Business

Mobile phone subscribers in Nigeria and other emerging markets borrowed airtime worth $3.18bn on credit in 2025, with Africa accounting for more than 94 per cent of the total, according to the latest financial statements of fintech firm Optasia. The company’s 2025 consolidated financial statements showed that airtime advances granted through telecom operators rose to $3.18bn last year from $2.83bn in 2024, reflecting a 12.3 per cent increase. Optasia stated, “Airtime credit services represent service fees charged on airtime credit amounting to $3,176.34m (2024: $2,829.2m) granted to subscribers of the telecom operators during the year.” Using the exchange rates disclosed in the financial statements, the airtime advances amounted to about N4.61tn in 2025 in naira terms, up from app...

The Central Bank of Nigeria (CBN) has unveiled sweeping proposals aimed at isolating risks across banks, fintechs and other closely linked financial institutions. The proposals, contained in the apex bank’s newly released ‘Exposure Draft Guidelines on Ring-Fencing Operations of Closely Linked Entities in the Nigerian Financial System,’ seek to establish clear operational, governance and financial boundaries among affiliated institutions to prevent distress in one entity from spreading across an entire financial group. The draft guidelines come amid the growing convergence of banking, payments, lending, wealth management and other financial services businesses, many of which increasingly operate under common ownership structures. According to the CBN, the framework is designed to “...

The exchange rate between the United States dollar and the Nigerian naira in the parallel market, commonly known as the black market or Aboki FX, remained a key focus for traders and forex users. According to Bureau De Change (BDC) operators in Lagos, the dollar was bought at ₦1,392 and sold at ₦1,400 in the parallel market on Sunday, June 14, 2026. Black Market Exchange Rate (USD/NGN) TransactionRateBuying Rate₦1,392Selling Rate₦1,400 Meanwhile, the official exchange rate provided by the Central Bank of Nigeria (CBN) recorded a highest rate of ₦1,365 per dollar and a lowest rate of ₦1,362 per dollar. CBN Exchange Rate (USD/NGN) CategoryRateHighest Rate₦1,365Lowest Rate₦1,362 The CBN continues to maintain that it does not recognize transactions conducted in the paralle...

The International Monetary Fund (IMF) has advised the Nigerian government to consider increasing the Value Added Tax (VAT) rate and introducing excise duties on telecommunications services as part of efforts to boost revenue generation and create fiscal space for development spending. IMF in its 2026 Article IV Consultation Report on Nigeria warned that despite recent tax reforms, additional revenue measures would likely be required over the medium term to support critical social and infrastructure spending. According to the IMF, Nigeria’s revenue mobilisation efforts must go beyond administrative improvements to address the country’s persistently low revenue-to-GDP ratio and rising expenditure pressures. The Fund stated that, “Further tax policy changes will likely be needed, suc...

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, remained relatively stable on Saturday, June 13, 2026. According to Bureau De Change (BDC) operators in Lagos, the dollar was bought at ₦1,396 and sold at ₦1,409 in the black market. Black Market Exchange Rate (USD/NGN) TransactionRateBuying Rate₦1,396Selling Rate₦1,409 Meanwhile, the Central Bank of Nigeria (CBN) continues to discourage participation in the parallel market, advising individuals and businesses seeking foreign exchange to conduct transactions through authorized financial institutions. CBN Official Rate (USD/NGN) CategoryRateHighest Rate₦1,365Lowest Rate₦1,362 It is important to note that foreign exchange rates...

This year’s edition of the festival commenced in northern Morocco on Saturday, bringing together local communities, international visitors, cultural enthusiasts, and equestrian teams in a celebration of heritage, tradition, and unity. President, Mata International Equestrian Festival, Nabil Baraka, has disclosed plans to partner with Nigeria on economic development projects.  He spoke on the sidelines of the opening ceremony of the 14th edition of the Mata International Equestrian Festival in northern Morocco. While speaking with journalists, Baraka noted that cooperation between the countries would bring about closer ties that would lead to growth. “Next year, we will make sure to have Nigerian-Moroccan cooperation on how the future generation will grow together. “I...

Armed bandits invaded farmlands in Goron Namaye district under Maradun Local Government Area of Zamfara State, k!lling 16 farmers and injuring thirteen others. The chairman of Maradun Local Government, Hon. Sanusi Ahmed Dosara, who confirmed the incident said the bandits in their large numbers launched the d3adly attack on Friday, June 12, 2026. A resident identified as Dan Inna Gora, said he counted not less than 17 corpses while 13 others sustained varying degrees of gunshot injuries and have been conveyed to the hospital for medical attention. Gora further revealed that the bandit leader had earlier sent a warning message that people in Goron Namaye should forget about working on their farms this season. Confirming the incident, security analyst Zagazola Makama said troo...

The latest figures for the Dollar to Naira exchange rate in Nigeria’s parallel market, commonly referred to as the black market or Aboki FX, show continued fluctuations in forex trading activity. As of Friday, June 12, 2026, sources from Bureau De Change (BDC) operators in Lagos indicate that the dollar was sold at ₦1,409 and bought at ₦1,396 in the parallel market. In the official market regulated by the Central Bank of Nigeria (CBN), the exchange rate for the dollar traded within a lower range, with a highest rate of ₦1,365 and a lowest rate of ₦1,362. The CBN has consistently reiterated that it does not recognize transactions conducted in the parallel market, advising individuals and businesses seeking foreign exchange to carry out their dealings through authorized financial in...

The Federal Government may begin paying salaries, pensions and social welfare benefits through the eNaira under a new Central Bank of Nigeria roadmap aimed at transforming the country’s digital currency into a major payment channel. The proposal is contained in the Nigeria Payments System Vision 2028, released by the CBN, which outlines plans to expand the use of the eNaira and move it from a pilot project to a core payment rail for government and private-sector transactions. The eNaira, launched in October 2021 as Africa’s first central bank digital currency, was introduced to deepen financial inclusion, reduce the cost of transactions and remittances, and promote a cashless economy. However, adoption has remained relatively low despite years of regulatory support. In the new doc...

Nigeria’s ambition to raise crude oil production has received a boost from the growing contribution of newly introduced crude grade streams, Utapate and Cawthorne, Saturday PUNCH reports. The crude grades, introduced in 2024 and early 2026, represent the latest additions to the country’s basket of crude oil grades aimed at expanding export streams and strengthening oil revenues. Based on the Nigerian Upstream Petroleum Regulatory Commission’s monthly crude and condensate production data analysed by our correspondent on Friday, the Utapate crude grade produced a total of 8.75 million barrels between January and May 2026, while the newly introduced Cawthorne blend contributed 3.41 million barrels during the same period, bringing the combined output from both crude grades to a...