Domestic airlines reel under rising fuel costs Nigerian airlines are under pressure as aviation fuel (Jet A‑1) prices hit N2,557 per litre amid escalating US-Israel-Iran tensions. Sokoto reports the highest price at N2,557 per litre, followed by Kano at N2,554. Port Harcourt and Asaba are at N2,543, Abuja at N2,538, Enugu N2,535, Warri N2,530, Anambra N2,529,…
The Nigerian Naira maintained a stable but cautious position against the United States Dollar during Tuesday morning trading on February 17, 2026, as it continued to trade within the 1,350 range in the official window. In the Nigerian Foreign Exchange Market (NFEM), the local currency opened at 1,351.18 per dollar. By mid-morning, the rate adjusted…
The United States Treasury has frozen the assets and properties of eight Nigerians accused of links to Boko Haram and the Islamic State of Iraq and the Levant (ISIL), according to a 3,000-page document released on February 10 by the Treasury’s Office of Foreign Assets Control (OFAC). The document also listed individuals sanctioned for cybercrime…
The Nigerian Naira maintained a stable outlook against the United States Dollar during Friday morning trading on February 13, 2026, supported by policy consistency and improved retail dollar supply. Official Market Trends In the Nigerian Foreign Exchange Market, the Naira opened at 1,356.33 per dollar before settling at a mid-morning average of 1,355.58, reflecting a…
The Federal Government has directed the National Agency for Food and Drug Administration and Control (NAFDAC) to immediately suspend all enforcement actions relating to the ban on sachet alcohol and 200ml PET bottle products. The directive followed a joint intervention by the Office of the Secretary to the Government of the Federation and the Office…
The Nigerian Naira maintained its positive momentum against the US Dollar during mid-week trading on Wednesday, February 11, 2026, continuing a period of stability in the official foreign exchange market. Official Market TrendsIn the Nigerian Foreign Exchange Market (NFEM), the Naira opened at 1,353.25 per dollar and recorded a high of 1,359.83 before settling at…
The federal government will begin the sale of selected state-owned assets to private investors in 2026, Finance Minister and Coordinating Minister of the Economy Wale Edun has confirmed. Speaking during the AlUla Conference for Emerging Market Economies in Saudi Arabia on Monday, Edun said the government is still finalising which assets will be offered and…
Dutch brewer Heineken announced on Wednesday that it will cut up to 6,000 jobs over the next two years, citing “challenging market conditions” and declining global beer volumes. The company said the move is part of efforts to “accelerate productivity at scale to unlock significant savings,” reducing 5,000 to 6,000 roles globally. Chief Executive Dolf…
The Nigerian stock market ended the trading week on a bullish note on Friday, with investors gaining N1.105 trillion as market capitalisation crossed the N110 trillion mark. Market capitalisation rose by 1.01 per cent, increasing from N109.129 trillion to N110.234 trillion at the close of trading. Similarly, the All-Share Index (ASI) advanced by 1,722.13 points,…
The naira depreciated against the United States dollar on Friday at the official foreign exchange market, reversing part of the gains recorded earlier in the week. Data from the Central Bank of Nigeria (CBN) showed that the naira closed at ₦1,366.06 per dollar on Friday, down from ₦1,358.28 recorded on Thursday. This represents a day-on-day…
Moniepoint Microfinance Bank (MFB) processed ₦412 trillion in transaction value across more than 14 billion transactions in 2025, according to its newly released 2025 Year in Review report. The milestone capped a decade of operations for the Moniepoint Inc. subsidiary, which described the period as ten years of driving “financial happiness” for businesses across Nigeria….
The Jigawa State Government has signed a five-million-dollar agreement with Tesni Green Power Energy Limited to establish a solar panel assembling plant in the state as part of its plan to generate 100 megawatts of solar energy and expand access to clean, affordable power. Governor Umar Namadi presided over the signing ceremony between the state…
The National Agency for Food and Drug Administration and Control (NAFDAC) has resumed enforcement of the ban on sachet alcohol, despite objections from industry stakeholders. NAFDAC clarified that no alcohol-producing company has been shut down, stressing that the enforcement targets only the sale of alcohol in sachets, which the agency says pose serious public health…
The House of Representatives on Thursday passed President Bola Tinubu’s N58.47 trillion 2026 Appropriation Bill for second reading, with lawmakers highlighting what they described as improved fiscal discipline under the current administration. The budget proposal, titled “Budget of Consolidation, Renewed Resilience, and Shared Prosperity,” sailed through plenary without debate. President Tinubu had presented the 2026…
Edo State Governor, Monday Okpebholo, has carried out a minor reshuffle of his Executive Council, redeploying his Chief of Staff, Hon. Gani Audu, to the Ministry of Oil and Gas Resources as Commissioner. The Governor said Audu’s appointment as Commissioner would be subject to confirmation by the Edo State House of Assembly. The Secretary to…
Anambra State Governor, Professor Chukwuma Soludo, has declared that he has the constitutional power to revoke the land on which Onitsha Main Market and other markets in the state are located and repurpose them for projects of overriding public interest. Soludo made the statement on Thursday during a meeting with leaders of the Anambra State…
Flutterwave Founder and CEO Olugbenga “GB” Agboola has described stablecoins and open banking as the “operating system” for economic growth across the Middle East and Africa (MEA) over the next decade. Speaking at the 2026 World Economic Forum (WEF) in Davos during Semafor’s Next 3 Billion event, Agboola said the region must build financial infrastructure…
Normal activities resumed on Wednesday across the Federal Capital Territory Administration (FCTA) and its affiliated Ministries, Departments, and Agencies (MDAs) following the return of workers to duty in compliance with a court order suspending their strike action. The development came after a ruling on Tuesday by the National Industrial Court of Nigeria, presided over by…
Trade volume to rise from $2bn to $5bn President Recep Tayyip Erdogan of Türkiye has announced plans to raise bilateral trade with Nigeria to $5 billion, up from the current $2 billion, as both countries move to deepen economic cooperation. Erdogan said discussions toward achieving the new target have already begun, with both sides agreeing…
Dangote Petroleum Refinery has officially announced a ₦100 per litre increase in the price of Premium Motor Spirit (PMS), commonly known as petrol, across Nigeria. The adjustment was confirmed on Monday, January 27, 2026. According to the refinery’s statement, the gantry (ex‑depot) price of petrol has been raised from ₦699 per litre to ₦799 per…
