Business

Nigeria’s Bonny Light has climbed to $80 per barrel, up from $70, marking its highest level since July 2025.  Nigeria Travel Guides The surge follows coordinated military strikes on Iran by the United States and Israel, which have rattled global energy markets and disrupted crude flows from the Middle East. Other benchmark crudes also posted sharp gains. Brent Crude rose to $79.08 per barrel from $72.87, while Murban Crude advanced to $81.05 from $74.24. In the United States, West Texas Intermediate (WTI) climbed to $72.24 per barrel, up from $62. Oil prices began firming on Sunday amid reports that Iran’s crude production — estimated at about three million barrels per day and largely exported to China and other Asian buyers — had been affected by the conflict. As hosti...

Passengers and motorists were left stranded for hours on Sunday after severe traffic congestion followed the enforcement of a new cashless toll payment system by the Federal Airports Authority of Nigeria (FAAN) at major airports in Lagos and Abuja. The policy, which took effect on March 1, 2026, prohibits cash payments at airport toll gates. Motorists are now required to use prepaid access cards or approved electronic payment options before entering airport premises. At Murtala Muhammed International Airport, long queues of vehicles stretched from the toll gate toward Oshodi and nearby access roads, leaving many travellers frustrated and anxious about missing flights. Drivers hurried to obtain the newly introduced prepaid cards, while others parked along the roadside to complete r...

Nigeria and Cameroon have signed a Bilateral Agreement on Technical Aeronautical Search and Rescue Operations aimed at boosting aviation safety and coordination within their shared airspace. The agreement was formalised in Yaoundé, Cameroon’s capital, after discussions between Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, and Cameroon’s Minister of Transport, Jean Ernest NgalNgallé Bibehe. Announcing the development on his official X handle, Keyamo stated that the pact would improve cross-border collaboration and enable quicker, more coordinated responses to aviation emergencies affecting both countries. He explained that the Nigerian delegation included the Director-General of the Nigeria Civil Aviation Authority (NCAA), the Managing Director of the Nig...

Here’s the latest on the Dollar to Naira exchange rate, especially in the black market (parallel market/Aboki FX), as of Friday, February 27, 2026. Black Market (Parallel Market) Dollar to Naira Rates At the Lagos parallel market, Bureau De Change (BDC) traders quoted the following rates: Selling: ₦1,380 per US dollar Buying: ₦1,360 per US dollar Note: These are unofficial rates sourced from BDC operators and can change frequently. The Central Bank of Nigeria (CBN) does not recognise the parallel market and encourages all forex transactions to be conducted through authorised banks. Exchange Rate Summary MarketRateBlack Market (USD to NGN)Selling₦1,380Buying₦1,360CBN Official WindowHighest₦1,369Lowest₦1,345 Important: The rates you get when buying or selling ...

President Bola Tinubu has approved the extension of the ban on the export of raw shea nuts for another year, from February 26, 2026, to February 25, 2027. The approval, announced in a State House press release on Wednesday, signals the administration’s continued push to boost domestic processing, deepen value addition, and strengthen Nigeria’s industrial capacity within the agricultural value chain. According to the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the decision is aligned with the government’s industrialisation objectives under the Renewed Hope Agenda. “The decision underscores the administration’s commitment to advancing industrial development, strengthening domestic value addition, and supporting the objectives of the Renewed Hope Agenda...

South African President, Cyril Ramaphosa has expressed “heartfelt gratitude” to Russian President Vladimir Putin for assisting in the return of South African nationals who were reportedly drawn into the Russia–Ukraine conflict. According to a statement from the presidency, 15 of the 17 South African men who were allegedly misled into joining Russian-linked mercenary groups have either returned home or are in the process of doing so. Four arrived back in South Africa last week, while 11 others are expected shortly. Two individuals remain in Russia. In November, the South African government revealed it had received distress calls from the men, who said they were trapped in the Donbas region of eastern Ukraine after being lured with promises that reportedly turned out to be false. ...

The Lagos State Government has approved a 13 per cent increase in fares for services operating under its Bus Reform Initiative. The adjustment affects the Bus Rapid Transit (BRT) network and other regulated bus routes across the state. Governor Babajide Sanwo-Olu gave the approval following strong appeals from transport operators, who cited rising operational costs and prevailing economic challenges as major obstacles to sustaining smooth service delivery. In a statement issued by the Lagos Metropolitan Area Transport Authority (LAMATA), the agency announced that the revised fares will take effect from Monday, March 2, 2026. According to LAMATA, the increase is intended to cushion the impact of current economic pressures on transport operators and ensure continued service effic...

US  President Donald Trump on Friday unveiled a temporary 10% global tariff set to last 150 days, replacing emergency trade duties that were recently struck down by the Supreme Court of the United States. Trump said the new measure would be implemented under Section 122 of the Trade Act of 1974 and would apply in addition to existing tariffs. The provision allows the president to impose duties of up to 15% for 150 days to address significant balance-of-payments concerns, without requiring lengthy investigations or procedural hurdles.  The move follows the Supreme Court’s decision invalidating Trump’s sweeping global tariffs issued under the International Emergency Economic Powers Act, ruling that he had exceeded his authority under that statute. Speaking at a White Hou...

Dangote Petroleum Refinery has reduced its Premium Motor Spirit gantry price by N25 per litre, lowering its ex-depot rate from N799 to N774 per litre in what industry analysts describe as a strategic price recalibration amid evolving market dynamics in 2026. The refinery communicated the price adjustment to marketers on Tuesday, noting that the new rate takes immediate effect. In a notice issued by its Group Commercial Operations Department, Dangote Petroleum Refinery and Petrochemicals FZE stated, “This is to notify you of a change in our PMS gantry price from N799 per litre to N774 per litre.” Checks by The PUNCH on petroleumprice.ng on Tuesday confirmed that the revised price had been reflected on industry pricing platforms. The refinery also informed marketers that its ...