Business

Marketers of petroleum products say petrol prices may drop to about N1,200 per litre as the Dangote Petroleum Refinery leads efforts to reduce ex-depot rates. As crude prices continue to fall following a peace deal signed between the United States and Iran, the Dangote Petroleum Refinery has slashed its petrol gantry price by N75 per litre, from N1,250 to N1,175. This has prompted other depot owners to lower their prices to about N1,180, according to Petroleumprice.ng. However, filling stations have yet to adjust pump prices, as many still sell petrol at around N1,280, as observed on Tuesday. Marketers attribute this to the need to sell off old stock to avoid losses. In a circular to fuel marketers on Monday, the Dangote refinery said the price adjustment followed the de-es...

Many Nigerians continue to monitor the Dollar-to-Naira exchange rate in both the official and parallel foreign exchange markets. Black Market (Parallel Market) Exchange Rate According to traders at the Lagos parallel market, popularly known as the black market or Aboki FX market, the United States Dollar exchanged at an average selling rate of ₦1,400 and a buying rate of ₦1,390 on Tuesday, June 16, 2026. Dollar to Naira (USD/NGN)Black Market RateSelling Rate₦1,400Buying Rate₦1,390 Official CBN Exchange Rate The Central Bank of Nigeria (CBN) continues to maintain that foreign exchange transactions should be conducted through authorized financial institutions and does not recognize the parallel market. Latest official market data showed the Dollar traded within the followin...

NIPOST has moved closer to launching a nationwide digital postcode system after validating a new model that will assign a unique digital address to every addressable building in Nigeria. The validation exercise was unveiled in Abuja as part of efforts to create a technology-driven addressing framework aimed at improving service delivery,   Chief Executive Officer of NIPOST, Tola Odeyemi, said the system would provide a machine-readable address for buildings across the country. According to her, the initiative is designed to assign a unique code to every standing building in Nigeria, placing the country among a small number of African nations pursuing such a detailed postcode identification system. She explained that the validation process is necessary to ensure postcode boun...

    President of Dangote Group, Aliko Dangote, has reaffirmed plans to develop a large-scale industrial and free trade zone at Olokola in Ondo State, describing it as a power-driven investment hub designed to attract manufacturers and reduce infrastructure constraints for investors. According to him, the initiative was designed to address Nigeria’s long-standing power deficit, which he described as the country’s biggest industrial constraint for over 30 years. Dangote disclosed during a courtesy visit to Governor Lucky Orimisan Aiyedatiwa in his office in Akure, on Monday, where he outlined a renewed investment framework covering power generation, cement production, gas infrastructure, and industrial manufacturing. He was accompanied by the Vice President, Da...

The Enugu State Government has identified the establishment of Enugu Air and the concession of the Akanu Ibiam International Airport as critical drivers of its ambition to grow the state’s economy from $4.4bn to $30bn by 2031. The government added that the initiatives are expected to boost tourism, attract investments, enhance agricultural exports, and position Enugu as the economic hub of the South-East. The Secretary to the State Government, Chidiebere Onyia, disclosed this on Tuesday during the Renewed Hope Media Tour of the Akanu Ibiam International Airport, Enugu. According to Onyia, the airport project is part of a broader strategy by the administration of Governor Peter Mbah to position Enugu as a major economic hub driven by tourism, hospitality, agriculture, and private s...

The Naira depreciated to N1,400 per dollar in the parallel market as at Tuesday morning, June 16, down from N1,390 per dollar recorded last weekend. However, the local currency saw gains in the official window, appreciating to N1,356 per dollar in the Nigerian Foreign Exchange Market (NFEM). Data from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate for the official market fell to N1,356 per dollar from N1,365.4 per dollar last weekend, indicating a N9.4 appreciation for the naira. Market observers noted that the gap between the official and parallel market rates has narrowed significantly compared to previous years, reflecting ongoing efforts to improve transparency and liquidity in the foreign exchange market. The official market has continued to...

The Tin Can Island Port Complex and Apapa Port Complex have been ranked among the world’s 20 most improved ports by the World Bank in its 2025 Container Port Performance Index (CPPI), released in June 2026. The World Bank listed both Lagos ports in its Top 20 Port Improvement Since 2020 category, citing notable gains in operational efficiency and vessel turnaround time. The CPPI serves as a global benchmark for measuring port performance, assessing how efficiently ports handle container vessels and comparing performance across ports worldwide.The recognition comes amid ongoing reforms and modernization efforts by the Nigerian Ports Authority (NPA) under the leadership of Managing Director Abubakar Dantsoho. Reacting to the ranking, Dantsoho attributed the achievement to the economic pol...

The Central Bank of Nigeria (CBN) has introduced a fresh set of regulations aimed at strengthening oversight, enhancing transparency, and promoting fair competition within the country’s payment ecosystem. Under the new directives, all banks, fintech firms, payment service providers, and other financial institutions processing transactions in Nigeria must ensure that payment transaction data generated within the country is stored and managed locally. The new policy was outlined in a circular dated June 15, 2026, titled “Introduction of Market Structure Requirements, Data Localisation, Ultimate Beneficial Ownership Disclosure, and Systemic Oversight Measures in the Nigerian Payments System.” According to the apex bank, the data localisation requirement aligns with existing Nigerian ...

Nigeria’s headline inflation rose for the third consecutive month to 15.93 per cent in May 2026, up from 15.69 per cent recorded in April. Naija News reports that the National Bureau of Statistics (NBS) disclosed this in its latest Consumer Price Index and inflation report released on Monday. According to the report, inflation rose by 1.75 per cent on a month-on-month basis in May. The NBS report also showed that food inflation rose to 16.96 per cent in May, compared to 16.06 per cent recorded in April. “In May 2026, the headline inflation rate on a month-on-month basis was 1.75 percent, which was 0.39 percent lower than the rate recorded in April 2026 (2.13 percent),” the report stated. The bureau said that on a year-on-year basis, headline inflation stood at 15.93 per cent...

Operatives of the Anambra State Police Command attached to the Rapid Response Squad/VCRU have arrested two suspects allegedly involved in the production and distribution of ad#lterated alcoholic beverages in the state. The suspects identified as Ikechukwu Okeke 42, and Okeke Chukwuemeka 38, were arrested in the early hours of today, June 15  , following credible intelligence received by the Police. Preliminary investigation revealed that the suspects are members of a syndicate specializing in the adulteration and counterfeiting of various alcoholic beverages.  During interrogation, the suspects reportedly confessed to the crime and subsequently led operatives to their mini-factory. During the raid of their facility, the police operatives recovered several susp...