Category: News

The Nigerian Naira continued its strong performance against the US Dollar throughout the week, closing at ₦1,580.44 per Dollar in the official foreign exchange market on Friday, May 24, 2025. According to figures published by the Central Bank of Nigeria (CBN) on its official website, the Naira appreciated by ₦4.51k on Friday alone, marking a 0.28% gain from Thursday’s closing rate of ₦1,584.95. The local currency has seen sustained appreciation all week, having opened on Monday, May 19, at ₦1,598.68 per Dollar, improving to ₦1,590.45 on Tuesday, and reaching ₦1,584.49 on Wednesday. Analysts attribute the Naira’s steady rise to increased investor confidence, improved forex supply, and favorable market conditions. Meanwhile, the CBN, during its 300th Monetary Policy Committee (MPC) meeting held earlier this week, retained the Monetary Policy Rate (MPR) at 27.5%.

The Nigerian National Petroleum Company Limited (NNPC Ltd) has confirmed that the Port Harcourt Refining Company (PHRC) will undergo a scheduled maintenance shutdown beginning May 24, 2025. The announcement was made in a statement released on Saturday by NNPC’s Chief Corporate Communications Officer, Femi Soneye, who explained that the shutdown is part of a sustainability assessment aimed at boosting the refinery’s long-term performance.

A community in Anambra State is in mourning following a brutal attack in Isseke, Ihiala Local Government Area, where unidentified gunmen killed four members of a family. The victims — an elderly man and three women — were found lifeless in their home on Thursday morning, sending shockwaves across the region. According to eyewitness accounts, the assailants stormed the residence in the dead of night while the family was asleep, carrying out the attack in cold blood. The motive behind the killings remains unclear, with residents describing the assault as unprovoked and senseless. The Anambra State Police Command, through its spokesperson SP Tochukwu Ikenga, confirmed the tragic incident on Friday, identifying the victims as the family of Ichie Kennedy Igboanugo, also known as Ichie Akuruoulo 1 of Isseke. Ikenga stated that security operatives had cordoned off the area and recovered the bodies, which have been deposited at the morgue, while investigations into the crime continue. Ikenga said:“Following the simultaneous onslaught and joint clearance operations involving the police, military, and other security operatives to dislodge criminal elements in the state, we regret to report the cowardly gruesome murder of a family of four, including three females and an elderly man, by criminal elements at Isseke, Ihiala LGA, in the late hours of May 22, 2025. Preliminary information reveals that the criminals attacked the family unprovoked.” He added that the command, while expressing condolences to the bereaved, has reinforced security presence in the area and is pursuing leads to apprehend the perpetrators.“The joint security team has also reinforced the area for any untoward situation. Further developments shall be communicated, please,” Ikenga said.

In a sharp escalation of trade tensions, U.S. President Donald Trump has proposed a 50% tariff on all goods imported from the European Union, set to take effect on June 1, 2025. The announcement was made in a statement criticizing the EU for what Trump described as “unfair trade practices” and a “totally unacceptable” annual trade deficit of over $250 billion with the United States. Trump accused the EU of using powerful trade barriers, VAT taxes, excessive corporate penalties, monetary manipulations, and lawsuits against American companies to tilt the playing field in its favor. “Our discussions with them are going nowhere,” the president stated. Under the proposed measure, EU products built or manufactured in the United States would be exempt from the tariff. The move is expected to spark significant economic and diplomatic reactions on both sides of the Atlantic, with implications for global trade dynamics and ongoing negotiations.

Former Vice President and 2023 presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar, met with fellow former vice presidents, Prof. Yemi Osinbajo and Namadi Sambo, in Ondo State on Friday. The meeting took place ahead of the coronation of the new Owa Obokun Adimula of Ijesaland, Oba Clement Adesuyi Haastrup Atiku shared the development on his X handle, noting that he was warmly received at the Akure Airport by Osinbajo, Sambo, and other key stakeholders. The coronation ceremony is scheduled for Friday at Obokungbusi Hall in Ilesa, Osun State, with a grand reception to follow at Ilesa Grammar School. In a related engagement, Atiku and Sambo visited former Osun State Governor and ex-Minister of Interior, Alhaji Rauf Aregbesola, at his Lagos residence for a breakfast meeting. The gathering comes amid growing consultations within opposition ranks ahead of the 2027 general elections.