Dollar exchanges at N1,346 official rate, N1,400 in parallel market

The Nigerian naira remained relatively stable against the United States dollar on Wednesday, although a noticeable difference persists between the official foreign exchange market and the parallel market.

The latest available data from the Nigerian Foreign Exchange Market (NFEM) placed the dollar at approximately ₦1,346.34 on Wednesday, reflecting the current benchmark exchange rate.

According to the Central Bank of Nigeria (CBN), the NFEM rate is calculated using the volume-weighted average of transactions carried out in the market and represents the official exchange rate for the day.

Other confirmed figures from the official market showed the naira closing at about ₦1,346.90 to the dollar, keeping the currency within the ₦1,347/$ range.

Meanwhile, the dollar was trading at approximately ₦1,400 in the parallel market on Wednesday, according to Aboki Forex, which regularly monitors and publishes street-market exchange rates.

At the parallel-market rate of ₦1,400 to the dollar, $100 would be worth about ₦140,000, while $1,000 would exchange for approximately ₦1.4 million.

The gap between the NFEM rate of ₦1,346.34 and the parallel-market rate of ₦1,400 stands at roughly ₦53.66 per dollar.

The naira’s relative stability comes amid improved conditions in Nigeria’s foreign exchange market. The previous week, the currency was trading at around ₦1,345/$ in the official market, compared with approximately ₦1,410/$ on the streets, indicating a reduction in the disparity between both markets.

The CBN’s latest data indicate that NFEM rates are determined from actual transactions in the official market. In contrast, parallel-market rates can vary during the day based on dollar availability, demand, location and transaction volumes.

Dolly Parton Dies at 80 After Six-Decade Music Career

Country music legend Dolly Parton has died at the age of 80.

Her death was reportedly announced on Tuesday by her nephew, Bryan Seaver, in an emotional post shared on Instagram.

Seaver described the moment as deeply painful, saying he had anticipated the weight of the loss but only fully understood it after her death.

Parton rose from humble beginnings in Tennessee to become one of the most influential figures in country music, enjoying a career that spanned more than six decades.

She sold more than 100 million records worldwide and earned the title “Queen of Country” through iconic songs such as “Jolene”, “9 to 5” and “I Will Always Love You”.

The singer-songwriter wrote more than 3,000 songs and won 11 Grammy Awards during her illustrious career. She also established herself as an accomplished actress, featuring in films including 9 to 5, The Best Little Whorehouse in Texas, Steel Magnolias and Joyful Noise.

“Jolene”, one of Parton’s most recognisable songs, was written around the same period as “I Will Always Love You”. Both tracks appeared on her 1974 album Jolene, which helped expand her popularity beyond the country music audience.

Concerns about Parton’s health emerged publicly in September 2025 when she postponed her Las Vegas residency. She had also reduced her public appearances in recent weeks amid reports of ongoing health challenges.

Her death comes months after the passing of her husband of nearly six decades, Carl Dean, who died in March 2025 at the age of 82.

Parton and Dean were married in 1966 and remained together for almost 60 years.

Tears as Nollywood Icon Ogogo Is Laid to Rest

Tears and grief filled Ilaro, Ogun State, on Monday as the remains of veteran Nollywood actor, Taiwo Hassan, popularly known as Ogogo, were laid to rest.

Family members, friends, colleagues and sympathisers gathered in the actor’s hometown to observe the burial rites of the 66-year-old thespian.

Footage from the funeral procession showed mourners carrying Ogogo’s remains to his final resting place in line with Islamic burial traditions.

Among those present was Ogogo’s longtime friend and colleague, Yinka Quadri, who broke down in tears as mourners tried to comfort him.

The emotional moment underscored the depth of sorrow among the actor’s colleagues, relatives and loved ones as they paid their final respects.

Several Nollywood stars, including Jide Kosoko, Faithia Balogun, Femi Adebayo, Mr Latin and Toyosi Adesanya, had earlier travelled to Ilaro to attend the burial.

Other actors, including Ireti Osayemi and Bisi Omo Logbalogba, were also present alongside family members, friends and sympathisers.

