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Naira Threatened by External Factors, Gold Sinks

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By Lukman Otunuga, Research Analyst at FXTM,

External influences may impact the Nigerian Naira this week, with investors keeping a very close eye on any further -turmoil with emerging market currencies after a very troublesome past couple of weeks.

The Naira may take some guidance from how investors view emerging markets generally, with particular attention being paid towards how the Lira reacts to the latest Turkish GDP reading and the general threat of further trade tariffs from U.S. President Donald Trump. The indications from early Asian trading that both the Indian Rupee and South African Rand have resumed the week under weakness against the Greenback suggests that buying sentiment towards those currencies belonging to markets with high account deficits remains limited. However, with Nigeria boasting a current account surplus, the Naira may be slightly insulated from the brutal sell-off that has rattled EM currencies.

Markets on high alert as Trump ramps up trade threats

Investors across the globe entered the trading week adopting a cautious approach after President Trump doubled down his China tariff threats on Friday.

In a move that has eroded U.S.-China relations even further, Trump threatened tariffs on another $267 billion worth of Chinese goods. With the United States already poised to slap tariffs on $200 billion worth of Chinese goods and Beijing reiterating threats to fight back, the U.S.-China trade war could reach dangerous heights. The growing fears of an all-out tit-for-tat trade war between the world’s two largest economies are likely to fuel risk aversion, ultimately punishing global stocks and emerging markets.

Focusing on emerging markets, weakness is set to remain a recurring theme amid global trade tensions, a broadly stronger Dollar and prospects of higher U.S. interest rates. With turmoil in Turkey and Argentina triggering contagion fears, appetite for emerging market assets and currencies is likely to continue diminishing. In the EM currency space, the outlook remains tilted to the downside in the near term, especially for those currencies with high current account deficits.

In the commodity markets, Gold has -again struggled to find any support despite escalating U.S.-China trade tensions denting investor confidence and promoting risk aversion.

The bearish price action witnessed in recent weeks continues to highlight how Gold’s trajectory remains heavily influenced by the Dollar’s performance. With King Dollar spoiled by expectations of higher U.S. interest rates and safe-haven demand, this could mean nothing but pain and misery for zero-yielding Gold. It is worth noting that the Dollar has snatched away a fair chunk of Gold’s safe-haven allure with investors turning to the Dollar in times of uncertainty. Focusing on the technical picture, bears wrested back control after prices secured a weekly close below the $1,200 psychological level. Sustained weakness below this level could encourage a decline towards $1,180.


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WHO Says Ebola Risk Now at Highest Level

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World Health Organisation (WHO), yesterday, said that Ebola outbreak is “very high” but added that the global risk remains “low”.

WHO Says Ebola Risk Now at Highest Level

So far, 82 cases and seven deaths have been confirmed in the Democratic Republic of Congo (DRC), but WHO, said, the real scale of the outbreak is likely far larger, with nearly 750 suspected cases and 177 suspected deaths reported

Tedros Adhanom Ghebreyesus, chief, WHO, said the situation was “deeply worrisome”.

He said there were now nearly 750 suspected cases in the DR Congo and 177 suspected deaths, as health workers scramble to track down contacts of everyone thought to be infected with the virus.

“The Ebola outbreak in the Democratic Republic of the Congo is spreading rapidly,” he told a press conference.

“So far, 82 cases have been confirmed in DRC, with seven confirmed deaths.

“But we know in people who travelled from DRC and one death.

Measures to address the epidemic in DRC are much larger.

There are now almost 750 suspected cases and 177 suspected deaths.”

He said the situation in Uganda was “stable”, with two cases confirmed in Uganda, including “intense contact tracing” and calling off the Martyrs’ Day commemorations, “appear to have been effective in preventing the further spread of the virus”, Tedros added.

While a US national who was working in the DRC has tested positive and been transferred to Germany for care, Tedros said another US national deemed to be a high-risk contact had been transferred to the Czech Republic.

Besides national staff already in the DRC, he said 22 international staff had been deployed to the field, “including some of our most experienced people”.

Tedros said that violence and insecurity were impeding the response to the outbreak in the DRC.

“We are now revising our risk assessment to very high at the national level, high at the regional level, and low at the global level.

“So far, 82 cases have been confirmed in DRC, with seven confirmed deaths.

“But we know the epidemic in DRC is much larger. There are now almost 750 suspected cases and 177 suspected deaths.

“The situation in Uganda is stable, with two cases confirmed in people who travelled from DRC, with one death.”

Tedros said that violence and insecurity were impeding the response to the outbreak.

 

 


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Army Acquires New Drones to Boost Surveillance, Precision Strikes — COAS

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Nigerian Army has acquired additional drones and other advanced force multipliers to strengthen surveillance operations, improve target acquisition, and enhance precision strike and casualty evacuation capabilities.

Army Acquires New Drones to Boost Surveillance, Precision Strikes — COAS

Lt.-Gen. Waidi Shaibu, chief of Army Staff (COAS), said that the new drones will boost surveillance, precision strikes.

