Business

The Central Bank of Nigeria is facing growing criticism from Nigerians and financial experts over its plan to increase ATM card issuance fees from ₦1,000 to ₦1,500. The proposal, outlined in a 42-page draft guideline released on April 21, 2026, forms part of a broader review of bank charges. Key highlights include a 50% rise in ATM card issuance fees, the removal of maintenance charges on naira debit and credit cards, and the introduction of a $10 annual maintenance fee for foreign currency cards. The apex bank has invited feedback from stakeholders, with a deadline set for May 8, 2026. However, the proposed increase has sparked mixed reactions. While some Nigerians welcome the removal of recurring maintenance fees, many argue that the higher issuance cost will further strain consume...

The Economic and Financial Crimes Commission (EFCC) on Tuesday informed a Special Offences Court in Ikeja, Lagos, that Arik Air had already settled 38 percent of its foreign loan obligations prior to its takeover by the Asset Management Corporation of Nigeria (AMCON). Testifying before Justice Mojisola Dada, an EFCC prosecution witness, Bawa Usman Kaltungo—Zonal Director of EFCC Lagos Zonal Directorate 2—made the disclosure during the ongoing trial of former AMCON Managing Director, Ahmed Kuru, alongside four others over an alleged fraud involving ₦76 billion and $31.5 million. Other defendants in the case include Kamilu Alaba Omokide, Capt. Roy Ilegbodu, Union Bank of Nigeria, and Super Bravo Limited. They are facing a six-count charge bordering on conspiracy, theft, and abuse of of...

The Akwa Ibom State Government has announced that the maiden international flight from the Victor Attah International Airport, Uyo, to Kotoka International Airport, Accra, Ghana, will take off on Saturday, May 2, 2026, following presidential approval for the upgrade of the airport to international status. In a Tuesday statement by the Governor of Akwa Ibom State, Umo Eno, the government said, “I am pleased to announce that following Presidential approval for the upgrade of Victor Attah International Airport, Uyo, to international status, the maiden international flight from Uyo to Kotoka International Airport, Accra, Ghana, is set to take off on Saturday, May 2, 2026.” He added that Ibom Air will operate the inaugural flight, with a return trip scheduled for Sunday, May 3, 2026, desc...

The Nigerian Midstream and Downstream Petroleum Regulatory Authority has introduced a recommended price range for aviation fuel (Jet-A1) in a bid to curb rising costs and support the aviation sector. According to the regulator, the suggested nationwide price band is between ₦1,760 and ₦1,988 per litre. However, in key aviation hubs such as Lagos and Abuja, prices are expected to be slightly higher, ranging from ₦1,809 to ₦2,037 per litre. The pricing framework follows deliberations by a technical committee convened on April 24, 2026, to address the persistent surge in aviation fuel costs—an issue that has raised serious concerns among domestic airlines about the sustainability of their operations. The authority explained that the new price range is based on international market be...

Lagos State has emerged as the most indebted state in Nigeria. According to the National Bureau of Statistics (NBS), as at the fourth quarter (Q4) 2025, Lagos state is owing a total of N1.22 trillion and $1.17 billion as domestic and external debts respectively. Making the announcement on Monday, April 27, in its Q4 2025 domestic and external debt report, NBS said the country’s total debt stock, comprising domestic and external debt, during the quarter rose from N153.29 trillion or $103.94 billion in Q3 2025 to N159.28 trillion ($110.97 billion) in Q4 2025. The report said this is an increase of 3.90 per cent on a quarter-on-quarter basis. According to the report, total external debt stood at N74.43 trillion, while total domestic debt was N84.85 trillion in Q4 2025.&nbs...

The Nigerian Naira opened the final trading week of April 2026 with relative stability as the foreign exchange market continues to adjust to shifting liquidity levels. Market participants are closely watching the performance of the local currency across both the official Nigerian Foreign Exchange Market (NFEM) and the informal parallel market. Official Market (NFEM) Trends In the official window, the Naira showed a marginal improvement during early morning trades on Monday, April 27, 2026. Real-time data indicates the exchange rate is currently positioned at 1,352.25 NGN per 1 USD. This follows a volatile closing period last week where the rate fluctuated between a high of 1,355.80 NGN and a low of 1,350.00 NGN. The Central Bank of Nigeria remains active in its oversight of th...

The British Pound has opened the week with notable activity against the Nigerian Naira, reflecting ongoing adjustments in the global currency markets. As of Monday, April 27, 2026, the Pound Sterling is experiencing a period of price discovery across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market. Official Market (NFEM) Performance In the official trading window, the British Pound began the session with a steady trajectory. Real-time data from the early hours of trading indicates that the Pound is currently being exchanged at an average rate of 1,830.44 NGN per 1 GBP. This follows a weekend of relative calm where the currency saw minor fluctuations before settling near its current level at the start of the Monday session. The official rate re...

Here’s a refreshed overview of the Dollar to Naira exchange rate as of today, including both the parallel market and official figures. Black Market (Parallel Market) Rate In Lagos’ parallel market—commonly referred to as “Aboki FX”—the U.S. dollar is being traded at around ₦1,400 for selling and ₦1,390 for buying, based on information from Bureau De Change (BDC) operators on April 25, 2026. Official CBN Rate According to the Central Bank of Nigeria, the official exchange rate for the dollar falls within the range of: Highest rate: ₦1,361 Lowest rate: ₦1,354 It’s important to note that the Central Bank of Nigeria does not recognize the black market. Individuals seeking foreign exchange are advised to go through authorized financial institutions. Key Note Exchang...

The world’s largest condom manufacturer, Karex Bhd, has announced plans to increase prices by between 20 and 30 per cent, citing ongoing supply chain disruptions linked to the Iran conflict. Chief executive Goh Miah Kiat said the company may raise prices further if disruptions persist, as rising costs for raw materials and logistics continue to strain operations. “The situation is definitely very fragile, prices are expensive … We have no choice but to transfer the costs right now to the customers,” he said. Karex produces more than five billion condoms annually and supplies major brands such as Durex and Trojan, as well as public health systems including the National Health Service in UK and global programmes run by the United Nations. The company is also experiencing a surge in ...

The Nigerian stock market ended trading on Friday with a massive N1.857 trillion increase in investors’ wealth, marking its 14th consecutive session of gains. Market capitalization rose by 1.29 percent to close at N145.334 trillion, up from N143.477 trillion recorded in the previous session. In the same vein, the All-Share Index advanced by 2,884.81 points, also representing a 1.29 percent increase, to settle at 225,722.49 compared to Thursday’s 222,837.68. The sustained upward trend further boosted the market’s year-to-date performance, while market breadth remained positive with 43 gainers outpacing 26 losers. On the gainers’ chart, Academy Press and UPDC topped the list with a 10 percent increase each, closing at N7.70 and N4.40 per share, respectively. Other notable advance...