Naira Appreciates To N1,382/dollar, Presidency Cautions Speculators To Desist From Unpatriotic Act  | Nigeria Updates- Breaking News, Nigerian News, Politics, Sports, Entertainment and Business - Nigeriaupdates.com
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Naira Appreciates To N1,382/dollar, Presidency Cautions Speculators To Desist From Unpatriotic Act 

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The Nigerian currency has maintained a steady appreciation against the United States dollar on Thursday, gaining N18 to close 1,382/$ at the official market, the Punch reports.

 

This came as Presidency warned currency speculators to desist from unpatriotic act against the national currency, saying racketeers would have their fingers burnt.

 

The naira gain came a day after the local currency recorded major gains at both the official and parallel foreign exchange markets. It closed at the black market at N1,400/dollar on Wednesday.

 

The summary of the FX trading auction revealed that naira appreciated by 1.3 percent following increased dollar supply at the Nigerian Autonomous Foreign Exchange Market, according to data from the FMDQ Securities Exchange Limited.

 

The intraday high closed at N1,598 per dollar on Thursday, stronger than N1,620 it closed at on Wednesday. Also, the intraday low strengthened to N1,300/$ on the same day, stronger than N1,350/$1 closed at on the previous day.

 

The dollar supplied by FX market players increased to $288.47, an increase of $2 or 7.46 percent from $268.29 million recorded on Wednesday from $195.13 million at NAFEM.

 

In the recent weeks, the naira has gained N500 against the dollar from it record low this year at the unofficial market, as the CBN builds confidence in FX market.

 

The Central Bank of Nigeria declared on Wednesday that it has successfully resolved all valid foreign exchange backlogs, as pledged by Governor Olayemi Cardoso, addressing inherited claims amounting to $7bn.

 

Hakama Sidi Ali, CBN’s acting director of corporate communications, conveyed this information in a statement sent via mail. She stated that the CBN finalised the payment of $1.5 billion to settle obligations to bank customers, thereby clearing the remaining balance of the FX backlog.

 

Cardoso emphasised the priority of clearing the FX backlog to enhance credibility and confidence in the Nigerian economy.

 

The strain on the naira/dollar exchange rate is gradually diminishing, with Nigeria’s external reserves showing sustained growth over the past month.

 

According to data from the CBN, foreign currency reserves rose by 3.62 percent to $34.37 billion as of March 12, 2024, compared to $33.17 billion recorded at the beginning of February 2024.

 

Additionally, the CBN reported a significant surge in Diaspora remittances, which skyrocketed by 433 percent to $1.3 billion in February, compared to $300 million in January

 

Meanwhile, the Special Adviser on Information and Strategy, Bayo Onanuga, has cautioned currency traders speculating on foreign exchange to sell their dollar holdings, stating that the naira is expected to increase in value soon.

 

He advised speculators to sell off their dollars to prevent potential losses swiftly.

 

Onanuga said, “With backlog FX settled, Naira is set to appreciate further, faster. Currency speculators should quickly dump their stock of dollars to avoid sorrows and tears.

 

On Wednesday, the naira closed trading at 1,410/dollar at the parallel market and N1,492 at the official Nigerian Autonomous Foreign Exchange Market, according to data compiled from the FMDQ Securities Exchange.

 

The gain recorded by the naira at the official market represents an appreciation of N68 or 4.5 per cent, from the N1,560/$1 recorded on Tuesday at NAFEM, and a gain of 13.5 per cent or N190 at the parallel market.

 

The naira has been gaining lately as speculators begin to dump their dollar stocks, following waning demand by prospective buyers amid CBN clampdowns.

 

A string of circulars by the Central Bank of Nigeria in recent weeks and months have helped to plug leakages and blocked loopholes previously explored by currency speculators and racketeers.

 

Also, the recent clampdowns on the activities of illegal BDC operators in Lagos, Abuja and Kano by the operatives of the Economic and Financial Crimes Commission have helped to reduce the volatility of the naira.

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Fidelity Bank Rewards 20 New Millionaires in GAIM 6 Savings Promo Draws

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Fidelity Bank Plc has created 20 new millionaires and rewarded 29 other customers with cash prizes in the seventh and eighth monthly draws of its Get Alert in Millions (GAIM) Season 6 savings promotion.

The draw event, held at the bank’s headquarters in Lagos, also featured a formal prize presentation ceremony for winners from the fourth, fifth, and sixth monthly draws.

Speaking on behalf of the bank, Chioma Nwankwo, Regional Bank Head, Lagos Central, who represented Dr. Ken Opara, Executive Director for Lagos & South West and Chairperson of the promo, said the initiative was designed to promote responsible financial habits.

“At Fidelity Bank, we believe that financial well-being begins with cultivating smart saving habits. This belief inspired the GAIM 6 promo — a strategic initiative aimed at encouraging and rewarding a culture of consistent savings among our customers,” she said.

