Business

Famous Nigerian actor Alex Ekubo has sadly died. Family sources say he passed away yesterday Monday, May 11, after a battle with Cancer. He was 41 years old. His whereabout has been of concern to many as he has been off social media for a long time. His last post on social media was in December 2024. Alex was famous for his versatility as an actor as well as his good looks. May his soul rest in peace, Amen!

The Federal Government has stepped up engagement with the World Bank for a fresh $1.25bn loan to support economic reforms, job creation, and competitiveness, as findings by The PUNCH showed that the facility has reached a critical stage in the lender’s approval process. The proposed loan, titled Nigeria Actions for Investment and Jobs Acceleration, is expected to be presented for approval on June 26, 2026, about six months and 21 days before the January 16, 2027, presidential election, according to the revised timetable of the Independent National Electoral Commission. If approved, the loan will rank as the second-largest single World Bank facility secured under President Bola Tinubu, behind only the $1.5bn Reforms for Economic Stabilisation to Enable Transformation Development Polic...

The Dollar to Naira exchange rate at the black market, popularly known as the parallel market (Aboki FX), has been revealed for May 11, 2026. According to information obtained from Bureau De Change (BDC) operators in Lagos, the dollar exchanged at ₦1,400 for selling and ₦1,387 for buying on Monday, May 11, 2026. Current Black Market Dollar To Naira Rate: Dollar to Naira (USD to NGN)Black Market RateSelling Rate₦1,400Buying Rate₦1,387 Meanwhile, the Central Bank of Nigeria (CBN) maintains that it does not recognize the parallel market and has advised individuals seeking foreign exchange transactions to use authorized commercial banks. CBN Dollar To Naira Exchange Rate: Dollar to Naira (USD to NGN)CBN RateHighest Rate₦1,375Lowest Rate₦1,367 It is important to note that f...

The capital expenditure by 26 state governments plunged by N2.19tn within three months in the first quarter of 2026, raising concerns over slowing infrastructure development and worsening fiscal pressures as politics for next year’s elections intensifies. An analysis of quarter-on-quarter financial reports published on the official websites of the states showed that total capital expenditure fell by N2.20tn, representing a 58.1 per cent decline, from N3.79tn recorded in the fourth quarter of 2025 to N1.59tn in the first quarter of 2026. Similarly, a breakdown of state government expenditure between January and June 2025 showed that 31 states collectively spent N2.75tn, averaging N1.38tn on capital projects during the six-month period. The sharp contraction comes amid growing polit...

The Nigerian naira maintained a relatively stable position against the United States dollar on Monday, May 11, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market. Official data from the Central Bank of Nigeria’s exchange rate portal indicated that the NFEM rate settled around ₦1,361 per dollar. Throughout the trading session, the rate experienced minor fluctuations, moving between approximately ₦1,355 and ₦1,366 as supply and demand dynamics played out. In the parallel market, Bureau De Change operators in Lagos and Abuja were buying the dollar at approximately ₦1,385 and selling it within a range of ₦1,395 to ₦1,405. These figures varied slightly based on the transaction volume and specific location. Market analysts observe...

The exchange rate between the United States Dollar and the Nigerian Naira at the parallel market, commonly known as the black market or Aboki FX, remains a key focus for forex traders and Nigerians monitoring currency movements. According to Bureau De Change (BDC) operators in Lagos on Saturday, May 9, 2026, the Dollar exchanged at ₦1,395 for selling and ₦1,385 for buying in the parallel market. Black Market Dollar To Naira Rate Today Dollar to Naira (USD to NGN)Black Market RateBuying Rate₦1,385Selling Rate₦1,395 Meanwhile, the official exchange rate provided by the Central Bank of Nigeria (CBN) placed the Dollar within the range of ₦1,355 and ₦1,366. CBN Dollar To Naira Rate Today Dollar to Naira (USD to NGN)CBN RateHighest Rate₦1,366Lowest Rate₦1,355 The CBN has con...

The Nigerian government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has resumed the issuance of petrol import licences to petroleum marketers in a fresh policy move. Reports indicate that six major marketers were granted licences to import about 720,000 metric tons of Premium Motor Spirit (PMS), popularly known as petrol. The development signals a notable shift from the recent emphasis on relying mainly on local refining, particularly the Dangote Refinery. The marketers approved for the imports include NIPCO, AA Rano, Matrix Energy, Shafa Energy, Pinnacle Oil and Gas and Bono Energy. According to the allocation, NIPCO is expected to import 120,000 metric tons, AA Rano and Matrix Energy 150,000 metric tons each, Shafa and Pinnacle 120,...

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 forex traders and Nigerians monitoring currency fluctuations. According to sources at the Lagos Bureau De Change (BDC) market on Friday, May 8, 2026, the Dollar was sold at ₦1,395 and bought at ₦1,385 in the black market. Black Market Dollar To Naira Rate Today Dollar to Naira (USD to NGN)Black Market RateBuying Rate₦1,385Selling Rate₦1,395 Meanwhile, the Central Bank of Nigeria (CBN) official exchange rates showed the Dollar trading within the range of ₦1,355 to ₦1,366. CBN Dollar To Naira Rate Today Dollar to Naira (USD to NGN)CBN RateHighest Rate₦1,366Lowest Rate₦1,355 The CBN has ...

An Airline CEO has announced a number of airports are “already running out of jet fuel” as experts estimate a staggering 85,000 flights could be grounded in a single month ahead of the World Cup if the fuel crisis continues. This comes days after Nigerian singer Davido lamented that "the world happened" to him after an unavailability of jet fuel caused him to miss an event he was scheduled to perform at. Carsten Spohr, CEO of the German airline Lufthansa, has stated one of the firm’s passenger planes was unable to refuel due to fuel shortages, after touching down in Cape Town, South Africa, last week. The passenger jet was forced to fly 900 miles north to Namibia to fill up before returning to its original destination. Spohr said: “If you cannot reach your target airpor...

Several filling stations across Nigeria have reduced petrol pump prices in a bid to attract more customers. A market survey conducted in Abuja on Thursday revealed that stations operated by NIPCO, Eterna, and Mobil lowered their petrol prices to N1,350 per litre from previous rates ranging between N1,365 and N1,370 per litre. The latest adjustment represents a reduction of about N15 to N20 per litre. Confirming the development, Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), said the price cut was driven by competition among marketers seeking increased patronage. According to him, marketers sometimes sacrifice part of their profit margins when sales decline in order to boost customer turnout and maintain returns on investmen...