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,…

The Minister of Agriculture and Food Security, Abubakar Kyari, has called for the urgent development of climate-smart seeds to address Nigeria’s food security challenges and boost economic growth. Kyari made this call during a meeting with the newly appointed Board Chairmen of Agricultural Research Institutes and Colleges, held recently in Abuja. Highlighting the impact of climate change on agricultural productivity, the minister urged the institutions to prioritise research into drought-resistant,…

Dollar Sells at ₦1601.85 — a 0.51% Drop from Yesterday As of 29th April 2025, the Nigerian Naira experienced a modest strengthening in the parallel market, with the dollar selling at ₦1601.85, reflecting a 0.51% decrease from ₦1610 the previous day. This shift underscores ongoing market volatility shaped by foreign exchange (forex) demand, supply pressures, and evolving monetary policies by the Central Bank of Nigeria (CBN). Black Market Exchange Rates…

Lagos State has received a significant boost to its economic reputation, as Fitch Ratings upgraded its Long-Term Foreign and Local-Currency Issuer Default Ratings (IDRs) from ‘B-’ to ‘B’. In a statement released on the state government’s Facebook page on Monday, three other states – Kaduna, Kogi, and Oyo – also benefitted from the upgrade. According to the statement, the internationally renowned rating agency announced that the outlook for all four…

The Federal Government (FG) has sounded the alarm over an escalating wave of cyber slavery affecting parts of West Africa. This warning follows revelations by the United States Federal Bureau of Investigation (FBI) that nearly $65 million was lost over the past two years to financially motivated sextortion schemes, reportedly involving Nigerian nationals. In a statement released by Kimiebi Ebienfa, spokesperson for the Ministry of Foreign Affairs, the government warned…