Shaibu, who disclosed this in a statement shared via the Nigerian Army’s official X handle, noted that the conference provided a platform for critical assessment of ongoing operations and the development of forward-looking strategies to address Nigeria’s evolving security challenges.

He said deliberations at the Nigerian Army Conference Centre, Asokoro, focused on sharpening operational responses, strengthening training frameworks and adapting to the demands of modern security warfare.

According to him, the resolutions reached are aimed at building a more agile, combat-ready, technologically driven and mission-oriented force capable of responding effectively to emerging threats.

A key highlight of the reforms is the Army’s increasing investment in modern warfare technology, including the acquisition of additional tactical drones and the reconfiguration of Army aviation assets for combat roles.

Shaibu explained that these developments have significantly enhanced intelligence gathering, precision targeting, operational mobility and casualty evacuation across various theatres of operation.

He also highlighted ongoing improvements in recruitment, advanced training, professional military education and leadership development, stressing that discipline, competence and meritocracy remain central to building a stronger institution.

Reaffirming his “soldier-first” philosophy, the COAS said troop welfare remains a top priority, stressing that “troop welfare remains non-negotiable; well-motivated soldiers operating in conducive environments are critical to mission success.”

He urged senior officers to ensure that resolutions from the conference are fully implemented in field operations, stressing that the true value of the gathering lies in measurable impact on the battlefield.

Describing the ongoing reforms, Shaibu said: “We are not just reforming the Army; we are building a lethal, technology-driven fighting force where only discipline, merit, and mission success matter.”

The Army Chief expressed appreciation to President Bola Ahmed Tinubu for his support, as well as the Minister of Defence, Minister of State for Defence, Chief of Defence Staff, service chiefs and intelligence agencies for their continued collaboration.

The conference ended with the presentation of commendation plaques to senior officers recognized for outstanding contributions to operational effectiveness.

 


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UK Special Envoy for Freedom of Religion or Belief Concludes Visit to Nigeria

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The UK Special Envoy for Freedom of Religion or Belief (FoRB), David Smith MP, concluded a three-day visit to Abuja this week, marking Nigeria as the first focus country he has visited under the UK’s FoRB strategy.

During the visit, David Smith MP held a wide range of meetings with senior Nigerian government officials, religious leaders, civil society organisations, and local communities – reflecting the UK’s commitment to sustained, practical engagement and partnership on freedom of religion or belief in Nigeria.

Meetings included discussions with the National Security Adviser, Mallam Nuhu Ribadu, the Honourable Minister of Information and National Orientation, Mohammed Idris, and the Governor of Plateau State, Caleb Mutfwang.

The Special Envoy also met with the co-chairs of the Nigeria Inter-Religious Council, Archbishop Daniel Okoh, President of the Christian Association of Nigeria, and HRH the Sultan of Sokoto, Muhammadu Sa’ad Abubakar III, President-General of the National Supreme Council for Islamic Affairs.

At the end of the visit, the UK Special Envoy for Freedom of Religion or Belief, David Smith MP, said: “Over the past few days, I have been honoured to meet a wide range of people — from senior government figures and civil society to faith leaders and local communities. I came to listen, learn, and see both how freedom of religion or belief is experienced in everyday life, and how it connects to – and is a core part of addressing – Nigeria’s wider challenges around security and cohesion.

“Some of the most powerful moments of this visit were at community level. Visiting Father Emmanuel Unamba’s parish and meeting Christian and Muslim neighbours living side by side was a real reminder that peaceful coexistence is something people build every day through leadership, dialogue, and shared responsibility.

“What I take away from this visit is the importance of further progress being Nigerian led, rooted in strong institutions and inclusive dialogue, with FoRB at its heart. The UK will continue to support practical efforts in ensuring greater peace, security and prosperity for all.”

The visit also included a roundtable with partners of the UK’s Strengthening Peace and Resilience in Nigeria (SPRiNG) programme, a £38 million UK government-funded conflict and resilience programme operating primarily in Kaduna, Katsina, Benue and Plateau states.

During the visit, Special Envoy David Smith MP held meetings with the Institute for Peace and Conflict Resolution, the Nigerian National Human Rights Commission, and civil society organisations working at the intersection of insecurity and religious freedom. He also visited the National Mosque and the National Ecumenical Centre in Abuja.

Speaking to the various stakeholders, Mr Smith called for greater tolerance across religion or belief in Nigeria and hoped that the cohesion he saw on a community level in the capital, could be achieved nation-wide with the same resolve. He hoped to continue these dialogues with interlocutors in the UK.

The visit builds on the momentum of President Tinubu’s State Visit to the United Kingdom in March 2026, which reinforced the UK-Nigeria Strategic Partnership and included interfaith events attended by President Tinubu and His Majesty The King, underlining both countries’ shared commitment to fostering constructive interfaith dialogue.


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