Business

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reassured Nigerians that the prices of petrol, diesel and Liquefied Petroleum Gas (LPG) are expected to continue declining nationwide.The assurance was given by the Authority’s Chief Executive Officer, Mr Saidu Mohammed, during an inspection visit to Aradel Holdings Plc facilities in Ogbele, Ahoada East Local Government Area of Rivers State.Mohammed attributed the anticipated reduction in prices to increased product supply, growing competition and sustained private sector investments in the oil and gas industry.According to him, rising supply levels have already begun to impact pricing, noting that competition has helped drive petrol prices down from about ₦1,000 to around ₦800 per litre.He ex...

The Lagos State Internal Revenue Service (LIRS) has warned against artificial or fictitious transactions, which are carried out with the intent to reduce tax liabilities.LIRS has now said such arrangements will be disregarded under the Nigeria Tax Administration Act (NTAA), 2025, and could expose culpable taxpayers to investigation and penalties.This is contained in a public notice dated January 21, 2026, and sighted by our correspondent on the LIRS website on Sunday.The notice, signed by Executive Chairman of LIRS, Mr. Ayodele Subair, stated that the directive applies to all taxpayers, including incorporated entities, partnerships, trusts, natural persons, and other stakeholders operating within Lagos State.It read, “In line with the provisions of the newly gazetted tax la...

Withdraw money from ATM machineThe Central Bank of Nigeria (CBN) has disclosed plans to introduce fresh regulations to streamline debit card issuance and improve the operations of Automated Teller Machines (ATMs) across the banking industry.The announcement was made by the CBN Governor, Olayemi Cardoso, through his Special Adviser, Fatai Karim, during a weekend event.He explained that the initiative is aimed at addressing ongoing cash access difficulties and rebuilding public trust in electronic payment platforms.According to the apex bank, the proposed framework will ensure that the number of debit cards issued by banks corresponds with their available ATM infrastructure. This is expected to ease overcrowding, reduce frequent system breakdowns, and ensure more balanced...

Dollar to Naira Exchange Rate UpdateWhat is the current dollar-to-naira rate at the black market, also known as the parallel market (Aboki FX)? Below is the exchange rate for January 24, as obtained from market sources. These are the rates at which dollars can be exchanged for naira.Dollar to Naira Black Market Rate TodayAt the Lagos parallel market, Bureau De Change (BDC) operators are selling the dollar at ₦1,490 and buying at ₦1,482 on Saturday, January 24, according to sources.Story continues below advertisementIt is important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel (black) market and advises individuals seeking foreign exchange to conduct transactions through their respective banks.Dollar to Naira Black Market RatesSellin...

The Minister of State for Industry, Senator John Owan, has said that Nigeria must urgently reduce its dependence on imports and deliberately channel its large population into productive industrial activity, warning that demography alone does not guarantee economic growth.Speaking at the Redeemed Christian Church of God Lagos Province 35 Economic Summit on Saturday, Owan stressed that the success of the Federal Government’s Nigeria-First policy will depend largely on policy predictability, coordinated execution, and the strategic use of public procurement to stimulate local manufacturing.The PUNCH reports that President Bola Tinubu announced the Nigeria-First policy in 2025 to give priority to Nigerian industries in all procurement activities.“Nigeria does not need to import wha...

The Central Bank of Nigeria (CBN) has revealed plans to introduce a fresh regulatory policy aimed at improving debit card issuance and Automated Teller Machine (ATM) operations across banks, as part of efforts to address ongoing cash access challenges nationwide.The apex bank made this disclosure on Friday, January 23, 2026, during the 2026 Committee of Heads of Bank Operations Conference.Representing the CBN Governor, Yemi Cardoso, his Special Adviser, Fatai Karim, explained that the proposed policy will require banks to align the number of debit cards they issue with the ATM infrastructure they have in place.He said the initiative is intended to ease congestion at ATM locations, reduce frequent machine breakdowns and promote a more balanced distribution of cash across the cou...

US President Donald Trump has been pictured with a large bruise on his left hand while delivering a speech about his Gaza “board of peace” in Davos, Switzerland.Trump sustained the bruise on Thursday during a signing ceremony for the peace board at the World Economic Forum after the president “hit his hand on the corner of the signing table,”Explaning how he got a bruise on his left hand, the president said on Air Force One that he received the large purple bruise at the Board of Peace event in Switzerland and was doing 'very good'.'I clipped it on the table, so I put a little - what do they call it - cream on it, but I clipped it,' Trump told reporters en route to Washington , D.C. on Thursday.He then appeared to blame the noticeable bruise on...

The Edo State chapter of the Peoples Democratic Party (PDP) has criticised plans by the Monday Okpebholo-led state government to establish a state-owned airline, describing the move as a misplaced priority and a sign of weak governance.In a statement released on Friday by the party’s Publicity Secretary, Dan Osa-Ogbegie, the PDP accused the administration of being out of touch with the urgent needs of Edo residents.The opposition party described the airline proposal as unrealistic and insensitive, particularly at a time when the state is grappling with deteriorating infrastructure, worsening urban conditions and abandoned strategic projects.“Operating an airline is highly capital-intensive, technically complex and has historically ended in failure for most sub-national governme...

The Federal Government has barred electricity distribution companies (DisCos) and their installers from charging consumers for meter installation, warning that anyone found extorting customers will face prosecution.The Minister of Power, Adebayo Adelabu, issued the warning on Thursday during an inspection of newly imported smart meters at APM Terminals, Apapa, Lagos. He explained that the meters were procured under the World Bank–funded Distribution Sector Recovery Programme (DISREP) and must be installed for consumers at no cost.Adelabu expressed satisfaction with the arrival of an additional batch of 500,000 smart meters, noting that they are part of efforts to close Nigeria’s metering gap. He stressed that the meters would be distributed to all electricity consumers, irrespectiv...

The Nigeria Inter-Bank Settlement Systems said the most common fraud technique in the Nigerian banking sector and digital payment system is social engineering.Managing Director of NIBSS, Premier Oiwoh, disclosed this on Wednesday at an event in Lagos, noting that digital payment declined by 51 percent in Nigeria to N25.85 billion in 2025 from a high of N52.26 billion in 2024.Oiwoh noted that within the category of fraud, insider abuses or involvement have been the greatest threat.According to him, by channel, fraud remains most prevalent in e-commerce and internet banking, followed by point of sale, mobile, and web platforms within the Nigerian banking and fintech sector.He further said incidents such as SIM swap fraud, account compromise, and phishing continue to evolve in...