Business

Snap Inc. the tech firm behind social network Snapchat cut 1,000 jobs on Wednesday, April 15. The reason given for the job cuts is that AI is boosting efficiency as the company strives to be profitable. The shake-up at Snap involves about 16 percent of its full-time employees and elimination of more than 300 unfilled roles, chief executive Evan Spiegel said in a memo shared by the company. “We believe that rapid advancements in artificial intelligence enable our teams to reduce repetitive work, increase velocity and better support our community, partners and advertisers,” Spiegel wrote. “We have already witnessed small squads leveraging AI tools to drive meaningful progress across several important initiatives.” The southern California-based tech firm joins a growi...

Here’s a breakdown of the current Dollar to Naira exchange rates as of April 21, 2026. Black Market (Parallel Market / Aboki FX) In the Lagos parallel market, currency traders are selling one US dollar for ₦1400 and buying at ₦1390, based on data from Bureau De Change (BDC) sources as of April 20. Official Rate (CBN) According to the Central Bank of Nigeria, the official exchange rates for the day are: Highest rate: ₦1353 Lowest rate: ₦1341 The apex bank does not recognize the black market and advises individuals interested in foreign exchange transactions to use authorized banks and official channels. Important Note Exchange rates may vary depending on location, dealer, and market conditions, so the actual rate you get when buying or selling may differ slightl...

A United Airlines plane with around 200 passengers on board was forced to evacuate over a bomb threat at Denver airport on Sunday, April 19. Denver International Airport confirmed with FOX31 that a bomb threat was reported and that 200 passengers and seven crew members were able to evacuate safely while the plane was on the tarmac. United Airlines told FOX31 that there was a “security concern” and that the flight deplaned safely via airstairs, at which point the aircraft was screened and cleared. Passengers were returned to the gate, where they were provided food and water. The flight was ultimately able to depart for Washington at 11:33 p.m., more than five hours after its originally scheduled departure time of 5:59 p.m. The Allegheny County Police Bomb Squad told the outlet i...

Hopes for a sharp decline in petrol prices in Nigeria have been dampened following Iran’s decision to shut the Strait of Hormuz once again—a vital global oil shipping corridor. The waterway had briefly reopened on Friday after a ceasefire between Iran and the United States, but was closed again within 24 hours. Iranian authorities cited the continued blockade of its ports by the US as the reason for the renewed action. On Saturday, Iran’s military confirmed that the strait had “returned to its previous state,” effectively restricting movement through the channel. The Strait of Hormuz handles roughly 20% of the world’s crude oil shipments, making it a major influence on global oil prices. Reports also indicated that Iranian gunboats fired at a merchant vessel attempting to pass throug...

The Federal Competition and Consumer Protection Commission (FCCPC) has refuted claims that airtime borrowing and data advance services have been banned in Nigeria, describing such reports as false and misleading. In a statement shared on its official 𝕏 platform, the Commission clarified that it has not issued any directive stopping Nigerians from accessing legitimate telecom value-added services. According to the FCCPC, the confusion stems from regulatory measures introduced in July 2025 under the DEON Consumer Lending Regulations. These rules were implemented in response to a surge in consumer complaints about how digital lending and telecom advance services were being operated. The Commission highlighted issues such as hidden charges, unexplained deductions, aggressive debt reco...

The Airline Operators of Nigeria (AON) has announced a temporary suspension of its planned industrial action. According to Naija News, the decision followed the intervention of the Minister of Aviation and Aerospace Development, Festus Keyamo. In a communiqué released after an emergency meeting of its Executive Council and Board of Trustees on Friday evening, the association said the suspension is to create room for dialogue and a possible resolution of the ongoing dispute. The AON stated that the shutdown earlier scheduled for Monday, April 20, 2026, has been put on hold pending the outcome of a meeting convened by the Minister. The association explained that the meeting, set for Wednesday, April 22, 2026, will allow stakeholders to engage constructively and work towards a las...

The Central Bank of Nigeria (CBN) has unveiled the Nigerian Overnight Financing Rate (NOFR) as a new benchmark for the country’s money market, aimed at improving transparency and strengthening monetary policy effectiveness. The announcement was made in a statement by the bank’s Acting Director of Corporate Communications, Hakama Sidi-Ali. According to the CBN, the initiative was developed in partnership with the Financial Markets Dealers Association to deepen the financial system and align Nigeria with global best practices in short-term interest rate benchmarks. The NOFR is designed to enhance price discovery, ensure more transparent pricing of money market instruments, and improve overall efficiency in the financial market. It also aims to boost investor confidence, support fina...

MTN Nigeria has temporarily stopped its airtime and data loan service, Xtratime, in response to fresh regulations introduced by the Federal Competition and Consumer Protection Commission (FCCPC). The telecom firm announced the development in a filing to the Nigerian Exchange on Thursday, stating that the decision is aimed at complying with the FCCPC’s 2025 guidelines on digital and non-traditional lending. Xtratime enables prepaid subscribers to borrow airtime or data and repay during their next recharge. However, the new rules now classify such offerings as digital credit services, requiring operators to secure additional licences and adhere to stricter regulatory standards. According to MTN, the suspension is temporary and part of steps to meet the new compliance requirements. S...

The Central Bank of Nigeria has proposed the creation of a mediation panel to handle loan-related disputes, aiming to reduce reliance on courts in secured lending transactions. The proposal was outlined in a circular signed by P. I. Oluikpe, Acting Director of the Development Finance Advisory Department, inviting stakeholders to review draft guidelines for establishing a Mediation and Dispute Resolution Panel under the Secured Transactions in Movable Assets framework. “The Panel shall, to the exclusion of any court of law or body in Nigeria, exercise first instant jurisdiction to hear and determine any dispute arising from the operation and application of the Act,” the apex bank stated. According to the CBN, the initiative is designed to strengthen the financial ecosystem by provi...

United Nigeria Airlines has recorded its fifth bird strike of 2026 after one of its CRJ-900 aircraft was hit during a flight from Kano to Abuja on Tuesday, April 14. The incident involved Flight UN0579 and occurred while the aircraft was landing at Nnamdi Azikiwe International Airport. In a statement issued by the airline’s spokesperson, Chibuike Uloka, the affected aircraft has been withdrawn from service to undergo mandatory safety inspections. The airline said the decision aligns with its strict safety procedures, noting that the aircraft will remain grounded until comprehensive technical checks are completed. As a result, passengers may experience delays or disruptions across some scheduled flights. The repeated occurrence of bird strikes—now five since January—has raised f...