General News
Naira Slumps by 209 Per Cent in 6 Years

Despite the over $130bn deployed by the Central Bank of Nigeria (CBN) to defend the naira and a myriad of policies churned out to shore up its value over the past six years, the Nigerian currency has depreciated by over 209.2 per cent, sliding from N196.99 to a dollar in December 2015 to N412.06/$ in September 2021.

According to the Tribune, the depreciation is even higher at the parallel market with one dollar which sold for about N230 in December 2015 now going for almost N550 in September 2021.
Tribune findings revealed that between 2016 and the first quarter of the current year, the apex bank sold as much as $130.6billion to foreign exchange market operators in its various interventions just as it had come up with tens of policies to salvage the sagging national currency.
According to documents and reports accessed on the CBN website, between January and December 2016, the CBN defended the naira with about $11.7 billion. The figure rose to $15.8billion in 2017, was $36.6billion in 2018, hit $34.3bn in 2019 and came down to $27.84billion in 2020.
In the first quarter of 2021, the CBN spent $4.37bn to defend the naira.
The documents showed that in its effort to stave off pressure on the naira, the CBN sustained its direct intervention in the inter-bank foreign exchange market to ensure exchange rate stability.
So, at various times it sold dollars at the foreign exchange market, made up of the inter-bank spot, invisibles, the SMEs, at the I&E window and as forwards sales.
Although deploying dollars in defence of naira has mitigated the pressure on the naira, the exercise has also depleted the nation’s foreign reserves which currently stood at $33.32billion as of June 30, 2021, about a quarter of what had been deployed to saving the naira.
Explaining the rationale behind deploying the nation’s external reserves to defend the naira, Godwin Emefiele, CBN governor, said the CBN Act mandates the apex bank to defend the national currency, adding that “A flexible exchange rate would not favour the poor. I am committed to protecting the Naira. We cannot allow the Naira to float freely.”
The tenure of Emefiele as CBN governor has witnessed the rollout of a number of policies meant to shore up the value of the naira.
This started in June 2015 with the stoppage of the sale of dollars to those engaged in the importation of 41 items that could be produced in Nigeria.
The apex bank explained that it took that decision to “conserve foreign reserves as well as facilitate the resurrection of domestic industries and improve employment generation.”
In January 2016, the CBN governor, during a press conference, announced that the apex bank would no longer sell dollars to BDCs.
According to him, “The Bank would henceforth discontinue its sale of foreign exchange to BDCs. Operators in this segment of the market would now need to source their foreign exchange from autonomous source. They must however note that the CBN would deploy more resources to monitoring these sources to ensure that no operator is in violation of our anti-money laundering laws.”
Emefiele added that the measures were not punitive but meant to guarantee the preservation of the nation’s resources and stabilize the financial system.
The CBN however later reversed itself and resumed the sale of dollars to BDC operators.
In 2017, the CBN introduced a new window for investors, exporters and end-users with a view to increasing liquidity and forcing down the exchange rate. But that didn’t achieve much as the slide of naira continued. In 2018, the CBN increased the number of items banned from accessing foreign exchange to 42 as it imposed foreign exchange ban on fertiliser importation.
This was contained in a circular entitled: “Re: Inclusion of some imported goods and services on the list of items as ‘Not Valid for Foreign Exchange in the Nigerian Foreign Exchange Market.”
The circular signed by Ahmed Umar, director, Trade and Exchange Department, stated: “In the continued effort to sustain the achievement recorded from the classification of 41 items as ‘Not valid for foreign exchange’ in the Nigerian foreign exchange market, authorised dealers and the general public are hereby notified of the inclusion of fertiliser on the lists effective Friday, December 7, 2018.”
In March 2020, the CBN devalued the naira by changing the official exchange rate from N307/$1 to N360/$1.
In May 2020, the CBN governor directed businesses and individuals to stop patronizing the parallel market for foreign currency exchange.
Later in July of the year, the apex bank extended forex restriction to maize importation, saying the decision was borne out of the need “to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods and increase jobs which were lost as a result of the ongoing COVID-19 pandemic.”
General News
Nigeria Treats Religious Violence as Attack on State – NSA Ribadu

National Security Adviser Nuhu Ribadu has said the federal government considers religious violence an attack on the Nigerian state, stressing that the protection of all citizens, regardless of faith, is non-negotiable.

