Business

European Union regulators have fined the shopping website Temu €200m (£173m) for failing to stop the sale of illegal and dangerous products. The European Commission imposed the penalty after a 19-month investigation that found consumers were very likely to encounter illegal or unsafe products including baby toys and electronics on the firm’s website. An unpublished mystery shopping exercise carried out for the commission found a “high percentage” of unsafe baby products and a “very high percentage” of dangerous chargers for sale on the platform, as well as unsafe clothes and jewellery. Consumer groups across Europe have previously reported baby toys with loose parts presenting choking hazards, dummy chains long enough that they could strangle a child, jew...

Operatives of the Edo State Police Command have arrested a suspect, Richard Gabriel and recovered 36 rounds of live cartridges in Benin City.  The spokesperson for the command, ASP Eno Ikoedem, disclosed this in a statement on Thursday, May 28, 2026. "The Edo State Police Command has recorded another operational success with the recovery of thirty-six (36) rounds of live cartridges and the arrest of a suspect during a routine stop-and-search operation in Benin City,” the statement read. "On 23rd May, 2026, at about 1300hrs, officers attached to Ikpoba Hill Area Command, while on stop-and-search duty at Guobadia Junction along the Benin–Auchi Road, intercepted a mini bus conveying seven passengers from Benin–Auchi Bypass to Ring Road, Benin City. "During the operation, ...

The exchange rate between the United States Dollar and the Nigerian Naira at the parallel market, popularly known as the black market or Aboki FX, has continued to attract attention among Nigerians monitoring the foreign exchange market. According to Bureau De Change (BDC) operators in Lagos, the Dollar exchanged at ₦1,393 for selling and ₦1,385 for buying on Thursday, May 28, 2026. How Much Is Dollar To Naira In The Black Market Today? At the Lagos Parallel Market, traders confirmed the following rates for the Dollar to Naira exchange: Dollar To Naira Black Market Rate Today Dollar to Naira (USD to NGN)Black Market RateBuying Rate₦1,385Selling Rate₦1,393 Meanwhile, the Central Bank of Nigeria (CBN) has continued to distance itself from activities in the parallel market, ...

The Nigerian naira traded within a relatively stable range against the United States dollar on Thursday, May 28, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, amid sustained market interventions and improving liquidity conditions. Data published by the Central Bank of Nigeria showed that the naira traded around ₦1,375.41 per dollar at the official NFEM window, maintaining the relatively steady performance recorded in recent trading sessions. At the parallel market, also known as the black market, the dollar exchanged at an average selling rate of about ₦1,390 and a buying rate of around ₦1,378 on Thursday morning. Currency traders attributed the narrow gap between the official and parallel market rates to improved foreign excha...

The Nigerian Railway Corporation (Nigerian Railway Corporation) has temporarily suspended operations on the Warri–Itakpe Train Service, citing operational challenges and technical advice from its engineers. In a statement issued on Wednesday, May 27, by the Chief Public Relations Officer, Callistus Unyimadu, the corporation said the decision took immediate effect and was made in the interest of passenger safety. The NRC stated: “The Warri-Itakpe Train Service has been temporarily suspended due to operational exigencies and technical advice from our engineers.” It explained that the suspension would allow for a comprehensive assessment of the rail corridor to ensure continued safety and improved service delivery. “The temporary suspension has become necessary to enable the Corp...

YouTube says it will soon begin automatically detecting AI-generated content and adding labels to videos for viewers on the platform. The Google-owned company announced Wednesday, May 27, that the move marks a shift away from its previous system, which relied on creators to disclose whether they used generative AI tools. “If a creator doesn’t specify whether or not they used AI, but our systems detect significant photorealistic AI use, we will now automatically apply a label,” YouTube said in a blog post. The platform first introduced AI disclosure rules in 2024, asking creators to flag content made with generative AI. Since then, AI technology has advanced rapidly, with tools like Google’s Veo 3.1 and ByteDance’s Seedance making highly realistic AI videos easier to create. You...

Ferrari has presented its first fully electric car, marking a high-stakes shift by the luxury sports car maker as competitors including Porsche and Lamborghini scale back their EV ambitions, citing weak demand. The four-door Luce, Italian for ‘light’, was developed with the help of former Apple design chief Jony Ive and his collective LoveFrom, and is Ferrari’s first five-seater. Ferrari aims to appeal to families with deep pockets, offering them comfortable seats, high-end tech and a 600-liter trunk. Deliveries of the long-awaited Luce, priced at €550,000 ($640,000), are due to begin in the fourth quarter of 2026. “It’s the result of five years of work,” CEO Benedetto Vigna told more than 200 reporters gathered in Rome. The Luce, which amplifies natural vibration sounds from ...

Telecommunications subscribers in Nigeria can once again access emergency airtime borrowing services after Airtel and Globacom restored the platforms. The move followed the suspension of the Federal Competition and Consumer Protection Commission’s Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations 2025, as well as a court order stopping enforcement of the policy pending the outcome of a legal challenge. Chairman of the Wireless Application Service Providers Association of Nigeria, Ayo Stuffman, confirmed that airtime lending services had resumed on both networks. The return of the platforms is expected to benefit millions of Nigerians who depend on airtime advances for communication and small business activities. Industry figures estimate the market to be ...

Here is the latest Dollar to Naira exchange rate at the parallel market, popularly known as the black market or Aboki FX, for May 25, 2026. According to sources within the Lagos Bureau De Change (BDC) market, the US dollar was bought at ₦1385 and sold at ₦1395 on Monday. Black Market Dollar To Naira Rate Dollar to Naira (USD to NGN)Black Market RateBuying Rate₦1385Selling Rate₦1395 The Central Bank of Nigeria (CBN) does not officially recognise the parallel market and has advised individuals seeking foreign exchange transactions to use commercial banks and other approved financial institutions. CBN Dollar To Naira Rate Dollar to Naira (USD to NGN)CBN RateHighest Rate₦1377Lowest Rate₦1373 It is important to note that foreign exchange rates may vary depending on location...

Economists have rejected the National Bureau of Statistics’ latest Gross Domestic Product report for the first quarter of 2026 as the cost of living in Nigeria worsens.  Recall that the NBS report released on Monday showed that the Nigerian economy grew by 3.89 percent in Q1 2026 compared to 3.13 percent recorded in Q1 last year.  The report showed that the service sector contributed more to aggregate GDP at 57.73 percent, followed by agriculture at 23.16 percent and industries at 19.11 percent.  The NBS report further showed that nominal GDP stood at N110.79 trillion while real GDP was 51.36 trillion, with the non-oil sector’s contribution accounting for 96.08 percent against 3.92 percent for the oil sector.  The reports, like other GDP data by NBS, had sti...