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Naira Strengthens Significantly as Nigerian Stock Market Records ₦35.07 Trillion Growth in 10 Months

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Nigeria ’s financial landscape is experiencing a remarkable turnaround, driven by a stronger naira and an impressive surge in the stock market . After months of instability, currency depreciation, and investor concerns, recent indicators reveal a more promising outlook for Africa’s largest economy . The official foreign exchange market has recorded a major appreciation of the naira, which now trades at around ₦1,421 per US dollar . At the same time, the Nigerian stock market has posted a cumulative ₦35.07 trillion gain in market capitalization within just the last ten months. These two developments are boosting confidence across sectors, generating optimism among investors, and signaling potential recovery momentum for Nigeria’s broader economy. A Stronger Naira: Signs of Stability Returning For many Nigerians, the value of the naira is more than just a number—it determines the costs of food, fuel, transportation, school fees, and virtually every essential commodity. The recent...

NASS Inauguration: Nigerian Lawmakers Elect New Senate President, Speaker (LIVE UPDATES)

 



However, the proceedings could hold simultaneously in both chambers since the House Standing Order now provides that the deputy CNA “shall preside over the election of the Speaker and Deputy Speaker” in the absence of the CNA.

While all 109 senators-elect will take the oath of office today, only 358 members-elect will do so in the lower chamber. This is because the member-elect for Jalingo federal constituency of Taraba State, Isam’ila Maihanchi, died in April while the Speaker of the 9th House, Femi Gbajabiamila, will be taking up a new appointment as the chief of staff to President Bola Tinubu. This means that INEC will have to conduct a by-election to fill the two seats.

Mr Gbajabiamila had been re-elected on 25 February to represent Surulere 1 Federal constituency of Lagos State for the sixth time until his appointment a few days ago.

The lawmakers were elected during the 25 February National Assembly elections though a few others were returned during subsequent supplementary elections on 15 April.

The election of the four presiding officers is the major attraction in the entire event.

At the last count, there are four aspirants still in the race for senate president; all ranking lawmakers and members of the ruling APC. They are Godswill Akpabio, a former minority leader of the senate, minister and former governor of Akwa Ibom; Abdulaziz Yari, a former member of the House of Representatives and former governor of Zamfara State; Orji Kalu, former chief whip of the ninth senate, former member of Third Republic House of Representatives and former governor of Abia State; and a former member of the House of Representatives and senator-elect for Imo West, Osita Izubaso.

Kano North senator-elect and former Senate Appropriation Committee chairman, Barau Jibrin, and the senator-elect for Niger East, Sani Musa are candidates for the seat of deputy senate president.

There are reports, however, that Messrs Kalu and Izunaso have stepped down for Mr Akpabio while Mr Musa has quit the race to back Mr Jibrin.

In the House, the candidates are Idris Wase, the deputy speaker of the ninth House from Plateau State; a former chairman of Land Transport Committee of the House, Tajudeen Abbas from Kaduna State; former Appropriation Committee chair, Muktar Betara from Borno State and former chairman of committee on Navy, Yusuf Gagdi, also from Plateau State.

Also in the race are former chairman of the House Committee on National Security and Intelligence, Aminu Jaji from Zamfara State; ex-Water Resource Committee Chairman, Sada Soli from Katsina State, and Miriam Onuoha, the only female aspirant, from Imo State.

Former House Leader Alhassan Doguwa, Makki Yalleman and Abdulraheem Olawuyi, who are all APC lawmakers, have since dropped out of the race to back Mr Abbas, the anointed candidate of Mr Tinubu and the APC leadership. Ditto for Messrs Betara and Gagdi.

There are indications that more aspirants will take that route before the actual voting commences on the floor as a result of the ongoing horse-trading and negotiations.

For the deputy speakership position, those in the race are the former spokesperson of the House, Ben Kalu from Abia State, Francis Waive from Delta and another lawmaker, Musliu Akinremi. But it appears only Mr Kalu, the APC anointed candidate, remains in the race

Nevertheless, whoever emerges at the end of the contest today will be the ninth substantive senate president and the eight substantive speaker in the current Fourth Republic.

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