She further noted that the programme was not only about winning but about helping customers secure their financial future.

“For us, it is not just about winning but helping our customers to build a secure financial future. To ensure this, these winners also receive financial advisory to help them grow and manage their wealth effectively,” she added.

Nationwide Winners

L-R: Regional Bank Head, Lagos Central, Fidelity Bank Plc, Chioma Nwankwo; Divisional Head, Product Development, Fidelity Bank Plc, Osita Ede; Principal Legal Officer, Lagos State Lottery and Gaming Authority, Oyinkan Kusamotu; Winners of the 4th, 5th and 6th monthly draws of the Get Alert in Millions (GAIM) 6 Promo – Stephanie Onome Gere, Itua Michael Ehinomen, Maduabuchi Kalu Anya, and Chioma Grace Nnodim; South-West Zonal Coordinator, Federal Competition and Consumer Protection Council (FCCPC), Aboluwade Margaret; and Group Head, Savings and Retail Sales, Fidelity Bank Plc, Oladimeji Saka; during  the prize presentation ceremony for the winners  of  the 4th, 5th and 6th monthly draws of the Fidelity Bank GAIM 6 promo held in Lagos recently.

The seventh and eighth monthly draws produced 10 winners each from different regions across Nigeria. The selection was conducted electronically and supervised by representatives from the Federal Competition and Consumer Protection Commission (FCCPC) and other regulatory bodies to ensure fairness and transparency.

During the ceremony, beneficiaries from earlier draws also received their ₦1 million prizes. They included Stephanie Onome Gere, Itua Michael Ehinomen, Maduabuchi Kalu Anya, and Chioma Grace Nnodim.

Expressing her excitement, Nnodim said:

“This is a life-changing moment for me. I had heard of others winning, but I never imagined I would become a millionaire just by saving consistently. I encourage all Nigerians to open a Fidelity Bank account and start saving – you never know when your alert will come.”

GAIM 6 at a Glance

The GAIM 6 savings promo, now in its final month before the grand finale, has so far disbursed ₦85.4 million to 2,561 customers nationwide. The breakdown includes:

₦60 million to 60 monthly winners

₦7 million to 700 student Flex account holders

₦4.5 million to nine NYSC members

₦1 million each on Women’s Day and Workers’ Day

₦10 million on Children’s Day

₦7.7 million shared among 1,550 weekly consolation winners

Bank Profile and Awards

Fidelity Bank Plc serves over 9.1 million customers via its digital platforms, 255 business offices across Nigeria, and a subsidiary in the United Kingdom, FidBank UK Limited.

The bank’s recent accolades include:

2024 Excellence in Digital Transformation & MSME Banking Award (BusinessDay BAFI Awards)

2024 Most Innovative Mobile Banking Application (Global Business Outlook)

2024 Most Innovative Investment Banking Service Provider (Global Brands Magazine)

Best Bank for SMEs in Nigeria (Euromoney Awards for Excellence)

Export Financing Bank of the Year (BusinessDay BAFI Awards)

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Closeup Champions Real Human Connection at Lagos BFF Conference with ‘Closer Is Better’ Campaign

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Closeup’s “Closer Is Better” campaign took centre stage at the Best Friends Forever (BFF) Conference on Saturday, 2 August 2025, transforming Alpha Hall, Ikosi, Lagos, into a vibrant hub of friendship, youth culture, and authentic connection.

The annual gathering, which celebrates shared experiences and the spirit of togetherness, became a perfect stage for the brand’s renewed vision — one rooted in self-confidence, authentic relationships, and the joy of closeness.

From the moment guests stepped into the venue, Closeup’s bold red-and-white installation became a focal point. The booth was alive with interactive games, prize wheel spins, dance-offs, and spontaneous moments that drew strangers together. Attendees lined up for photo booth sessions, while laughter and shared stories filled the air.

“Safe to say, what Closeup built that day was a hub where confidence was contagious and everyone was welcome,” the organisers said.

Inspiring Voices on Confidence and Friendship

The BFF Conference’s speaker line-up added depth to the lively atmosphere. Wellness coach Bunmi George, leadership strategist Debola Deji-Kurunmi, and pastors Yemi Davids and Godman Akinlabi delivered talks that explored identity, faith, courage, and the bonds that sustain friendships.

Their reflections resonated strongly with the audience.

“Real confidence begins within, and showing up for others starts with showing up for yourself,” one speaker noted — a sentiment that drew applause and nods from the crowd.

A Movement Beyond the Event

Through its participation, Closeup reaffirmed its commitment to creating spaces where young people can connect meaningfully. The “Closer Is Better” campaign, which encourages openness, self-expression, and embracing true identity, mirrors conversations already happening among young Nigerians about vulnerability, friendship, and self-worth.

The movement, the brand says, will keep evolving to inspire more opportunities for authentic connection.

