Business
FG restricts paracetamol ,16 other products for local manufacturing
The cocoa industry is also shielded; cocoa butter, powder, and cakes, as well as chocolate preparations in blocks or bars exceeding two kilograms, are listed as prohibited items.
• President Bola Tinubu
The Federal Government has totally banned the importation of seventeen products including paracetamol tablets and syrups, metronidazole, cotrimoxazole, and chloroquine from entering into the country through any port of entry.
The Federal Ministry of Finance on Saturday released the latest revised import prohibition list, dated April 1, 2026, under HS Codes 3003.10.00.00 through 3004.90.90.00
Other widely used health products, such as multivitamin capsules, aspirin, folic acid, and various ointments like penicillin and gentamycin, are now restricted to local manufacturers.
Furthermore, refined vegetable oils in retail packs of five litres or less, encompassing soya-bean, palm, and sunflower oils, are prohibited.
However, crude vegetable oil and specific fats like hydrogenated vegetable fats under HS 1516.20.10.00 are permitted to enter the country for industrial use.
In the retail and consumer goods category, the prohibition covers cane or beet sugar in retail packs and chemically pure sucrose containing added flavouring or colouring.
The cocoa industry is also shielded; cocoa butter, powder, and cakes, as well as chocolate preparations in blocks or bars exceeding two kilograms, are listed as prohibited items.
Other household essentials now restricted to local production include tomato paste, whole tomatoes put up for retail sale, and mineral and aerated waters.
The hygiene sector is notably impacted, as all forms of soaps and organic surface-active products (commonly known as detergents) are now barred from importation under HS Codes 3401.11.10.00 through 3402.90.00.00 when intended for retail sale.
Even everyday stationery is affected, as ballpoint pens and their refills are barred from importation, though the government made a specific concession for importing pen tips. Industrial and construction materials were not left out of the revised trade policy.
Bagged cement remains on the prohibited list under HS Code 2523.29.00.00, alongside NPK 15:15:15 fertilizers and similar variants.
The packaging industry faces a continued ban on corrugated paper, paper boards, and cartons, while the glass industry is protected by a prohibition on hollow glass bottles exceeding 150 milliliters in capacity.
Business
Exchange Rates Today Friday, 12 June
Black Market Rates
US Dollar (USD) ₦1,397
Great British Pound (GBP) ₦1,850
Official CBN Exchange Rates
US Dollar (USD) ₦1,363. 83
Great British Pound (GBP) ₦1,821. 25
EURO (EUR) ₦1,572. 90
SWISS FRANC (CHF) ₦1,706. 49
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦201.20
West African CFA (XOF) ₦2.40
West African Unit Account (WAUA) ₦1,857. 45
SAUDI RIYAL (SAR) ₦363. 29
SOUTH AFRICAN RAND (ZAR) ₦82.61
Black Market Rates
US Dollar (USD) Buy ₦1,397 Sell ₦1,405
Great British Pound (GBP) Buy ₦1,850 Sell: ₦1,870
EURO (EUR) Buy ₦1,587 Sell ₦1, 607
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 2,300
Australian Dollar Buy ₦800 Sell ₦900
Business
Airtel launches data calculator to counter depletion complaints
Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said that the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.
Airtel Nigeria has launched the Airtel Web Data Calculator, a new digital tool designed to help customers estimate and better understand their internet data consumption based on real-life usage patterns.
Available through Airtel’s website, the calculator enables customers to estimate data usage across common digital activities such as video streaming, social media engagement, voice and video calls, and everyday web browsing.
Speaking on the launch, Oladokun Oye, Customer Experience Director, Airtel Nigeria, said that the initiative reflects Airtel’s commitment to customer empowerment and service transparency.
“As Nigerians become increasingly dependent on digital services for work, education, entertainment and communication, it is important that customers have clear visibility into how their data is consumed.
The Airtel Web Data Calculator was developed to help our customers understand their usage patterns better, make informed choices, and enjoy greater confidence in their digital experience,” he said.
Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.
“The future of telecommunications will be defined not only by network investments but also by how effectively operators help customers understand and manage their digital lives. The Airtel Web Data Calculator represents a practical innovation that places more information and control directly in the hands of our customers.” He said.
Business
Kingsley Moghalu chairs Bluecode Africa subsidiary in Nigeria
Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.
Bluecode Africa, the European payments infrastructure operator backed by leading US and European institutional investors, has named Prof Kingsley Chiedu Moghalu as Chairman of the Advisory Board of its Nigerian subsidiary, Bluecode Payments Nigeria Limited as the company formally enters the Nigerian market.
The appointment was jointly announced by Chris Pirkner, Founder of Bluecode, and Odin Krismayr, Managing Director of Bluecode Africa, who described it as a foundational governance decision for the company’s Nigerian and continental operations.
Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.
He led the team that introduced the unique-identifier Bank Verification Number (BVN), enrolling 50 million banking users, simplifying Know Your Customer (KYC) procedures, and doubled Nigeria’s financial inclusion rate from 33 to 60 per cent.
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