The burial followed the arrival of Ogogo’s remains in Ilaro on Sunday, shortly after the actor died at the age of 66.

FG Spends N6.47tn on Infrastructure as Highways Take Lion’s Share

The Federal Government spent N6.47 trillion on strategic infrastructure projects between June 2023 and December 2025, with major highway projects accounting for more than half of the total expenditure.

An analysis of the newly released Federal Government Nigeria Reform Scorecard on savings from fuel subsidy removal, titled “The Benefits, Costs and Harm Prevented,” showed that the Lagos-Calabar Coastal Highway received the largest allocation among the strategic infrastructure projects listed, with N2.23tn disbursed for its construction.

The Sokoto-Badagry Superhighway ranked second with N1.11tn, while N489.3bn was spent on the Trans-Sahara Superhighway. Combined, the three highway projects accounted for about N3.83tn of the N6.47tn allocated to strategic infrastructure during the period under review.

The scorecard, which covered June 2023 to December 2025, outlined how the Federal Government deployed additional fiscal resources generated or made available through its economic reform measures.

According to the document, the government recorded incremental expenditure of N30.64tn during the period, with N6.47tn directed towards strategic infrastructure development.

On Wednesday, the Federal Government disclosed that it had spent N30.64tn to cushion the impact of petrol subsidy removal and other major economic reforms, while the reforms generated N15.8tn in savings for the Federation.

Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, said the removal of the petrol subsidy and the unification of the foreign exchange market helped mobilise N15.8tn in additional resources for the Federation during the period.

Further analysis of the scorecard showed that the Lagos-Calabar Coastal Highway, one of the four legacy road projects of the current administration, received N2.23tn, representing about 34 per cent of the N6.47tn spent on strategic infrastructure.

The Sokoto-Badagry Superhighway received N1.11tn, while N489.3bn was allocated to the Trans-Sahara Superhighway. Other significant expenditures included N366bn for emergency road intervention projects and N304.2bn for Section II of the Abuja-Kaduna-Kano Road.

The Federal Government also allocated N291.3bn to the Lekki Deep Sea Port Access Road, N250bn to the Renewed Hope Smallholder Support Programme and N228.4bn to the Ilesha-Akure-Benin road section.

The scorecard also recorded N124.7bn for the construction of 1,550 housing units for personnel of the Nigerian Armed Forces, while N109.9bn was spent on Operation Lake Sanity, a multinational security operation.

The Ministry of Finance said the infrastructure interventions were designed to tackle longstanding constraints to investment and economic growth.

The spending comes as the Federal Government continues to pursue major road and transport infrastructure projects amid growing pressure from rising debt-service obligations, wage adjustments and other recurrent expenditures.

Veteran Nollywood Actor Taiwo Hassan ‘Ogogo’ Dies at 66

Veteran Nollywood actor and Yoruba film icon, Taiwo Hassan, popularly known as Ogogo, has died at the age of 66.

Hassan passed away at about 3 p.m. on Sunday, August 23, 2026, according to an announcement by fellow veteran actor, Jide Kosoko. The development has sparked grief across the Nigerian entertainment industry.

Kosoko disclosed that the late actor’s remains would be taken to his hometown, Ilaro, in Ogun State, on Sunday ahead of his final rites.

A lying-in-state ceremony has been scheduled for Monday, August 24, at 11 a.m. at the Pavilion in Ilaro, Ogun State.

Taiwo Hassan was one of the prominent figures in Yoruba-language cinema, with a career spanning several decades as an actor, filmmaker and screenwriter. He was widely recognised for his memorable roles and contribution to the growth of the Nigerian film industry.

His death comes days after his family appealed for medical assistance as he battled a serious health condition. Colleagues, fans and other members of the entertainment industry had rallied around the actor before his death.

101-Year-Old Great-Grandmother Arrested for Selling Illicit Drugs

Operatives of the National Drug Law Enforcement Agency have arrested a 101-year-old great-grandmother, Esther Ogunmabo, for allegedly dealing in illicit drugs in Ilisan, Ogun State.

