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China Visits Nigeria With 3 Ships, Strengthens Bilateral Relationship

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The Chinese Navy Escort Task Group (ETG) 162, comprising MSL Destroyer NANNING, MSL Frigate SANYA, and Supply Ship WEISHANHU, on Sunday visited Nigeria to strengthen bilateral relationship between the two countries.

The Chinese Ambassador to Nigeria, Mr Chi Jian Chun, said that the visitation of the Chinese envoy, scheduled for July 2 to 6, would also enhance maritime security within West Africa.

The News Agency of Nigeria (NAN) reports that MSL Destroyer NANNING, made the port call at Nigerian Port Authority (NPA) Berth 21, while the other two ships remained at anchorage.

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Chun said that the delegation from China was big with more than 700 people and three ships to Nigeria.

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The visit is to further deepen the relationship the two countries have with one another and also seek to strengthen and improve our relationship and cooperation with each other.

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“This visit demonstrates the harmony and symphony between Nigeria and China,” he said.

The ambassador said that China and Nigeria would continue to work together and promote peace and harmony while also seeking ways to make contributions to the international community.

“I believe that this visit will deepen the cooperation between both countries military sector so that we can work together to overcome obstacles.

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“We will continue to do more things to facilitate and promote the relationship between the two countries,” Chun said.

Also, the Flag Officer Commanding (FOC) Western Naval Command, Rear Adm. Joseph Akpan, said the visitation would further help to cement the relationship between the two countries.

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This is “especially between the Nigerian Navy and the Chinese Navy as well as the military. This will help us fight crimes, especially in the Gulf of Guinea.

“During their period of stay, our men will be interacting, we will be having some sporting activities, exchange of momentous and gifts.

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“We will also discuss the future of both navies, especially on how we can benefit from each other,” Akpan said.

The FOC added that the term called ‘sea riders’ enabled some of the Nigerian Navy personnel onboard the Chinese ship and they could also have some of their own men onboard our ship.

This helps to foster friendship across the horizon,” Akpan said.

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NAN reports that the Chinese people resident in Lagos came out in their numbers to welcome the Chinese envoy at the NPA.

There was also a rich display of the culture of the Chinese people which could be seen in the colourful display of their synchronised dance routine at the port.

(NAN)

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14 Nigerian Banks Yet To Meet CBN’s Recapitalization Deadline [FULL LIST]

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With barely eleven weeks to the Central Bank of Nigeria’s (CBN) recapitalisation deadline, fourteen banks are yet to meet the requirement.

This comes as DAILY POST reports that 19 Nigerian banks had met the apex bank’s recapitalisation requirements as of January 6, 2025.

The banks that have complied with the CBN’s minimum capital benchmark include Access Bank, Fidelity Bank, First Bank, GTBank (GTCO), UBA, Zenith Bank, and twelve others.

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However, as of the time of filing this report, fourteen Nigerian banks are yet to comply.

The banks that have not met the apex bank’s recapitalisation requirement include First City Monument Bank (FCMB), Unity Bank, Keystone Bank, Union Bank (Titan), Taj Bank, Standard Chartered Bank, Parallex Bank, and SunTrust Bank.

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Others are FBH Merchant Bank, Rand Merchant Bank, Coronation Merchant Bank, Alternative Bank, and other non-interest banks.

Meanwhile, financial experts have predicted possible mergers and acquisitions ahead of the March 31 deadline.

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Naira Extends Appreciation Against US Dollar

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The naira extended appreciation against the dollar at the official foreign exchange market on Wednesday.

The Central Bank of Nigeria’s data showed that the Naira further firmed up on Wednesday to N1,418.26 per dollar, up from N1,419.07 exchanged on Tuesday.

Wednesday’s uptrend represents a slight N0.80 gain against the dollar on a day-to-day basis.

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READ ALSO:Naira Records Significant Appreciation Against US Dollar

Meanwhile, at the black market, the Naira remained unchanged against the dollar at N1,480 per dollar on Wednesday, the same rate recorded the previous day.

The development comes as Nigeria’s foreign reserves further rose to $45.62 billion as of January 6th, 2026.

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Recall that on Tuesday, the Naira posted a N10.24 gain against the dollar.

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Naira Continues Gain Against US Dollar As Nigeria’s Foreign Reserves Climb To $45.57bn

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The Naira appreciated further against the United States Dollar at the official foreign exchange market, beginning the week on a good note.

Central Bank of Nigeria data showed that the Naira strengthened on Monday to N1,429.31 per dollar, up from N1,430.85 exchanged on Friday, 2 January 2026.

This means that the Naira gained N1.56 against the dollar on Monday when compared to N1,430.85 last week Friday.

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READ ALSO:Naira Records Significant Appreciation Against US Dollar

At the black market, the Naira dropped by N5 to N1480 per dollar on Monday, down from N1475 traded Friday.

The development comes as the country’s external reserves rose to $45.57 billion as of Friday last week.

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