COURT RESTRAINS RESIDENT DOCTORS FROM EMBARKING ON STRIKE. (PHOTO).

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 COURT RESTRAINS RESIDENT DOCTORS FROM EMBARKING ON STRIKE  The national industrial court Abuja division has restrained all members and agents of the national association of resident doctors from calling, directing, organizing, participating in, and embarking upon any form of industrial action.  Justice Emmanuel Danjuma Subilim gave the order in an interim injunction filed by the federal government through the office of the attorney general of the federation and minister of justice.  The court temporally barred members of the association from embarking on any form of strike, work stoppages, go-slows, picketing, or any other form of industrial protest or disruption. The association is equally restrained from taking steps preparatory to any form of industrial action from the 12th day of january, 2026. The interim order remains in force pending the hearing and determination of the motion on notice fixed for the january 21, 2026. The association had earlier threatened to...
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NIGERIA'S NAIRA BRIEFLY DROPS TO RECORD LOW ON OFFICIAL MARKET. (PHOTO).

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Nigeria's naira briefly drops to record low on official market

Nigeria's naira briefly slumped to a record low against the dollar in thin trading on the official market on Thursday, bringing the official exchange rate within touching distance of the parallel market rate.

The currency of Africa's biggest economy fell as low as 1,105 naira to the dollar from 830 at Wednesday's close, LSEG data showed, before recovering to trade firmer on the day around 800 to the dollar.

A central bank spokesperson did not respond to a request for comment on the naira's fall or its plans for the currency when contacted by Reuters.

The naira's official exchange rate has been drifting towards the parallel market level for the past two weeks, traders said.

The naira was quoted at 1,135 to the dollar on the parallel market on Thursday, while lenders had been quoting the currency within a range of roughly 750 naira to 990 naira on the official market before Thursday's trade.

"We suspect this is an anomalous rate in a liquidity squeeze due to increased demand in the I&E window (official market), and don't expect this to be reflective of a true market rate going forward," said Kyle Chapman, FX markets analyst at London-based Ballinger & Co.

Olayemi Cardoso, the central bank governor who took office in September, has been silent about where he wants to see the trading band for the naira or when further liquidity might be injected into the market.

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The central bank has not intervened on the official market since October, which has helped accelerate the naira's slide, traders said.

Last week the naira recovered from a record low of 1,300 on the parallel market after the central bank sold dollars to 14 lenders to clear outstanding currency forwards. Some other lenders are yet to get settlement.

The government has said it is expecting $10 billion in foreign currency inflows that will improve market liquidity, but it is not clear when those funds will arrive.

 

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