Business

The Nigerian Electricity Regulatory Commission (NERC) will set to pay eligible Band A customers a special compensation package, over poor power supply arising from generation constraints on the national grid between February and March 2026. This was contained in a public notice issued on its social media handles on Thursday. The commission said the directive was introduced following significant generation shortfalls across the Nigerian Electricity Supply Industry, which prevented electricity distribution companies from delivering the minimum service levels guaranteed to some Band A customers in the first quarter of the year. NERC stated that it had issued Directive No. NERC/2026/002 on the Special Compensation of Band A Customers Arising from Grid Generation Constraints to address...

The exchange rate between the US Dollar and the Nigerian Naira in the parallel market, commonly known as the black market or Aboki FX market, remained a key focus for traders and businesses on Wednesday, June 3, 2026. According to information gathered from Bureau De Change (BDC) operators in Lagos, the dollar was bought at ₦1,381 and sold at ₦1,390 in the black market. Black Market Dollar to Naira Rate CurrencyBuying RateSelling RateUSD/NGN₦1,381₦1,390 Meanwhile, the official exchange rates provided by the Central Bank of Nigeria (CBN) showed the dollar trading within a range of ₦1,350 to ₦1,370. CBN Dollar to Naira Rate CurrencyLowest RateHighest RateUSD/NGN₦1,350₦1,370 The CBN has consistently maintained that it does not recognize transactions conducted in the parall...

The Board of Abbey Mortgage Bank Plc has announced that the Central Bank of Nigeria has approved the conversion of the lender from a primary mortgage bank to a regional commercial bank. The bank disclosed this in a regulatory filing submitted to the Nigerian Exchange Limited, other regulatory authorities, and the investing public on Wednesday. According to a statement signed by the Company Secretary, Geoff Amaghereonu, the financial institution has also undergone a corporate name change as part of its transition strategy. Pursuant to the resolution of the shareholders passed at the Extraordinary General Meeting of the bank held on Friday, January 24, 2025, the name of the bank has officially been changed from Abbey Mortgage Bank Plc to Abbey Bank Plc. The management said th...

Alleged explicit videos involving Sean “Diddy” Combs, model Daphne Joy—who shares a child with rapper 50 Cent and a male escort have leaked online. The videos made it to the internet this week. One of the X-rated videos features the currently incarcerated record exec pleasuring himself while watching Daphne perform mouth action on another man. Another video also shows the male escort preparing to have s£xual intercourse with the model while Diddy continues to pleasure himself in the room.   50 Cent reacted to the leak by sharing a screenshot on Instagram along with the caption: "She’s not a victim, SIRE is can you imagine going to eighth grade to find out this is your mom. The court system in LA thinks it’s fine." Daphne has also reacted to the video in a ...

The Central Bank of Nigeria (CBN) has unveiled the Nigeria Payments System Vision (PSV) 2028, a comprehensive framework designed to strengthen the country’s payment ecosystem, expand financial inclusion, and enhance Nigeria’s position in the global financial landscape. Speaking at the launch in Abuja, CBN Governor, Olayemi Cardoso, said the initiative is aimed at accelerating the financial sector’s contribution to national economic growth while ensuring broader participation in the formal financial system. According to Cardoso, the new vision is built around the belief that a modern, efficient payment system is essential for national development, financial inclusion, and international competitiveness. He emphasized that the framework seeks to create opportunities for every Nigerian t...

The price of Premium Motor Spirit (petrol) has risen from about ₦175 per litre in May 2023 to between ₦1,300 and ₦1,400 in May 2026, representing an increase of roughly 643 per cent in three years according to new reports. Findings show that the sharp rise in fuel prices was triggered by the removal of fuel subsidy by President Bola Tinubu shortly after he assumed office on May 29, 2023 and the subsequent devaluation of the naira further worsened the situation, pushing import-dependent fuel costs beyond the reach of many Nigerians.  Three years later, petrol now sells for between ₦1,300 and ₦1,400 per litre at filling stations across the country, depending on location. The latest surge, from about ₦800 in previous months to current levels, has also been linked to global oil marke...

The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, on Monday said an efficient payment system remains one of the fastest ways to lift millions of Nigerians out of poverty, as the apex bank unveiled the Nigeria Payments System Vision 2028. Speaking at the launch of the vision document in Abuja, Cardoso said the country’s payment infrastructure must go beyond facilitating transactions and become a catalyst for economic growth, job creation, financial inclusion, and poverty reduction. According to him, “One of the fastest ways to take a large number of people out of poverty is through an efficient payments system. It’s through an efficient payment system. So let us not look at it lightly.” The event brought together regulators, banks, fintech operators, development part...

The National Agency for Food and Drug Administration and Control (NAFDAC) has sealed 16 sachet water production facilities across Rivers State for violating health and safety regulations. The affected factories are located in Akuku-Toru, Asari-Toru, Degema, and Ikwerre local government areas. Speaking to journalists after an enforcement operation in the affected areas, NAFDAC South-South Zonal Director, Pharmacist Chukwuma Oligbu, said the action was taken against companies found engaging in unhygienic and substandard production practices. According to him, operators of the affected facilities have been directed to report to the agency’s zonal office in Port Harcourt for further investigation. Among the factories shut down are Obra Bo Table Water in Abalama, Loilia Table Water ...

The exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) remains a key focus for traders, businesses, and individuals involved in foreign exchange transactions. Black Market (Parallel Market) Exchange Rate According to sources within the Lagos Bureau De Change (BDC) market, the dollar traded at ₦1,384 per dollar for sellers and ₦1,376 per dollar for buyers on Saturday, May 30, 2026. Dollar to Naira Black Market Rates Currency PairBuying RateSelling RateUSD/NGN₦1,376₦1,384 Individuals seeking to exchange dollars for naira in the parallel market may find rates varying slightly depending on location and dealer. CBN Official Exchange Rate Data from the official market shows the Central Bank of Nigeria (CBN) exchange rate ranged between ₦1,372 a...

The Dangote Petroleum Refinery and Petrochemicals has announced fresh reductions in the prices of Premium Motor Spirit (PMS), also known as petrol, and Automotive Gas Oil (AGO), commonly referred to as diesel. The refinery has lowered the gantry price of petrol by N25 per litre, bringing it down from N1,275 to N1,250 per litre. It also reduced the price of Automotive Gas Oil (diesel) by N100 per litre. The product will now sell at N1,700 per litre at the gantry, down from the previous N1,800 per litre. The latest price reduction comes about three weeks after reports emerged that Dangote Refinery had increased the ex-gantry price of petrol.