Official CBN Exchange Rates

US DOLLAR (USD) ₦1,356.27

GREAT BRITISH POUND (GBP) ₦1,808.86

EURO (EUR) ₦1,575. 85

SWISS FRANC (CHF) ₦1,790. 46

JAPANESE YEN (JPN) ₦8.47

CHINESE YUAN (CNY) ₦200.72

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,861. 95

SAUDI RIYAL (SAR) ₦361.42

SOUTH AFRICAN RAND (ZAR) ₦83.90

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,393 Sell ₦1,400

GREAT BRITISH POUND (GBP) Buy ₦1,845 Sell: ₦1,865

EURO (EUR) Buy ₦1,185 Sell ₦1, 605

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell ₦22,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

President of Dangote Group, Aliko Dangote, has disclosed plans to develop a large-scale industrial and free trade zone at Olokola in Ondo State.

According to him, the proposed Olokola project would go beyond a conventional free trade zone, emphasising that the move, as a power-driven investment hub, will be designed to attract manufacturers.

Dangote disclosed this during a courtesy visit to Governor Lucky Aiyedatiwa in his office in Akure, yesterday.

Dangote stressed that the free trade zone would be equipped with power, water and logistics infrastructure to enable investors to operate without delays associated with basic utilities.

The initiative, according to Dangote, will address Nigeria’s long-standing power deficit, which he described as the country’s biggest industrial constraint for over 30 years, noting that most manufacturers currently rely on self-generated electricity.

He said that the absence of reliable power had slowed industrial expansion across the country, adding that the new model would integrate a dedicated energy supply into the industrial zone.

Dangote said the group had previously attempted to develop investments in Olokola but was constrained by operational challenges at the time, leading to the concentration of projects in Lagos.

He said the renewed engagement reflects improved conditions and stronger collaboration prospects with the state government.

On his part, Ondo State Governor, Lucky Aiyedatiwa, views development as a major milestone in Ondo State’s industrialisation agenda, stating that the project aligns with his administration’s efforts to position the state as a leading industrial destination in South-West, noting its strategic location along the Lagos-Calabar Coastal Highway corridor.

Aiyedatiwa also highlighted the state’s deep seaport licence, describing it as a key logistics advantage capable of handling large vessels without transshipment.

He disclosed that limestone deposits in the state had been tested and found suitable for industrial use, signalling potential for cement production expansion.

Source: The Guardian

The Federation Account Allocation Committee (FAAC) has shared a total of N2.257 trillion as federation revenue for April 2026 among the federal government, states and the 774 local government areas.

From the total distributable revenue of N2.257 trillion, the Federal Government received N787.351 billion, while state governments got N772.360 billion. The local government councils received N540.152 billion, while oil-producing states shared N157.254 billion as 13 per cent derivation revenue.

The distribution was approved at the May 2026 FAAC meeting held in Abuja, according to a communiqué issued at the end of the meeting.

The distributable revenue comprised N1.260 trillion from statutory revenue, N747.088 billion from Value Added Tax (VAT) and an augmentation of N250 billion.

The communiqué showed that total gross revenue available in April stood at N3.184 trillion. From this amount, N113.756 billion was deducted as cost of collection, while N813.839 billion was set aside for transfers, refunds and savings.