Ogunmabo was reportedly found with 90 grammes of skunk, a strain of cannabis, packaged in retail sachets for sale to residents in the community.

According to the NDLEA spokesperson, Femi Babafemi, the centenarian told investigators that she ventured into the illicit drug trade after her provisions shop was destroyed by fire.

The agency said the arrest was part of its operations against drug trafficking across the country’s land and maritime borders.

NDLEA Chairman, Brigadier General Buba Marwa (retd.), directed that Ogunmabo be granted bail and referred for counselling due to her advanced age. Her daughter, however, was also arrested in connection with the case.

FG Declares Tuesday Public Holiday for Eid ul Mawlid

The Federal Government has declared Tuesday, August 25, 2026, a public holiday to commemorate this year’s Eid ul Mawlid, marking the birth of Prophet Muhammad (Peace Be Upon Him).

The Minister of Interior, Olubunmi Tunji-Ojo, announced the declaration on behalf of the Federal Government.

In a statement issued on Friday and signed by the Ministry’s Permanent Secretary, Dr Magdalene Ajani, the minister conveyed warm greetings to Muslims in Nigeria and across the diaspora.

Tunji-Ojo urged Nigerians to reflect on the virtues and teachings exemplified by the life of Prophet Muhammad during the celebration.

He also called on citizens to pray for peace and national unity, noting that building and sustaining cohesion remains a shared responsibility.

The minister appealed to Nigerians to celebrate peacefully and with moderation, while encouraging mutual respect among citizens and wishing the Muslim faithful a joyful and peaceful Eid.

Tunji-Ojo reaffirmed the Federal Government’s commitment to safeguarding lives and property and maintaining peace across the country.

The declaration means workers nationwide will observe Tuesday, August 25, as a public holiday in commemoration of Eid ul Mawlid.

FG Stops Payments for Unapproved Foreign Trips by Appointees

The Federal Government has directed all Ministries, Departments and Agencies (MDAs) to suspend the processing of payments for official foreign trips undertaken by government appointees without prior approval from the Office of the Secretary to the Government of the Federation (OSGF).

The directive was contained in a circular dated August 13, 2026, signed by the Secretary to the Government of the Federation, George Akume, and addressed to the Chief of Staff to the President, ministers, Heads of the Civil Service, service chiefs, heads of federal agencies, as well as chief executives of parastatals and government-owned companies.

The circular, referenced PRS59648/S.13/TI/335, stated that despite existing regulations governing official foreign travel, “some Federal Government appointees continue to embark on official foreign trips without obtaining prior approval from the Office of the Secretary to the Government of the Federation, contrary to extant government directives and established administrative procedures.”

The government noted that it had issued no fewer than five circulars since 2012 aimed at regulating foreign travels by cabinet members and other public officials. However, the circular observed that cases of non-compliance have persisted, describing the development as one that undermines efforts to promote effective coordination, accountability, transparency and prudent management of public funds.

Under the new directive, accounting officers, permanent secretaries, chief executive officers and heads of Federal Government agencies are required to ensure that no expenditure connected to official foreign trips by government appointees is processed without evidence that the necessary approval has been obtained from the OSGF.

The circular also directed the Ministry of Foreign Affairs to make the presentation of valid OSGF approval a mandatory condition for processing Notes Verbales, diplomatic facilitation and visa applications for government appointees travelling outside the country on official assignments.

In addition, foreign missions and embassies accredited to Nigeria are to be formally informed that applications for official, diplomatic or service visas submitted by government appointees must be accompanied by valid approval for the proposed foreign trip from the OSGF.

FG Demands End to Xenophobic Attacks on Nigerians in South Africa

The Federal Government has urged the South African government to take urgent and decisive steps to bring an end to xenophobic and Afrophobic attacks targeting Nigerians and other African nationals living in the country.

It also called for stronger migration governance, responsible political leadership and deeper people-to-people relations among African countries as part of efforts to prevent renewed violence and protect migrants from attacks.

The Minister of State for Foreign Affairs, Amb. Sola Enikanolaiye, made the call on Tuesday during a virtual roundtable titled “South Africa’s Xenophobia in Comparative Perspective,” organised by the Nigerian Institute of International Affairs.

