja quoted the buying price of the dollar at 1,820/$ and the selling price at 1,850/$, leaving a profit margin of 30.

A bureau de change operator, Ibrahim Taura, predicted that the rates might reach an all-time low of 2,000/$ if proper measures were not put in place.

“The police filled everywhere in the market today but that still didn’t change everything. Today’s rate finished at 1,850/$ and I will buy it at that rate right now because there is demand,” he stated.

Another operator said he could only buy at the rate of 1,700/$, adding that the market was not suitable for good business.

However, the naira appreciated by 1.48 per cent to 1,551/$ at the official market, following an improved forex turnover of $117.32m.

This came after the local weakened for three consecutive days at the Nigerian Autonomous Foreign Exchange.

The country has been battling with a lingering forex shortage due to a decline in oil production and foreign inflows.

According to data from FMDQ Securities, a platform that oversees foreign exchange trading in Nigeria, the local currency hit an intra-day trading high of 1,701/$ and a low of N1,100 before closing at N1,551/$ on Tuesday.

In June 2023, the Central Bank of Nigeria floated the naira after unifying all segments of the forex market, which has resulted in significant devaluation of the local currency

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Oyo Abduction: Eight kidnappers arrested, others killed  —  Presidency

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After 56 days in captivity, abducted Oriire pupils and teachers in Oyo State, have regained their freedom.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a post on X on Friday said the victims were rescued by the security agencies.

According to him, eight of the kidnappers have been arrested and are now in the custody of the Department of State Services.

He also said that some of the terrorists were neutralised, adding that there was no quid pro quo in the rescue.

He said, “In the course of the rescue operation, eight of the kidnappers were arrested and are now in DSS custody, while some of them were neutralised.

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There was no quid pro quo in the rescue as one of the terrorists, a kingpin, that the kidnappers demanded his release, is being prosecuted for his atrocities. The security agencies will give full account soon.”

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BREAKING: Kidnapped Oyo pupils, teachers regain freedom

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The freed pupils and teacher. Photo: Bayo Onanuga
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The pupils and teachers abducted in Orire Local Government Area of Oyo State have regained their freedom.

The development was disclosed on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.

In a shared post on his verified X handle, Onanuga simply announced that the victims had been released by their abductors.

The freed pupils and teacher. Photo: Bayo Onanuga

“Finally, all the kidnapped pupils and teachers in Orire, Oyo have been rescued by our security agencies,” he wrote.

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As of the time of filing this report, details surrounding their release, including whether any ransom was paid or the circumstances leading to their freedom, had yet to be disclosed.

The abductions occurred on May 15, 2026, when armed men attacked three schools; Community Grammar School, Baptist Nursery and Primary School, and L.A. Primary School, in the Esiele and Yawota communities of Oriire Local Government Area.

No fewer than 39 pupils and seven teachers, including a principal, were taken during the attacks.

During the attack, a teacher, Joel Adesiyan, was killed while attempting to escape.

Another teacher, Michael Oyedokun, was beheaded in the kidnappers’ den.

The terrorists holding the victims had reportedly made a four-point demand before agreeing to free the captives, including the release of detained terrorist commanders, payment of ransom, two Hilux vehicles and the implementation of Sharia-related law.

The Oyo State Government had consistently maintained that no ransom would be paid to secure the release of any victims.

The incident had triggered weeks of public anguish, with the Nigeria Union of Teachers embarking on a month-long strike in the state to press for the victims’ rescue before suspending the action in July.

It also drew federal intervention, with military and police authorities repeatedly assuring Nigerians that operations to secure the victims’ freedom were ongoing.

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Enugu State Forest Guard Issues Standing Operational Order

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…Harps on discipline, professionalism

The Enugu State Forest Guard has issued a new Order introducing comprehensive standards governing the dress code, operational turnout, accoutrements, corporate identity, discipline, and professional appearance of all officers and operatives of the Corps.

The new policy issued entitled Headquarters Standing Operational Order No. 178/2026 was announced by the the Commander of the Enugu State Forest Guard, Dr. Akinbayo Olasoji, in Enugu.

He said the reforms are fully aligned with the vision of the Governor of Enugu State, Dr. Peter Ndubuisi Mbah, to build a disciplined, intelligence-driven, technologically enabled, and highly professional security architecture capable of safeguarding lives, property, forests, and other critical assets across the State.

In statement issued by the Geraldine Chiagozie, an Assistant Superintendent of Forest Guard, Olasoji said the Order forms part of the ongoing institutional reforms aimed at strengthening discipline, reinforcing command and control, enhancing operational professionalism, and projecting a distinctive corporate identity for the Corps.

“As the operational activities of the Forest Guard continue to receive increasing public visibility through field operations, community engagements, television, radio, newspapers, and digital media platforms, it has become imperative to institutionalize uniform standards that reflect the discipline, professionalism, and values expected of a modern government security organization.

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“The Standing Operational Order prescribes approved uniforms and their designated days of wear, operational dress for bush-combing and other field deployments, standards for approved accoutrements, lanyards, rank insignia, footwear, and personal grooming. It also establishes special dress codes for Administrative Officers and the Provost Unit to promote uniformity, professionalism, and easy identification throughout the Corps.

“The Order further prohibits the wearing of unauthorized uniforms, civilian attire (mufti) without authorization while on official duty, unauthorized footwear, and the use or public display of improvised wooden weapons during official assignments.

‘It emphasizes that only Headquarters-approved uniforms, equipment, and accoutrements shall be worn by personnel in the discharge of official duties.

“To ensure strict compliance, Directors, Senatorial Commanders, Zonal Commanders, Heads of Departments, Unit Commanders, and Sector Officers have been directed to conduct regular inspections before office duties, patrols, bush-combing operations, ceremonial activities, media engagements, and other official assignments. The Provost Unit has also been mandated to monitor compliance and enforce the provisions of the Standing Operational Order across all Commands and Units of the Corps,” the statement explained.

Meanwhile, the Commander of the Forest Guard, has also provided more insights into the significance of the initiative.

“Discipline begins with appearance. A professional security organization must be instantly recognized by its smart turnout, uniformity, discipline, and operational readiness. This Standing Operational Order is therefore not merely about uniforms; it is about strengthening our institutional culture, promoting accountability, reinforcing public confidence, and ensuring that every officer and operative represents the Government of Enugu State with dignity, honour, and professionalism,” the statement quoted Dr. Olasoji as saying.

The Commander reaffirmed the unwavering commitment of the Enugu State Forest Guard to continuous institutional improvement, operational excellence, intelligence-led security operations, respect for the rule of law, and effective collaboration with communities and other security agencies in promoting peace, public safety, and sustainable development throughout Enugu State.

Meanwhile, the Headquarters Standing Operational Order takes immediate effect, and all Commands and Units have been directed to ensure immediate and full compliance with its provisions.

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