Currency Strengthens in Official Market The Nigerian naira recorded a modest gain against the United States Dollar on Wednesday, May 6, 2026. The improvement appeared in both the official and parallel markets. Data from the Central Bank of Nigeria showed the naira trading around ₦1,362 per dollar in the Nigerian Foreign Exchange Market (NFEM). This…
Crude Prices Fall on De-escalation Hopes Global oil prices declined sharply after reports suggested that the United States and Iran are close to reaching a peace agreement. West Texas Intermediate (WTI), the US benchmark, fell by about 10% in early trading before recovering slightly to trade near $94 per barrel. Brent crude also dropped, trading…
Presidency Rules Out Return of Fuel Subsidy The Federal Government has ruled out any return of fuel subsidy, despite growing public pressure over rising living costs. Taiwo Oyedele made the position clear during an investor meeting in Paris. He stated that the Presidency will not restore subsidy payments. He also confirmed that fuel prices will…
Petrol prices across Nigeria have crossed the ₦1,300 per litre mark as global crude oil prices remain unstable. The increase has raised concerns about another hike in pump prices nationwide. Industry data shows that depot owners are adjusting Premium Motor Spirit (PMS) prices in response to rising international crude costs and uncertainty in the energy…
Nigeria’s passport has moved up six places on the latest Henley Passport Index since President Bola Tinubu took office. The April 2026 report places Nigeria at 89th position, up from 95th in January 2024. Visa-Free Access Declines Despite Ranking Gain The improved ranking has not translated into broader travel freedom. Nigerian passport holders now access…
Naira Maintains Stability Across Markets The Nigerian naira traded within a stable range against the United States dollar on May 5, 2026. Activity remained steady across both the official and parallel foreign exchange markets. Data from Central Bank of Nigeria showed that the official rate hovered around ₦1,374 per dollar. Trading ranged between ₦1,362 and…
Millions affected as MTN, Airtel, Globacom, and 9mobile tighten recovery measures amid regulatory changes Nigeria’s major telecom operators have begun restricting outgoing calls for subscribers with unpaid airtime and data loans. The move affects millions of users across the country and reflects stricter enforcement of new lending regulations. Operators, including MTN Nigeria, Airtel Nigeria, Globacom,…
UK court freezes $170m assets across four countries after alleged evasion and unpaid oil deals: UK Court Freezes Assets of Nigerian Oil Trader A UK High Court has frozen the global assets of Nigerian oil trader Abdulrahman Musa Bashar after he failed to pay a $40 million debt. The court also restricted his trading company,…
Education support fund boosts staff welfare across 141 institutions nationwide:The Federal Government has disbursed N11.8 billion to 6,842 academic and non-academic staff in tertiary institutions under the Tertiary Institutions Staff Support Fund (TISSF). The beneficiaries were drawn from 141 institutions, including federal universities, polytechnics, and colleges of education. The TISSF, launched in August 2025, is…
Partnership targets refinery upgrade, petrochemical expansion, and gas-based industrial hubs The Nigerian National Petroleum Company Limited has signed a Memorandum of Understanding (MoU) with two Chinese firms to rehabilitate and operate Nigeria’s Port Harcourt and Warri refineries. The agreement involves Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd. Deal…