According to a statement issued on Wednesday by his Special Adviser on Digital Media and Public Diplomacy, Raphael Oni, the minister said Nigeria considered the situation a serious challenge that must be confronted without either denying its existence or exaggerating its scale. He maintained that the term Afrophobia more accurately described the nature of the attacks.

Enikanolaiye described the violence as having “a particularly African, post-colonial and post-apartheid character,” stressing that the attacks should be viewed within the broader historical and political context of the continent.

The minister expressed concern over what he described as the irony of citizens from countries that stood firmly with South Africa during its struggle against apartheid now being treated as “unwanted outsiders” in the country.

To ensure that Nigeria’s historical contributions to South Africa’s liberation struggle are properly documented and preserved, Enikanolaiye said the Ministry of Foreign Affairs had directed the Nigerian Institute of International Affairs to conduct a comprehensive study of the country’s role in supporting the anti-apartheid struggle.

He said Nigeria’s financial contribution to the liberation struggle was estimated at more than $60 billion, while the country also supported the cause through the nationalisation of British Petroleum, provision of scholarships and the extension of hospitality to South African leaders who sought refuge or support in Nigeria.

“The relationship between Nigeria and South Africa is not reducible to trade statistics or diplomatic communiqués. There is history in that relationship. There is blood, sacrifice and solidarity in that history,” the minister said.

Enikanolaiye said Nigeria remained particularly concerned about the loss of lives associated with Afrophobic violence, revealing that approximately 90 Nigerians had been killed in such attacks since June 2022.

He further disclosed that incidents of fresh attacks and displacement had continued to occur in 2026, raising renewed concerns over the safety and security of Nigerians and other African nationals residing in South Africa.

According to the minister, the continued violence could damage South Africa’s international image, undermine investor confidence and weaken efforts towards deeper regional integration across the continent.

He also warned that the attacks could diminish the moral authority and goodwill South Africa gained from its historic liberation struggle, particularly among African countries that played significant roles in supporting the country’s fight against apartheid.

To tackle the problem, Enikanolaiye called on South African authorities to establish more transparent, effective and humane migration systems, while ensuring that the enforcement of immigration laws remained the exclusive responsibility of the government and its authorised institutions.

He cautioned against vigilantism and appealed to political leaders to exercise greater restraint in their public statements, noting that portraying migrants as “criminals” or “job thieves” could fuel resentment and create conditions that encourage violence against foreign nationals.

The minister also advocated greater reliance on verified facts and credible data in public discussions about migration, rather than misinformation, rumours and inflammatory claims that continue to circulate widely on social media platforms.

Enikanolaiye called for the full activation of existing Nigeria-South Africa early-warning and rapid-response mechanisms, stressing that such mechanisms could help both countries identify emerging tensions early and take appropriate measures to prevent them from escalating into violence.

Ogun Declares August 20 Public Holiday to Celebrate Isese Day

The Ogun State Government has declared Thursday, August 20, 2026, a public holiday to mark this year’s Isese Day celebration.

In a statement, the Special Adviser to the Governor on Information and Strategy, Hon. Kayode Akinmade, said the declaration demonstrates the administration’s commitment to preserving and promoting Yoruba culture, heritage and traditional values.

The government noted that August 20 was officially recognised as a public holiday in Ogun State in 2023, following a resolution by the Ogun State House of Assembly and the approval of Governor Dapo Abiodun.

It said Isese Day offers adherents of the Yoruba traditional religion an opportunity to honour their ancestors, perform traditional rites and uphold the values and teachings associated with their spiritual and cultural practices.

According to the government, the celebration also strengthens the bond among practitioners and creates an avenue for members of the wider society to understand, appreciate and respect the rich cultural heritage of the Yoruba people.

The statement added that the observance of Isese Day demonstrates the administration’s recognition of the role of culture and traditional institutions in preserving Ogun State’s identity and promoting social cohesion.

The government consequently called on residents to mark the celebration peacefully and responsibly, while respecting the beliefs, rights and practices of others.