According to presidential spokesperson Bayo Onanuga, Ribadu made the remarks in Abuja at the close of a US–Nigeria Joint Working Group session.
“Nigeria is a deeply plural society, and the protection of all citizens, Christians, Muslims, and those of other beliefs, is non-negotiable,” Ribadu said.
“Violence framed along religious lines is treated as an attack on the Nigerian state itself.”
In a follow-up post on X, Ribadu said the joint working group has recorded “tangible operational gains” in the fight against terrorism.
The working group was set up following Nigeria’s designation as a Country of Particular Concern (CPC) by US President Donald Trump, a label that often triggers policy actions aimed at ending severe violations of religious freedom.
At the meeting, Ribadu led Nigeria’s delegation, which included representatives from 10 ministries and agencies, while the US delegation, made up of eight federal agencies, was led by Allison Hooker, US under-secretary of state.
Ribadu said Nigeria-US security cooperation has moved from dialogue to action, resulting in the disruption of terrorist networks and transnational criminal groups. He also praised the US for supplying drones, helicopters, platforms, spare parts, and other support systems over the past five years.
Speaking at the session, Hooker said the US was committed to expanding its partnership with Nigeria, particularly on deterring violence against Christian communities.
“Today, we are here to discuss how we can work together to deter violence against Christian communities, prioritising counter-terrorism, insecurity, investigation of attacks, and holding perpetrators accountable,” she said.
She added that efforts would focus on reducing killings, forced displacement, and abductions of Christians, especially in Nigeria’s north-central states
General News
PalmPay User Shares Experience on Fintech Apps to Trust in Nigeria

For many Nigerians, fintech apps are judged by one simple question: Can I trust the platform? For Happiness, a young Nigerian entrepreneur, the answer manifested in the most defining moments of her life.

Trust Built Through Everyday Use
In 2025, Happiness relied on PalmPay to run her business, from receiving customer payments, paying vendors, and managing daily transactions. During PalmPay’s Hustle Grant Campaign, she joined thousands of small business owners hoping to win the N500,000 funding.
While she didn’t make the shortlist, the campaign gave her business something just as valuable: visibility. New customers discovered her brand, enquiries increased, and sales followed.
PalmPay didn’t just host a campaign; it created an ecosystem where small businesses could be seen and supported.
Just days later, Happiness’ life changed. On August 30, 2025, she lost her father. With this loss came challenges, especially payments. They tried transferring money through regular banks but were met with declined transactions. Happiness suggested using her PalmPay account and it was successful.
In a moment defined by loss and urgency, PalmPay cut through the chaos, proving that reliability isn’t a feature, it’s a lifeline. Happiness’ relationship with PalmPay didn’t stop at transactions. Through other management tools on the app, she learned to build discipline around her finances.
More Than an App, a Financial Partner
Beyond transactions, PalmPay’s tools helped Happiness build better money habits and financial discipline. Today, the brand continues to reward reliability through initiatives like its ongoing Premier Cool campaign, reinforcing a simple message: consistency should come with value.
The idea is simple: Purchase a bar of soap and stand a chance to get ₦10,000cash and other cash benefits.
It’s PalmPay’s way of saying that smart money habits deserve real value in return.
Why PalmPay Earns Trust
Life doesn’t give warnings before it tests you. When it does, you need a platform that doesn’t just usually work but always works.
For many users, PalmPay proves to be more than a payment app. It is a trusted partner powering ambitions, supporting users through defining life moments, while helping them bank smartly.
When it mattered most, PalmPay worked. To watch the full testimonial visit: @palmpayapp_ng
General News
Nigerians Target Self-Improvement, Business Startups in 2026 Google Data

Google Search data from the first two weeks of 2026 reveals Nigerians are prioritising ambition, self-growth, and entrepreneurial ventures as they embrace the new year with renewed drive for personal and professional excellence.

The data shows a 40 per cent spike in searches related to self-improvement and “becoming better”, reflecting a nationwide shift from mere resolutions to actionable plans across boardrooms, classrooms, and homes. Entrepreneurship leads the charge, with “how to start a business” topping “how to start” queries after an 80 per cent surge, alongside rising interest in blogging, podcasting, and YouTube channels to foster economic opportunities.
Personal development dominates, as searches for “how to be a better person” rose 20 per cent, extending to relationships with queries on becoming better lovers, partners, husbands, wives, and listeners. Health resolutions gain traction, with 40 per cent increases in “how to eat healthy”, “healthy diet”, and “how to meditate” underscoring commitments to physical vitality and mental wellness.
Skill mastery captivates diverse audiences, from “how to improve English” and communication skills to enhancing memory, credit scores, and even handwriting, while leisure pursuits spike in “how to get better at” chess, singing, running, Fortnite, and soccer. Top searches include “how to improve communication skills”, “how to be a better listener”, and entrepreneurial starters like “how to start a podcast”, painting a portrait of a nation honing edges for success.
Taiwo Kola-Ogunlade, Communications and Public Affairs Manager for West Africa at Google, described the trends as a “powerful reflection of Nigeria’s collective ambition”, affirming the company’s dedication to tools like Search and Gemini for guiding Nigerians toward prosperity
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