“Because in life, closer is better,” a Closeup representative said.

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Ondo State Vital to Nigeria’s Socio-Economic Growth – VP Shettima Declares at National MSME Clinic

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Nigeria’s Vice President, Senator Kashim Shettima, has described Ondo State as a pivotal force in the country’s socio-economic development, underscoring the vital role of Micro, Small, and Medium Enterprises (MSMEs) in transforming Nigeria’s economic landscape.

Speaking on Tuesday, August 5, 2025, at the 7th edition of the Expanded National MSME Clinic held at The Dome in Akure, Shettima declared, “MSMEs account for 90 percent of jobs in this country. They are key to poverty alleviation and national prosperity. The growth of our economy must go hand in hand with the growth of small businesses.”

The event, themed “Ondo 2025”, brought together business leaders, traditional rulers, government officials, and entrepreneurs to discuss and accelerate support for MSMEs.

The Vice President noted that 65 Ondo-based MSMEs have already accessed the Federal Government’s N75 billion intervention fund and reiterated that Ondo’s contributions to national productivity cannot be overlooked.

“This fund is designed to provide affordable financing for entrepreneurs,” he explained. “We must ensure that this support is not a one-way gesture. I call on all partner agencies to continue working hand-in-hand with MSMEs to deliver lasting impact.”

Vice President Kashim Shettima addressing participants and guests at the Exhibition.

Renewed Hope in Agriculture and Industry

As part of the administration’s broader economic strategy, Shettima unveiled a key initiative under President Bola Tinubu’s Renewed Hope Agenda – the planting of 100 million oil palm trees nationwide and revival of the cocoa industry.

“President Bola Ahmed Tinubu has given a clear directive that we should plant 100 million oil palm trees across the country. We’re also going to revive the cocoa industry,” Shettima said.

He also praised Ondo State Governor, Dr. Lucky Orimisan Aiyedatiwa, for the state’s efforts in empowering small businesses and improving infrastructure.

“Let me commend the Governor of Ondo State for his visible commitment to development. What I’ve seen here today is very impressive,” the VP noted.

Governor Aiyedatiwa: MSMEs Are the Backbone of Our Economy

In his speech, Governor Aiyedatiwa emphasized the clinic as a strategic intervention in unlocking Nigeria’s full economic potential through the growth of MSMEs.

“We believe that MSMEs are the backbone of Nigeria’s economy,” he said. “Our OUR EASE agenda directly aligns with the Federal Government’s Renewed Hope Agenda, and we are fully committed to creating an enabling environment for entrepreneurship.”

Governor. Aiyedatiwa addressing the guests and participants

Aiyedatiwa celebrated local success stories, including Denki Wire and Cables Ltd and Kay Classic Fashion, both national MSME Award winners for excellence in manufacturing and fashion.

The Governor also outlined his administration’s support for small businesses, including:

N220 million in interest-free loans disbursed in 2024 via the Ondo State Micro-Credit Agency (ODSMA)

Access to the Bank of Industry N75 billion intervention fund

The “One Youth One Skill” initiative

The launch of Odatiwa Skills Development Enterprise Centres (OSDEC) and Ondo’s first mini shared facility

He used the opportunity to request federal support for:

A Fashion Hub Shared Facility in Ondo

An Oil Palm Processing Plant to boost the state’s agricultural productivity

Regional Leaders, Monarchs Back MSME Growth

Also present at the event was Ekiti State Governor Abiodun Oyebanji, who praised the MSME Clinic as a “strategic tool for human capacity development.”

“National development is best driven by productivity. We must patronize locally made goods to empower our people,” Oyebanji said.

In a royal goodwill message, the Ooni of Ife, His Imperial Majesty Oba Adeyeye Ogunwusi, Ojaja II, emphasized youth empowerment and collaboration.

“Empowering young entrepreneurs and supporting Nigerian-made products through public-private partnership is the path forward,” the Ooni remarked.

Policy Makers Highlight Impact of MSME Clinics

Mr. Temitola Adekunle-Johnson, Special Adviser to the President on Job Creation and MSMEs, detailed how the clinics have improved direct engagement between regulators and small business owners nationwide.

Earlier, Deputy Governor Dr. Olayide Adelami expressed gratitude to the Vice President for attending, reiterating Ondo’s commitment to business growth and economic transformation.

Orioye Gbayisemore, SSA to the Governor on Youth Empowerment and Job Creation, announced that over 10,000 youths have been empowered through various state initiatives.

“The youth of Ondo State are exceptionally creative and industrious. Their entrepreneurial efforts are contributing meaningfully to national development,” Gbayisemore said.

Traditional Rulers Pledge Support for National Agenda

Prior to the MSME Clinic, VP Shettima visited the Ondo State Council of Obas Secretariat where he engaged with traditional rulers, seeking continued support for the policies of the Tinubu administration, especially ahead of the 2027 general elections.

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