Business

What is the current Dollar to Naira exchange rate in the black market, popularly known as the parallel market or Aboki FX? Below is the latest black market exchange rate for the Dollar against the Naira as of May 29, 2026. Dollar To Naira Black Market Exchange Rate According to sources within the Lagos Bureau De Change (BDC) market, the US Dollar was traded at ₦1,385 for selling and ₦1,375 for buying on Friday, May 29, 2026. Dollar to Naira (USD/NGN)Black Market RateSelling Rate₦1,385Buying Rate₦1,375 Dollar To Naira CBN Exchange Rate The official exchange rate published through the Central Bank of Nigeria (CBN) market showed the following range: Dollar to Naira (USD/NGN)CBN RateHighest Rate₦1,375Lowest Rate₦1,372 It is important to note that the Central Bank of Nig...

The average retail price of a litre of Premium Motor Spirit, popularly known as petrol, witnessed a significant increase from ₦1,288.54 in March to ₦1,532.93 in April. The National Bureau of Statistics (NBS) made this known in its latest Premium Motor Spirit (Petrol) Price Watch report released in Abuja on Friday, May 29. According to the bureau, the April price of ₦1,532.93 represents an 18.97 percent increase over the price recorded in the preceding month of March. On a year-on-year basis, the average retail price of petrol escalated by 23.69 percent when compared to the ₦1,239.33 recorded in April 2025. A detailed analysis of state profiles revealed that consumers in Yobe State paid the highest average retail price for petrol in the country at ₦1,599.05 per litre. This was closely...

The Central Bank of Nigeria has extended the enforcement of Point-of-Sale terminal geo-fencing to August 1, 2026, giving financial institutions and payment service providers additional time to comply with the regulatory requirement aimed at strengthening oversight of electronic payment channels. The directive was contained in a circular dated May 29, 2026, and obtained from the CBN’s website on Friday. The circular was signed by the Director of the Payments System Supervision Department, Dr Rakiya Yusuf. Addressed to Deposit Money Banks, Microfinance Banks, Mobile Money Operators, Switching and Processing Companies, Payment Terminal Service Providers, Payment Solution Service Providers, Super Agents, and other licensed operators in the Nigerian payments ecosystem, the circular ann...

The Federal Fire Service has alerted Nigerians about the dangers of carbon monoxide poisoning, describing the gas as a “silent killer” responsible for several deaths and serious health complications globally each year. In a statement issued on Friday by the National Public Relations Officer and Head of Corporate Services, DCF Paul Abraham, the Service said carbon monoxide remained one of the most dangerous gases found in homes, workplaces, and enclosed environments because it has “no colour, no smell, and no taste,” making it difficult to detect without proper equipment. “When inhaled, carbon monoxide enters the bloodstream and prevents oxygen from reaching vital organs such as the brain, heart, and lungs,” the statement noted, warning that prolonged exposure could lead to uncons...

European Union regulators have fined the shopping website Temu €200m (£173m) for failing to stop the sale of illegal and dangerous products. The European Commission imposed the penalty after a 19-month investigation that found consumers were very likely to encounter illegal or unsafe products including baby toys and electronics on the firm’s website. An unpublished mystery shopping exercise carried out for the commission found a “high percentage” of unsafe baby products and a “very high percentage” of dangerous chargers for sale on the platform, as well as unsafe clothes and jewellery. Consumer groups across Europe have previously reported baby toys with loose parts presenting choking hazards, dummy chains long enough that they could strangle a child, jew...

Operatives of the Edo State Police Command have arrested a suspect, Richard Gabriel and recovered 36 rounds of live cartridges in Benin City.  The spokesperson for the command, ASP Eno Ikoedem, disclosed this in a statement on Thursday, May 28, 2026. "The Edo State Police Command has recorded another operational success with the recovery of thirty-six (36) rounds of live cartridges and the arrest of a suspect during a routine stop-and-search operation in Benin City,” the statement read. "On 23rd May, 2026, at about 1300hrs, officers attached to Ikpoba Hill Area Command, while on stop-and-search duty at Guobadia Junction along the Benin–Auchi Road, intercepted a mini bus conveying seven passengers from Benin–Auchi Bypass to Ring Road, Benin City. "During the operation, ...

The exchange rate between the United States Dollar and the Nigerian Naira at the parallel market, popularly known as the black market or Aboki FX, has continued to attract attention among Nigerians monitoring the foreign exchange market. According to Bureau De Change (BDC) operators in Lagos, the Dollar exchanged at ₦1,393 for selling and ₦1,385 for buying on Thursday, May 28, 2026. How Much Is Dollar To Naira In The Black Market Today? At the Lagos Parallel Market, traders confirmed the following rates for the Dollar to Naira exchange: Dollar To Naira Black Market Rate Today Dollar to Naira (USD to NGN)Black Market RateBuying Rate₦1,385Selling Rate₦1,393 Meanwhile, the Central Bank of Nigeria (CBN) has continued to distance itself from activities in the parallel market, ...

The Nigerian naira traded within a relatively stable range against the United States dollar on Thursday, May 28, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, amid sustained market interventions and improving liquidity conditions. Data published by the Central Bank of Nigeria showed that the naira traded around ₦1,375.41 per dollar at the official NFEM window, maintaining the relatively steady performance recorded in recent trading sessions. At the parallel market, also known as the black market, the dollar exchanged at an average selling rate of about ₦1,390 and a buying rate of around ₦1,378 on Thursday morning. Currency traders attributed the narrow gap between the official and parallel market rates to improved foreign excha...

The Nigerian Railway Corporation (Nigerian Railway Corporation) has temporarily suspended operations on the Warri–Itakpe Train Service, citing operational challenges and technical advice from its engineers. In a statement issued on Wednesday, May 27, by the Chief Public Relations Officer, Callistus Unyimadu, the corporation said the decision took immediate effect and was made in the interest of passenger safety. The NRC stated: “The Warri-Itakpe Train Service has been temporarily suspended due to operational exigencies and technical advice from our engineers.” It explained that the suspension would allow for a comprehensive assessment of the rail corridor to ensure continued safety and improved service delivery. “The temporary suspension has become necessary to enable the Corp...

YouTube says it will soon begin automatically detecting AI-generated content and adding labels to videos for viewers on the platform. The Google-owned company announced Wednesday, May 27, that the move marks a shift away from its previous system, which relied on creators to disclose whether they used generative AI tools. “If a creator doesn’t specify whether or not they used AI, but our systems detect significant photorealistic AI use, we will now automatically apply a label,” YouTube said in a blog post. The platform first introduced AI disclosure rules in 2024, asking creators to flag content made with generative AI. Since then, AI technology has advanced rapidly, with tools like Google’s Veo 3.1 and ByteDance’s Seedance making highly realistic AI videos easier to create. You...