News
Breaking News! CBN announces “purely” market-driven forex policy
The Central Bank of Nigeria (CBN) has officially announced a new foreign exchange policy and has listed some implications of new development.
CBN Governor, Godwin Emefiele finally unveiled the flexible exchange rate policy on Wednesday. This comes barely two weeks after he announced at the Monetary Policy Committee meeting that he was going to allow the Naira float freely at the interbank market.
Here is what the CBN governor stated during the announcement:
“CBN will launch a foreign exchange interbank trading window on Monday to boost the supply of hard currency in Nigeria. The new window would have eight to ten primary traders handling minimum volumes of $10 million.The new system would help with economic growth and restore investor confidence,” he said. “The precise guidelines will be published later on Wednesday.”
The CBN governor stated that the window’s exchange rate will be purely market-driven.
“Nigeria will introduce fx primary dealers to operate with others in the interbank market. Under the new structure the 41 items previously not banned from getting access to forex in Nigeria will remain unchanged.Nigeria’s Forex Reserves is robust an can cover five months of import,” said Emefiele. “The time is right to reintroduce a flexible inter-bank forex market. Forex market will operate as a single market structure.”
The bank will open a “purely” market-driven window for interbank foreign exchange trading, shifting away from a fixed exchange rate, in an effort to increase the supply of hard currency, the governor of the bank said.
The central bank will use the new trading scheme to inject foreign exchange liquidity, if needed, which Nigeria hopes will ease severe dollar shortages caused by a slump in oil revenue, Governor Godwin Emefiele said.
It was not clear at what rate the central bank would supply dollars to the interbank market. The central bank’s official rate is 197 naira to the U.S. dollar, but the currency trades at around a 50 percent discount on the parallel market.
What does this mean?
CBN is shutting the window for buying dollars at the official rate
Analysts have called this a ‘semi-float’ since the Central Bank still plans on holding on to the official exchange rate of N199 per US dollar for funding “critical transactions.”
According to Reuters, letting the market set the naira’s value is likely to drive down its value. That will make Nigerian products cheaper and competing imports more expensive, which should stimulate the domestic economy.
“The market shall operate as a single market structure through the interbank and autonomous window. The exchange rate will be purely market-driven,” Emefiele told reporters.
“To improve the dynamics of the market, we will introduce foreign exchange primary dealers who would be registered by the CBN to deal directly with the bank for large trade sizes on a two-way quote basis,” he said.
Investors approved of the idea: Nigeria’s stock market gained 3 percent following the announcement.
“Its a pretty important step in the right direction,” said Alan Cameron, an economist at Exotix in London. “Basically it amounts to a managed float, which is better than what most people were expecting. It’s a pleasant surprise.”
Emefiele also said the central bank will open a foreign exchange futures market to ease demand on spot trading, reduce volatility and give businesses more certainty.
Precise guidelines will be published later on Wednesday, he said, adding that the new window would have eight to 10 primary traders handling minimum volumes of $10 million.
Africa’s biggest economy, which contracted by 0.4 percent in the first quarter, faces its worst crisis in decades after the decline in oil prices and last year’s introduction of a currency peg that prompted large-scale capital flight.
“Over the long run, a weaker currency will help Nigeria’s economy by encouraging import substitution and attracting foreign investors, who have shunned the country for fear of a devaluation,” said John Ashbourne at Capital Economics.
“But the move will be painful over the short term. Higher import prices will add to inflation … This will probably force the authorities to tighten monetary policy.”
Other Observations
According to a Senior Research Fellow at the Centre for the Study of the Economies of Africa, Dr. Solomon Olakojo, allowing the Naira to float freely means that the government is leaving the forces of demand and supply to determine the foreign exchange rate. This means that the more people demand for the Dollar, the more they will pay for it in Naira. For instance, during the resumption of schools abroad, affected Nigerian parents will demand for Dollars thereby leading to an increase in the exchange rate of a Dollar to the Naira. During this period, banks will likely set their own exchange rate based on demand in order to sell to those willing to buy at higher rates.
Following this announcement, Nigerians will not be able to buy US Dollars at the CBN rate of 199. This means that people who want to make payments for school fees, business, tourism, medicals, holiday and other bills will not be able to buy at 199. They are now left at the mercy of the inter-bank market determined rates.
Banks, importers and individuals who also engage in round-tripping or arbitrage (buying funds from the Central Bank of Nigeria’s official market at low rate and resell in the parallel market at higher rates) – will not be able to do so anymore.
There is no significant inflow of the Dollar to meet about 70 percent of the demand. Therefore it is still unclear whether this move will work considering the fact that Nigeria does not have the required operational framework in place to ensure that it achieves the desired result. Nigerians cannot bet on the Dollar dropping below N300 anytime soon.
News
‘Gate of Hell’ Will Open on Gaza’– Israeli Defence Issues Finally Warning to Hamas

