Business
Economic Crisis: Naira Falls To Record N400/dollar
Nigerian local currency on a daily basis has continued to slide, as it has further dipped to an alarming rate of N400 to the dollar at the parallel market.
The Naira as at Wednesday, February 17, had exchanged at N382 to the dollar while the British pounds N505 to a pound.
The continual fall has push the middle class in Nigeria to poverty line as the nation has continued to slide into recession.
As at today, most family can barely feed once a day, as inflation, cash crunch and unemployment has made a public show of shame of millions of homes who are daily impoverished with government numerous negative policies.
Prices of goods and services have marginally increased beyond the reach of the common man as even the rich and privileged in the society are also complaining.
The Naira to the dollar as at today is exchanging at N400, Euro, N405, British Pounds N505, with projections that before year end, it might slide as low as N1000 to the dollar.
According to the Former Executive Director, Keystone Bank, Richard Obire, the current exchange rate is frightening.
“The current exchange rate is an indication that more Nigerians are moving into the poverty line as their purchasing power is weakened by the day.
“Holding the official rate at N197 does not make economic sense,” Obire said.
Ruling out devaluation of the local currency as panacea, Obire insisted that government has no option but to devalue.
He said: “By devaluing the naira, government is going to get more naira for its dollar earnings.
“The funds should be used to galvanize the economy by building infrastructure and pay salaries of workers. There is really no point leaving the exchange rate where it is now.”
The Chief Executive Officer, Financial Derivatives Company Limited, Bismarck Rewane in his submission has time without number insisted that the Central Bank of Nigeria, CBN, does not have clear understanding of the naira.
He said, “The concerns are that the currency is under pressure, that the currency is misaligned.
“Ghana and South Africa have already moved closer to equilibrium. Nigeria has not really accepted that the currency price is in disequilibrium.”
A currency strategist at Ecobank Nigeria, Kunle Ezun, in his reaction said, the falling naira-dollar exchange rate at the parallel market has to do with the fundamental problem of inadequate forex supply that the nation is grappling with.
“Unless we do something about the supply problem we are having with the foreign exchange reserves, it is a simple and basic economics law – the demand is far above supply.
“We don’t have the forex supply that can match our demand. The naira may sell for over 400 against the dollar over the next weeks because it is still falling.
“In my own opinion, we may be forced to freeze importation of non-essential items in the near future. There are many solutions but a drastic action may have to be taken if things continue this way,” Ezun said.
Other economist suggestions are saying that Buhari’s bailout fund which was rolled out in millions of dollars instead of (naira) to state governors might have also compounded naira woes.
*PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status
To prevent any misunderstanding regarding our affiliation with the United Nations, we hereby provide a formal clarification on the status and identity of the United International Peace and Governance Council (UNIPGC), formerly known as IPGC.
UNIPGC is an independent Civil Society Organization and Non-Governmental Organization with continental chapters registered in the United States, Germany, Canada, and several countries across Africa. The organization is committed to promoting the values and principles of the United Nations, particularly in advancing Sustainable Development Goal 16 (Peace, Justice, and Strong Institutions), as well as advocating for good governance globally.
In furtherance of its mandate, UNIPGC has established partnerships with reputable diplomatic civil society organizations, including the United Nations Association of Nigeria and the United Nations Association of Ghana. These collaborations are aimed at strengthening its engagement with initiatives aligned with United Nations ideals.
Additionally, UNIPGC has entered into diplomatic relations with the International Organization for Economic Development (IOED), an Intergovernmental Organization (IGO), to enhance its capacity for international cooperation and diplomatic engagement.
We wish to clearly state that UNIPGC is **not** an entity, agency, or organ of the United Nations.
Members of the public and media practitioners are respectfully advised to refer to the organization by its full and correct name: **United International Peace and Governance Council (UNIPGC)**, and not as the United Nations.
Thank you.
Business
Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour
Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour
Laffmattazz, one of Nigeria’s foremost comedy and live entertainment brands, is pleased to announce its official partnership with First Bank of Nigeria Limited for the highly anticipated Laffmattazz 2026 International Tour, themed “Next Chapter: A New Season of Laughter.”
Now in its 15th year, Laffmattazz—the brainchild of renowned Nigerian comedian Gbenga Adeyinka (Gbenga Adeyinka 1st)—has evolved into a cultural phenomenon, celebrated for its seamless fusion of comedy, music, and live stage performances.
The 2026 tour, which kicked off on Easter Sunday, April 5th, 2026 at the Jogor Centre, Ibadan, marks a significant milestone in the brand’s journey. Building on over a decade of success across Nigeria, this year’s edition signals a bold expansion into the international market, with a multi-city run in Canada, alongside major stops in Akure, Abeokuta, and Lagos.
This strategic partnership with First Bank of Nigeria Limited underscores a shared commitment to excellence and innovation. It is also aligned with FirstBank’s First@Arts initiative—a significant and ongoing program dedicated to supporting the creative arts, entertainment, and cultural sectors. Through this initiative, FirstBank provides financing, advisory services, and actively fosters a sustainable value chain for artists and creative entrepreneurs, while supporting key industry platforms such as the Nigerian Entertainment Conference.
Speaking on the collaboration, the Laffmattazz team stated:
“We are delighted to welcome First Bank of Nigeria Limited as a strategic partner for the Laffmattazz 2026 International Tour. As we mark 15 remarkable years of Laffmattazz, this partnership reinforces our vision to take premium Nigerian entertainment beyond borders, while delivering even bigger, better, and more memorable experiences for our audiences.”
As a key partner, First Bank will enrich the tour through innovative customer engagement initiatives, experiential activations, and exclusive fan experiences across all tour locations.
With its distinctive blend of humor, culture, and live entertainment, the Laffmattazz 2026 Tour is poised to connect audiences across cities and continents, bringing laughter to thousands of fans worldwide.
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About Laffmattazz
Laffmattazz is a premier Nigerian comedy and entertainment brand, now in its 15th year, renowned for its vibrant live shows and nationwide tours. Founded by Gbenga Adeyinka 1st, the brand continues to deliver high-quality experiences that celebrate creativity, culture, and laughter.
About First Bank of Nigeria Limited
First Bank of Nigeria Limited is Nigeria’s oldest financial institution, widely respected for its legacy of trust, innovation, and customer-centric financial solutions that support economic growth and development. Through its First@Arts initiative, the Bank continues to play a pivotal role in empowering the creative industry and driving sustainable growth across the sector.
Business
MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria
MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria
Anyone who has tried to get a loan to buy a house in Nigeria knows the drill: endless forms, property valuation, and eventual down payment of a minimum 25% or more on the property. Sometimes, interest rates could go as high as 30% per annum, while the typical loan limit is N50 million.
Now, FirstBank is making homeownership more attractive.
FirstBank, in partnership with the Ministry of Finance Incorporated (MOFI), has introduced the MREIF Home Loan. MREIF loan is a game-changer, offering a single-digit interest rate of 9.75% per annum, with a loan amount of up to ₦100 million and a repayment period of up to 20 years. This is perfect for salaried individuals, including Nigerians in the diaspora, looking to purchase homes in approved locations.
The MREIF loan stands out with its lower interest rate, higher loan amount, and flexible equity contribution as low as 10%. This makes it an attractive option for those seeking affordable homeownership.
You are one quick decision away from being a landlord.
If you’ve been waiting for the right time to buy a home, FirstBank’s MREIF Home Loan is the smartest route to owning property in Nigeria today. Visit the FirstBank website https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ to get started.
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