Business

Here is the latest update on the Dollar to Naira exchange rate in the Nigerian foreign exchange market.Dollar to Naira Black Market (Aboki FX) RateWhat is the current Dollar to Naira rate at the parallel market, commonly referred to as the black market?According to Bureau De Change (BDC) sources in Lagos, the Dollar exchanged at the following rates on Friday, February 6, 2026:Selling rate: ₦1,450 per dollarBuying rate: ₦1,435 per dollarThis means you can sell your dollars or buy naira at these prevailing black market rates.It is important to note that the Central Bank of Nigeria (CBN) does not officially recognise the parallel market. The apex bank has consistently advised individuals and businesses seeking foreign exchange to conduct transactions through lice...

Japan is set to restart the Kashiwazaki-Kariwa nuclear power plant next week, following a brief operational suspension caused by an alarm malfunction during its initial restart attempt. This marks the first restart of a Tokyo Electric Power (TEPCO)-operated reactor since the 2011 Fukushima disaster.At a press conference on Friday, plant chief Takeyuki Inagaki announced the planned reactor start-up for February 9. The facility had been restarted on January 21 but was shut down the following day after a monitoring system alarm was triggered. Inagaki explained that the alarm had been incorrectly configured, causing it to sound in response to minor, safe fluctuations in an electrical cable's current.The issue has since been resolved. "The firm has now changed the alarm’s settings as th...

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has disclosed that Nigeria’s state-owned refineries were operating at what he described as a monumental loss, prompting his management team to suspend operations to prevent further financial damage.Ojulari made the revelation on Wednesday in Abuja during a fireside chat titled “Securing Nigeria’s Energy Future” at the Nigeria International Energy Summit 2026, where he offered a blunt assessment of the operational and commercial realities facing the country’s refining assets.Acknowledging public frustration, the NNPC boss said Nigerians were justified in their anger, given the enormous sums invested in the refineries over the years.“On the refineries, Nigerians were angry....

Rivers and Lagos states top the list in the consumption of alcoholic drinks sold in sachets and Polyethylene Terephthalate bottles among minors and underage persons, according to a nationwide survey by the National Agency for Food and Drug Administration and Control.The survey, conducted by NAFDAC in collaboration with the Distillers and Blenders Association of Nigeria and carried out by Research and Data Solutions Ltd, Abuja, covered 1,788 respondents across six states between June and August 2021.NAFDAC said the study examined access to alcohol and drinking frequency among minors below 13 years, underaged persons aged 13 to 17 years, and adults aged 18 years and above.Presenting the findings on Tuesday, February 3, the Director-General of NAFDAC, Mojisola Adeyeye, said al...

By Richard Ogunsile | Published February 3, 2026Prices of cooking gas and petrol declined across Nigeria in December 2025, indicating a gradual reduction in household energy costs, according to separate reports released by the National Bureau of Statistics (NBS).Data from the bureau showed that the prices of Liquefied Petroleum Gas (LPG), widely used for cooking, and Premium Motor Spirit (PMS), commonly known as petrol, recorded significant year-on-year decreases compared with December 2024. The figures also reflected modest month-on-month reductions, although prices continued to vary across states and geopolitical zones.5kg Cooking Gas Price Falls by 25%The NBS reported that the average cost of refilling a 5kg LPG cylinder dropped by 1.20 per cent month-on-month, from ₦5,4...

Ikeja Electric Plc has issued a strong warning to residents and business operators in Lagos over the increasing presence of illegal structures and commercial activities under high-voltage power lines, describing the practice as extremely dangerous and potentially fatal.The electricity distribution company said operating shops, workshops or constructing buildings within designated Right-of-Way corridors puts lives at serious risk, exposing occupants to hazards such as electrocution, fire outbreaks and severe injuries—even without direct contact with live cables.According to the company, the danger is heightened during the rainy season, when wet conditions significantly increase the chances of electrical accidents.In a public notice released on Monday, Ikeja Electric disclosed th...

Afrobeats superstar David Adeleke, popularly known as Davido, has finally spoken out following his loss at the 2026 Grammy Awards.The award ceremony, held on Sunday, February 1, saw Davido, Burna Boy, and Ayra Starr lose the Best African Music Performance category to South African singer Tyla.Tyla won the award with her track Push 2 Start, beating Burna Boy’s Love, Davido’s With You featuring Omah Lay, Ayra Starr and Wizkid’s Gimme Dat, as well as Hope & Love by Eddy Kenzo and Mehran Matin.Breaking his silence, Davido took to his Instagram page to share photos from the Grammys, where he attended alongside his wife, Chioma, and his manager, Asa Asika. In the caption, the singer expressed confidence and gratitude, writing in Pidgin, “Oluwa dey my side” (God is on my side)....

The Federal Government, through the Rural Electrification Agency, REA, has completed and commissioned a 100-kilowatt-peak solar mini-grid in Damau, a rural community in the Kubau Local Government Area of Kaduna State.In a statement released at the weekend, REA said the move is part of the government’s effort to expand sustainable energy access and improve socio-economic growth in underserved communities across Nigeria.The rural electrification project would benefit 2,500 residents of the Damau community.Speaking on the project, the Managing Director of REA, Abba Aliyu, noted that “the Damau project reflects the agency’s evolving approach to rural electrification, one that deliberately integrates energy access with social infrastructure and community needs, rather than deploying...

The order of the Anambra State Governor, Prof Chukwuma Soludo for markets to open on Mondays further aggravated the fragile security in Anambra State in the early hours of the day.As early as 6am, streets in parts of Anambra State were deserted, vehicular movements were rare on the roads, while school buses were empty of pupils.An investigation showed that the disputed Onitsha Main Market was open, but only few traders could be found early Monday morning.A trader, who spoke to our correspondent in Lagos Line, Onitsha Main Market, stated that traders signed attendance register with clock in time to show their attendance as ordered by Soludo.Others blamed Soludo for the poor attendance, stating that the sit-at-home order was already dying gradually before he reawakened some s...

Anambra State Governor, Chukwuma Soludo, has directed that the Onitsha Main Market be reopened on Monday, February 2, 2026, for full commercial and economic activities.The order followed the expiration of a one-week closure imposed by the state government after traders continued to observe the Monday sit-at-home directive promoted by the proscribed Indigenous People of Biafra (IPOB), despite assurances from authorities that the restriction had been lifted.Governor Soludo issued the directive during an on-the-spot inspection of the market, carried out alongside senior government officials and security agencies.The temporary shutdown had been ordered after the governor observed that traders were still complying with the sit-at-home order. He had warned that the closure could be e...