Israeli Defence Minister Israel Katz has issued a fierce warning to Hamas, declaring that Gaza City will face complete destruction if the militant group refuses to accept Israel’s conditions for ending the war.
Katz, in a statement shared on social media on Friday, August 22, 2025, used sharp words to describe Israel’s next steps.
He said the “gates of hell” would open on Hamas if it failed to disarm and release all hostages.
“Soon, the gates of hell will open upon the heads of Hamas’s murderers and rapists in Gaza until they agree to Israel’s conditions,” Katz wrote.
He added that if Hamas refused, Gaza City would suffer the same fate as Rafah and Beit Hanoun, two cities previously flattened by Israeli offensives.
His comments mark one of Israel’s strongest warnings since the escalation of the conflict.
The minister’s remarks came only hours after Prime Minister Benjamin Netanyahu announced that negotiations had been ordered to free the hostages held in Gaza.
Netanyahu explained in a video address that Israel’s military operation in Gaza City would not stop during talks. “Defeating Hamas and releasing our hostages go hand in hand,” he said.
The prime minister also confirmed the mobilisation of 60,000 reservists to join the offensive.
Meanwhile, mediators have been waiting for Israel’s response to a ceasefire plan that Hamas accepted earlier in the week.
The proposal suggests a phased release of hostages, but Israel insists that only a deal ensuring the release of all captives at once will be accepted.
Israel’s hardened stance has sparked growing concern worldwide.
International leaders have cautioned that an expanded assault on Gaza City could worsen the humanitarian disaster already unfolding in the region.
Gaza’s health ministry says more than 62,000 Palestinians, most of them civilians, have been killed since Israel’s military campaign began.
The United Nations considers these figures credible.
The war was triggered by Hamas’s October 2023 attack, which left 1,219 people dead in Israel, mostly civilians.
Since then, the conflict has intensified, with both sides showing little sign of compromise.
With Katz’s threat to turn Gaza City into rubble if demands are not met, the conflict appears to be entering an even deadlier stage.
The international community continues to press for a ceasefire, but Israel’s leadership insists that victory over Hamas and the release of all hostages remain its top priorities.
Health
NAFDAC Raises Alarm as Fake Cowbell Milk Floods Nigerian Markets

The National Agency for Food and Drug Administration and Control (NAFDAC) has raised alarm over the circulation of fake Cowbell “Our Milk” 12g sachets in Nigeria.
In a statement issued on Friday, August 22, 2025, the agency explained that the counterfeit milk is packaged to look like the discontinued Cowbell “Our Milk,” but it is unauthorised and unsafe for consumption.
NAFDAC clarified that Promasidor Nigeria Ltd, the authentic manufacturer, stopped producing Cowbell “Our Milk” in September 2023.
The product was replaced with Cowbell “Our Creamy Goodness.” Despite this, fake versions of the old product have found their way into Nigerian markets.

Picture of Fake cowbell milk.
The counterfeit sachets bear the brand name, NAFDAC registration number, and familiar packaging design, making them difficult for unsuspecting buyers to identify as fake.
Health Dangers of Fake Cowbell Milk
NAFDAC warned that the consumption of these counterfeit products poses serious health risks.
Fake milk could contain toxic chemicals, harmful additives, or diluted ingredients that endanger human health.
Infants, children, pregnant women, and the elderly are the most vulnerable. Possible dangers include:
- Foodborne illnesses
- Allergic reactions
- Organ damage
- Long-term health complications
- In extreme cases, death
Counterfeit Product Details
- Product Name: Cowbell “Our Milk” 12g sachet
- Purported Manufacturer: Promasidor Nigeria Ltd
- Production Date: 04/2025
- Expiry Date: 12/2028

Picture of original cowbell milk.
NAFDAC Issues Strong Warning
The agency urged Nigerians to remain vigilant and avoid purchasing the counterfeit milk.
Healthcare professionals, distributors, and consumers have been advised to report suspicious sales of substandard or fake products immediately.
Reports can be made through:
The nearest NAFDAC office
Toll-free line: 0800-162-3322
Email: sf.alert@nafdac.gov.ng
NAFDAC also called on traders and retailers to stop selling the fake sachets.
The agency assured the public that strict enforcement measures are being taken to remove the counterfeit products from circulation.
This is not the first time Nigerians have faced risks from fake food and beverages.
Experts warn that counterfeit consumables are becoming more sophisticated, often making them difficult to spot.
Consumers are advised to always check product details, expiry dates, and packaging changes announced by manufacturers.
By highlighting the dangers and raising awareness, NAFDAC says it hopes to protect Nigerians from avoidable health crises linked to fake milk products
Africa
‘Misplaced Priority’: Peter Obi Blasts FG’s ₦142bn Bus Terminal Project

