Business

The exchange rate between the US dollar and the Nigerian naira at the parallel market, commonly known as the black market (Aboki FX), remains a key concern for many Nigerians. As of April 24, 2026, traders at the Lagos parallel market sell one dollar for ₦1,400 and buy at ₦1,392, based on information from Bureau De Change (BDC) operators. It is important to note that the Central Bank of Nigeria (CBN) does not recognise the black market and advises individuals seeking foreign exchange to transact through official banking channels. At the official window, the CBN exchange rate for the dollar ranges between ₦1,354 and ₦1,361. However, actual buying and selling rates may vary depending on location and market conditions.

The Central Bank of Nigeria (CBN) has raised the cost of issuing and replacing ATM, debit, and credit cards by 50 percent, moving the fee from ₦1,000 to ₦1,500. At the same time, the apex bank has scrapped the monthly maintenance charge of ₦50 previously applied to naira-denominated debit and credit cards, which also included a 7.5 percent Value Added Tax. However, holders of foreign currency cards will still pay an annual maintenance fee of $10. These changes were outlined in the CBN’s exposure draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026. The regulator also reaffirmed that charges related to Point of Sale (PoS) transactions will be borne by merchants rather than customers. According to the draft, standard ATM card issuance or replacemen...

Microsoft is facing a £1.7 billion class action lawsuit in the United Kingdom over allegations that it abused its dominant market position to overcharge businesses. The case has been brought by Maria Luisa Stasi on behalf of around 59,000 British businesses and organisations. It centres on claims that Microsoft imposed higher costs on customers using its Windows Server software when operating on rival cloud computing platforms. “For years, Microsoft’s practices have had real financial impact on both public and private organisations,” Stasi said. The Competition Appeal Tribunal ruled that the case can proceed to trial, stating it has a “reasonable prospect of success.” In their decision, judges said: “Microsoft is alleged to be abusing its dominance in the paid server OS (operating...

The Nigerian Communications Commission (NCC) has ordered telecom service providers to compensate subscribers affected by poor network quality with airtime credits under a stricter nationwide enforcement framework. The directive is part of renewed efforts to enhance service delivery, safeguard consumers, and hold operators accountable for ongoing network performance issues across the country. The Executive Vice Chairman of the NCC, Aminu Maida, made this known during a media briefing on Thursday, where he outlined the commission’s updated compliance and enforcement strategies. According to him, the compensation policy follows confirmed cases where telecom operators failed to meet the required minimum quality of service standards in several areas. He emphasized that the airtime cred...

The Federal Government has revealed that Nigeria has started exporting domestically produced solar panels to Ghana, marking a significant step in the country’s renewable energy sector. Officials noted that Nigeria’s approach to rural electrification is gaining recognition across Africa, positioning the country as a growing player in clean energy solutions. The government also highlighted the potential for expanding solar power projects in border communities, which could enhance cross-border electricity trade and boost regional energy stability. Speaking at a recent event, the Managing Director of the Rural Electrification Agency (REA), Abba Aliyu, explained that Nigeria’s solar manufacturing capacity has increased from 120 megawatts to 300 megawatts within two years. He attributed...

A senior Iranian official confirmed on Thursday that Tehran has received its first revenue from tolls imposed on vessels navigating the strategic Strait of Hormuz.  This development signifies a major shift in the ongoing maritime standoff and the broader regional conflict involving the United States and Israel.Hamidreza Hajibabaei, the deputy speaker of parliament, stated that the funds have already been deposited into the Central Bank account, a claim echoed by several Iranian state media outlets.The Strait of Hormuz is a vital global energy artery through which approximately twenty percent of the world's oil and gas flows during peacetime. Since the start of hostilities on February 28, Iran has severely restricted maritime traffic, allowing only a fraction of ships to pass.Offici...

The Central Bank of Nigeria has issued a warning to the public over rising cyber hack attempts targeting personal accounts, cautioning Nigerians against fraudulent messages and emails falsely claiming to originate from the bank. In a statement signed by Hakama Sidi Ali, the apex bank said scammers are circulating misleading communications designed to deceive individuals and compromise sensitive information. According to the regulator, the fake messages, often sent via email or online platforms, typically urge recipients to click suspicious links and may contain false claims about the bank’s leadership, licensing activities, or policy decisions. CBN said the intent of such communications is to gain unauthorized access to personal accounts and mislead unsuspecting members of the...

Nigeria’s Minister of Power, Adebayo Adelabu, has resigned from the cabinet of President Bola Tinubu. According to reports, Adelabu submitted his resignation letter dated April 22, 2026, through the Secretary to the Government of the Federation, with his exit set to take effect on April 30, 2026. In the letter, the Oyo State-born politician explained that his decision was driven by his intention to focus on his 2027 governorship ambition in Oyo State, a pursuit he said began as far back as 2016. He noted that his previous role as Deputy Governor of the Central Bank of Nigeria and his resignation from that position in 2018 were also part of his long-term political plans. Adelabu expressed gratitude to President Tinubu for the opportunity to serve, acknowledging the trust placed ...

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...