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Naira Further Gains by 0.78% Against Dollar at Official Market

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The Naira further appreciated at the official market on Wednesday, trading at N1,510.72 to a Dollar.

Data from the FMDQ Security Exchange official forex trading platform revealed that the local currency gained N11.96.

This represented a 0.78 per cent gain, compared to the trading figure on Tuesday, when the Naira closed trading at N1,522.

68 to the Dollar.

Trading on the Investors and Exporters (I&E) Forex window on Wednesday, recorded a high of N1,514.

00 and a low of N1,504.00.

The Naira has enjoyed relative stability against the US dollar since Dec. 2024, when the Central Bank of Nigeria’s (CBN) introduced sustained sweeping reforms.

The apex bank on Tuesday in Abuja, introduced more measures, leading to additional health for the local currency.

The apex bank approved waivers on the 2025 annual license renewal fee for all existing Bureau De Change (BDC) operators.

CBN also unveiled the Nigeria Foreign Exchange (FX) Code, aimed at sanitising the banking industry to promote ethical conduct.

The code, which is part of CBN’s ongoing reforms, is to sanitise the market to drive transparency and good governance, in line with global best practices.

Dr Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), in an interview on Wednesday, praised CBN for the waiver for his members.

Gwadabe called for support and compliance to CBN’s ongoing reforms, resulting in sustained stability of the local currency.

He also appreciated the CBN’s unveiling of the Nigeria Foreign Exchange (FX) Code, designed to promote ethical conduct among dealers in the market.

“It will address issues such as opaqueness in transactions, rate wars among participants, and lateness in submitting returns on spot transactions,” Gwadabe said. (NAN)

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UK Unemployment Rate Rises to 5.1 Per cent

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The UK unemployment rate in the three months to October has increased to 5.1%, according to official figures.

That marked a rise from 5% for the three months to September.

The number of people in the UK who are unemployed is now at its highest level since January 2021, just below the peak rate seen during the Covid-19 pandemic.

The Office for National Statistics (ONS) said the data reflected a “Subdued labour market”.

Average wage growth was 4.6%, excluding bonuses, between August and October 2025, but headed in different directions depending on whether you were employed by a company or the state.

Earnings growth in private companies slowed from 4.

2% to 3.9% but accelerated for the public sector employees from 6.6% to 7.6%, compared with the prior three-month period.

Wage growth, excluding bonuses, still remains higher than the rate of price increases in the economy.

Estimates for employees on company payrolls dropped by 149,000, or 0.5%, in October compared with the previous year.

Liz McKeown, the ONS director of economic statistics, said the figures indicate “a weakening labour market”.

“The number of employees on payroll has fallen again, reflecting subdued hiring activity.

McKeown also said young people were particularly affected by the fall in payroll numbers and the rise in unemployment.

The number of unemployed 18-24 year olds increased by 85,000 in the three months to October 2025, the largest rise since November 2022.

The government has said it will launch an investigation into youth unemployment and inactivity.

Meerah Nakaayi is 22 and from London. She did a two-year apprenticeship in policy and then worked in the sector for two years, but has been out of work since June.

“The last six months have been incredibly frustrating and demotivating” Meerah said.

“My last interview feedback stated how they had 290 applications for a policy analyst role for a niche policy area. I think that just shows how competitive it really is out there.”

James Reed, the chief executive of Reed Recruitment said all the main measures of the labour market were “going in the wrong direction”.

“I’m wondering whether they’ve hit the bottom or not,” he said.

Reed told the BBC’s Today programme the increase to the minimum wage announced in the Budget was “very welcome for people who have jobs” but “the economics of hiring at entry level is becoming less and less appealing to employers”.

The government has pledged to scrap the two-tier minimum wage and create a new rate for all adults.

But many businesses have said this will make them less inclined to hire young workers with little or no experience.

Yael Selfin, chief economist at KPMG UK, said: “The prospects for a rebound in hiring activity for younger workers remain weak.

The falling rate of private-sector wage growth reflects “a marked slowdown in hiring activity amongst businesses,” she said.

Selfin also said that the overall picture bolstered the case for the Bank of England to cut its base interest rate on ThursdaResponding to the ONS figures, Secretary of State for Work and Pensions Pat McFadden said the data “underline the scale of the challenge we’ve inherited”.

“That is why we are investing £1.5bn to deliver 50,000 apprenticeships and 350,000 new workplace opportunities for young people – giving them real experience and a foot in the door.

Helen Whately, shadow work and pensions secretary, accused the government of implementing “growth-killing policies” that would lead to job losses in the run up to Christmas.

“Fourteen months in a row of higher unemployment means thousands of families will be struggling through the holiday season and without a steady income heading into the New Year.”

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EEDC Explains Recent Decline in Power Supply across South-East

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The Enugu Electricity Distribution Company (EEDC) has attributed the recent decline in power supply across the South-East to low electricity frequency.

The Group Head, Corporate Communications, EEDC, Mr Emeka Ezeh, said in a statement on Tuesday in Enugu that the development was caused by gas constraints affecting the Generation Companies (GenCos).

“The development has necessitated the load shedding of available energy by the Transmission Company of Nigeria (TCN).

“As a result, energy allocation to EEDC and daily service levels for customers served by its subsidiary companies – MainPower, TransPower, FirstPower, NewEra, and EastLand – have been impacted.

“Efforts are being made by key stakeholders in the electricity supply industry to address the challenge and restore normal power distribution,” he said.

Ezeh apologised for the inconvenience caused to customers, adding, “We appreciate the patience and understanding of electricity consumers across the South-East.”

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Hamann: Wirtz Made Wrong Choice Joining Liverpool

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Liverpool hero Didi Hamann believes Florian Wirtz made the wrong decision joining the Reds this summer.

Wirtz, a £100m summer signing from Bayer Leverkusen, has struggled to adapt to the Premier League and is yet to register a single goal after 16 games in the competition.

Speaking with Sky Deutschland, Hamann stated that the Germany international would have adapted easily to the Bundesliga if he had joined Bayern Munich instead of Liverpool this summer.

“Christmas is approaching and he still hasn’t scored a goal or decided a match. Football is played differently in the Premier League, and he’s had little to no impact there so far.

“Liverpool signed a player for €140 million hoping he could turn around a struggling team with one or two plays.

He still hasn’t done that, and why would he now in January?

“When I watch him play, I sometimes get the feeling that he himself no longer believes in his potential. Wirtz made the wrong choice in the summer when he was faced with the choice between Liverpool and Bayern Munich.”

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