In today’s foreign exchange market, the Nigerian naira recorded a slight depreciation against both the US dollar and the British pound, reflecting continued volatility in the currency landscape. According to market data, the naira slipped by approximately 0.21% against the US dollar. As of 04 May 2025, the dollar exchanged for ₦1603.83. However, by today, the rate had edged up to ₦1607.30, signalling a minor but notable decline in the…

As of today,  from Aboki Forex data, the Nigerian Naira continues to face pressure in the parallel market, with black market exchange rates reflecting persistent demand for foreign currencies, particularly the US Dollar, British Pound, and Euro. Traders across major exchange hubs in Lagos and Abuja confirm a widening gap between official and street-level rates, raising ongoing concerns about currency volatility and import-driven inflation. In the dollar segment, the Naira…

LAGOS, Nigeria — May 3, 2025, naira, posted modest gains against the world’s major currencies (Dollar, Pounds, Euro and Chinese yuan) on Friday, offering a brief window of optimism in an otherwise tense and uncertain foreign exchange landscape. The currency market movements, although minor, have drawn considerable attention from economic analysts, traders, and international observers due to the continued volatility of Nigeria’s foreign exchange regime. Data from google finance channels…

Over the years, numerous economic experts and stakeholders have consistently called for improvements in Nigeria’s electricity supply. Joining this growing chorus is the President of the African Development Bank (AfDB), Akinwumi Adesina. Speaking at the 20th Anniversary Dinner of Chapel Hill Denham in Lagos, Adesina warned that Nigeria risks long-term economic stagnation unless it decisively tackles its chronic infrastructure and power deficits. He stressed that no country can industrialise, remain…

Nigerian Naira continued to weaken on the parallel market today, as the U.S. dollar sold for ₦1,607.66, reflecting persistent forex volatility and mounting economic headwinds. This rate represents a slight depreciation from ₦1,612.64. recorded on  01/05/2025  indicating a 0.31% drop in value. The widening gap between the official and black-market exchange rates remains a key indicator of Nigeria’s macroeconomic pressures, despite recent policy reforms introduced by the Central Bank of…

Ogun State Governor, Dapo Abiodun, has announced that President Bola Tinubu will perform the groundbreaking ceremony for what is projected to be the world’s largest cotton and polyester processing factory. Governor Abiodun stated that the factory will be sited within the Special Agro-Processing Zone at the Gateway International Airport, in the Iperu/Ilisan axis of the state. Abiodun stated that the launch will take place in the coming weeks. READ ALSO: Gov.…

The Federal Government (FG) has unveiled a major digital reform aimed at boosting efficiency and accountability across Ministries, Departments and Agencies (MDAs), as part of its broader strategy to strengthen governance and service delivery. Minister of Information and National Orientation Mohammed Idris made this known on Wednesday during the launch of the Nigeria Procurement Certification Portal in Abuja. The initiative, developed by the Bureau of Public Procurement (BPP) in collaboration…

The Nigerian government has reaffirmed its commitment to deepening its strategic partnership with the European Union (EU), as the European Bank for Reconstruction and Development (EBRD) prepares to open its first office in West Africa, based in Lagos. This milestone comes after Nigeria became the 77th shareholder of the EBRD in February 2025. The bank’s expansion into Sub-Saharan Africa was approved by the EBRD Board of Governors in 2023. During…

In a major leadership restructuring, the Nigerian National Petroleum Company Limited (NNPCL) has dismissed the managing directors of its three key refineries—Port Harcourt, Warri, and Kaduna. The move, led by the new management team appointed earlier this month, is part of a broader reform effort to revive Nigeria’s struggling oil and gas output. Alongside the refinery heads, several high-ranking executives within the NNPCL were also relieved of their duties. Among…

Dollar falls slightly, pound gains, euro slips against naira — Nigeria’s parallel foreign exchange market witnessed marginal currency shifts on Tuesday, as the country continues to grapple with complex macroeconomic challenges and constrained forex liquidity. The Naira slightly appreciated against the U.S. Dollar in the black market, trading at ₦1,601.64 per $1, reflecting a 0.013% decrease from ₦1,601.85 the day prior. Though minimal, the movement underscores the delicate balance between…

The Economic and Financial Crimes Commission (EFCC) has called on financial institutions across Nigeria to enhance their collaboration with the Commission in the ongoing fight against economic and financial crimes. Speaking on Tuesday in Port Harcourt, Rivers State, the Acting Zonal Director of the EFCC, Assistant Commander of the EFCC (ACE I), Adebayo Adeniyi, addressed bank compliance officers. He urged them to prioritise customer due diligence and robust Know Your…

The Corporate Affairs Commission (CAC) has given unregistered businesses across Nigeria a six-week window to formalise their operations by registering with the Commission. CAC, in a statement on Tuesday, warned that those who fail to comply may face legal consequences, including possible imprisonment. The Commission cited Section 863 of the Companies and Allied Matters Act (CAMA), 2020, noting that running a business in Nigeria without proper registration—whether as a company,…