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Cement price hits N16,000 per bag

The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.

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• Chairman of BUA cement, Abdul Samad Rabiu (ASR)

Cement dealers across Nigeria have announced fresh price increases, with a 50kg bag now selling for as much as N16,000 in some markets, up from N13,000 recorded by buyers just days earlier.

The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.

By the third quarter of 2025, that had risen to about N9,000 before reaching the N12,000 to N16,000 range now seen across different locations.

Other building materials have followed a similar upward path. Blocks have climbed from around N600 to N1,100 each.

Sand has gone from N165,000 to N250,000 per 30 tonnes. Granite has risen from N530,000 to N780,000 per 30 tonnes.

Reinforcing steel now costs N1.15 million per tonne, up from N850,000.

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Business

Cybercriminals cloning DStv, other brands to steal bank accounts across Africa

According to cybersecurity company NordVPN, the campaign distributes Remote Access Trojans (RATs) and banking trojans, forms of malware that can give criminals control over infected devices and access to sensitive information.

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Cybercriminals are impersonating popular companies and government agencies across Africa in a campaign designed to take over smartphones and bank accounts.

More than 100 fake websites linked to the malware campaign have been identified since August 2025.

Brands including DStv, Takealot and South African Airways, as well as the South African Revenue Service (SARS), are being used to make fraudulent messages and websites appear legitimate.

According to cybersecurity company NordVPN, the campaign distributes Remote Access Trojans (RATs) and banking trojans, forms of malware that can give criminals control over infected devices and access to sensitive information.

The attacks are particularly concerning in South Africa, where Android dominates the mobile operating system market.

NordVPN said the attacks typically begin with social engineering, where criminals send convincing messages through SMS, WhatsApp or social media.

The messages may contain urgent offers or requests involving job opportunities, tax refunds, identity renewals or pension verification.

Victims are then directed to fake websites designed to closely resemble the official websites of trusted organisations.

The sites encourage users to download an Android application. Once installed, the malicious software can operate quietly in the background, including after the smartphone is restarted.

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Business

Naira Exchange Rates Friday, August 21

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BLACK MARKET RATES

US Dollar (USD) Buy ₦1,405 Sell ₦1,410

Great British Pound(GBP) Buy ₦1,890 Sell: ₦1,915

EURO (EUR) Buy ₦1,590 Sell ₦1,610

Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080

South African Rand (ZAR) Buy ₦75 Sell ₦90Ghana CEDI (GHS) Buy ₦95 Sell ₦110

West African CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

CBN Exchange Rates

US Dollar (USD) ₦1,374.63

Great British Pound (GBP) ₦1,838.70

EURO (EUR) ₦1,574.97

Swiss Franc (CHF) ₦1,687.70

Chinese Yuan (CNY) ₦200.42

Japanese Yen (Yen) ₦8.49

West African CFA (XOF) ₦2.37

West African Unit Account (WAUA) ₦1,848.41

Saudi Riyal (SAR) ₦358.91

South African Rand (ZAR) ₦83.35

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12-years after, US clears Nigerian vessels to land at its ports

Oyetola said that removal of the restriction by the USCG followed years of effort by Nigeria to meet international maritime security standards, particularly through the Nigerian Maritime Administration and Safety Agency (NIMASA).

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The Minister of Marine and Blue Economy, Adegboyega Oyetola, announced that the United States Coast Guard (USCG) has removed the Condition of Entry (CoE) imposed on Nigerian vessels from docking at its ports.

The CoE was first imposed in June 2014. Under the restriction, any vessel that had docked at designated Nigerian ports within its previous five port calls was required to meet additional security and documentation requirements before entering US waters.

Oyetola said that removal of the restriction by the USCG followed years of effort by Nigeria to meet international maritime security standards, particularly through the Nigerian Maritime Administration and Safety Agency (NIMASA).

The removal means those extra requirements no longer apply.Four USCG assessments between 2024 and 2026

He pointed to the country’s compliance with the International Ship and Port Facility Security (ISPS) Code as central to the case presented to US authorities.

The USCG carried out four separate assessments of Nigeria’s ports and maritime security framework between March 2024 and April 2026.

The inspections took place in March 2024, April 2024, March 2025 and April 2026. The government said each review recorded measurable progress.

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