Former Labour Party presidential candidate Peter Obi has slammed the Federal Government’s approval of ₦142 billion for the construction of bus terminals across Nigeria, describing it as a reckless misplacement of priorities.
Obi issued a statement on Friday, August 22, via his Official X formerly Twitter platform, warning that the project reflects poor leadership and lack of focus in managing Nigeria’s limited resources. He titled his statement, “₦142 Billion for Bus Terminals.”
According to him, the true test of leadership is how scarce resources are prioritized.
He stressed that investing such a huge amount in bus terminals while critical sectors like healthcare suffer shows a government that is out of touch with citizens’ realities.
Obi said: “The difference between success and failure in any nation is how leaders prioritise resources.
The decision to spend ₦142 billion on six bus terminals exposes a lack of competence and vision. It is a clear sign of poor leadership.”
The Federal Executive Council had recently approved the funds for the construction of one modern bus terminal in each of the six geopolitical zones.
The government described it as part of efforts to modernise transport infrastructure and improve mobility nationwide.
But Obi strongly disagreed. He compared the allocation to healthcare funding, pointing out that the combined budget for all teaching hospitals and federal psychiatric centres in Nigeria is less than ₦100 billion in the 2024 budget.
“This is disturbing,” Obi continued, “because health remains one of the most critical sectors of development. Yet it is underfunded and deteriorating rapidly.
The World Health Organization has reported that over 20 million Nigerians live with mental health conditions.
This is a tragic irony. How can the government ignore this crisis and focus on bus terminals?”
He argued that the health sector, alongside education and poverty reduction programs, deserves priority attention.
Obi insisted that until government spending reflects the real needs of Nigerians, the country will remain trapped in poor governance.
Many Nigerians have also taken to social media to express anger, echoing Obi’s concerns. Critics argue that the decision proves the Federal Government is disconnected from the economic struggles of ordinary citizens.
For Obi, the ₦142 billion project is not just a case of wrong timing.
He sees it as a clear example of governance failure and misplaced priorities.
News
Why I’ll never encourage my son to visit Nigeria — Taribo West

Former Super Eagles defender, Taribo West, has strongly criticized the treatment of Nigerian football legends, vowing never to encourage his son to set foot in Nigeria due to the neglect shown to the country’s sports heroes after their deaths.
Speaking passionately during the burial ceremony of late goalkeeper Peter Rufai, in a video shared by News Central on Friday, the former Inter Milan star expressed his deep disappointment with the Nigeria Football Federation (NFF) and the Lagos State Government for allegedly abandoning Rufai’s family during their time of need.
“It’s disheartening that you have Lagos State, you have the Nigerian Football Association, and yet they drop the entire burden on the family,”West lamented.
He revealed how deeply Rufai’s passing affected him, saying: “My mother passed on, I never shed tears. My father passed on in my hands, I never shed tears. But when Rufai passed on, I had goose pimples all over my body. Tears were rolling down my cheeks. What kind of nation is this?”
West didn’t hold back in recalling similar neglect faced by other late football icons like Stephen Keshi, Rashidi Yekini, and Thompson Oliha.
He condemned the consistent abandonment of ex-players who had sacrificed so much for the country, stating that such treatment discourages him from allowing his children to represent Nigeria in football.
“With this kind of example, I will never advise even my son to put his feet for this country. Send me out! Do we have a Football Federation or a Football Association in this Lagos State? That this hero, this soldier, this football evangelist, has to be treated this way in his family”, he said.
The former defender also highlighted the financial struggles faced by Rufai’s family, revealing that they had to solicit funds from friends and well-wishers just to cover burial costs.
“Could you imagine that the family would be crying just to solicit within our groups to ask for money? That is madness”, he exclaimed, visibly frustrated.
Peter Rufai, fondly known as “Dodo Mayana,”was Nigeria’s first-choice goalkeeper during the nation’s victorious 1994 Africa Cup of Nations campaign and its debut at the FIFA World Cup the same year.
He passed away in July 2025, leaving behind a legacy that has reignited conversations about the lack of support and respect for retired athletes in Nigeria.
News
Hardship: Man commits suicide in Imo

A heartbreaking tragedy unfolded on Friday morning in Amakpu Okuku community, Owerri West Local Government Area of Imo State, as residents discovered the lifeless body of a man in his 50s, identified simply as Odomma, who reportedly died by suicide.
The father of four, who earned a living selling water in jerry cans and buckets, had been battling severe financial hardship, leaving him unable to adequately provide for his family.
Odomma’s body was found hanging in an unfinished building near his home, a grim discovery that shook the community as locals went about their daily routines.
According to residents, Odomma had expressed frustration about his struggles months earlier, threatening to end his life due to the alleged neglect by his wife and children, who reportedly stopped providing him with food because he couldn’t support the household.
A community member, Ikenna, shared insights into Odomma’s despair, saying:
“He said if the situation continued, he would take his life to end the misery. We advised him to report the matter to the village head for settlement. Sadly, he chose this path. Just see how this man ended his life because of money. He could have sold his GP tank or generator to get food, but he decided to take his life. Now others will gather to eat, and he won’t be part of it.”
Eyewitnesses described a chaotic scene as dozens of residents rushed to the unfinished building, some capturing videos of the lifeless body on their phones.
Known for his affordable water sales, with prices starting from ₦100, Odomma was regarded as a hardworking man, though visibly depressed in recent months.
Efforts to confirm the incident with the Imo State Police were inconclusive. Police Public Relations Officer Henry Okoye initially promised to verify the details with the Divisional Police Officer in Owerri West but could not be reached for further updates as of the time of this report.
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