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Lagos Declares Manufacturing, Selling, Distributing single-use Plastics a Crime

Wahab called on the public, particularly business owners, food vendors, and market traders, to cooperate with the government to ensure a cleaner, safer, and more sustainable Lagos.

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• Tokunbo Wahab

The Lagos State Government has announced the commencement of full enforcement of the ban on the use and distribution of Single-Use Plastics (SUPs) across the state, effective July 1, 2025.

Mr. Tokunbo Wahab, the Commissioner for the Environment and Water Resources, made the announcement on Tuesday during a media briefing held at Alausa, Ikeja.

He emphasized that offenders will be prosecuted in line with the State’s Environmental Laws.

Wahab stated that the decision to enforce the ban follows an 18-month transition period granted to residents, manufacturers, and vendors to adjust and adopt more sustainable alternatives.

“The decision to ban Single-Use Plastics in Lagos was not arbitrary. It was an existential one, influenced by multiple factors,” he said.

Wahab explained that Lagos, a coastal city situated below sea level with the smallest land mass in the country—just 3,575 square kilometers—houses about 10 percent of Nigeria’s population.

“That alone is a recipe for environmental crisis. We did not just wake up whimsically and choose to ban styrofoam food packs in 2024.

We had always stated that within the next 12 months, all single-use plastics would follow.

Now, nearly 18 months later, we believe ample time has been given for all to transition. Enforcement starts July 1, and heavens will not fall.

Banned Items and Reasons

Styrofoam Packs: Banned due to their non-biodegradable nature and harmful environmental impact.

Plastic Straws: Prohibited to reduce plastic waste and promote eco-friendly alternatives.

Disposable Plastic Cups and Cutleries: Banned to curb single-use plastic pollution.

Lightweight Nylon Bags: Outlawed because they are not reusable or biodegradable, contributing significantly to environmental degradation.

Wahab called on the public, particularly business owners, food vendors, and market traders, to cooperate with the government to ensure a cleaner, safer, and more sustainable Lagos.

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Business

Naira Exchange Rates Thursday July 2, 2026

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BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 395 Sell ₦1, 403

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

EURO (EUR) Buy ₦1, 585 Sell ₦1,600

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

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

UAE DIRHAM Buy ₦350 Sell ₦370CHINESE 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

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,372.41

GREAT BRITISH POUND (GBP) ₦1,821.73

EURO (EUR) ₦1,565.37

SWISS FRANC (CHF) ₦1,695.42

JAPANESE YEN (JPN) ₦8.45

CHINESE YUAN (CNY) ₦201.98

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNITACCOUNT (WAUA) ₦1,870. 31

SAUDI RIYAL (SAR) ₦365.45

SOUTH AFRICAN RAND (ZAR) ₦83.80

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Business

CBN revokes 46 MFBs’ licences

According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.

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The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs).

CBN’s Ag. Director of Communications, Mrs. Hakama Sidi-Ali disclosed that the revocation becomes effective today.

She emphasised that the revocation was in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. OlayemiCardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” she said.

According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.

Others were: failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.



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Business

Naira Exchange Rates Wednesday July 1, 2026

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BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 395 Sell ₦1, 405

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,870

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

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

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,370. 68

GREAT BRITISH POUND (GBP) ₦1,825.05

EURO (EUR) ₦1,572.98

SWISS FRANC (CHF) ₦1,705.00

JAPANESE YEN (JPN) ₦8.50

CHINESE YUAN (CNY) ₦203. 32

WEST AFRICAN CFA (XOF) ₦2.41

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,875. 81

SAUDI RIYAL (SAR) ₦367.19

SOUTH AFRICAN RAND (ZAR) ₦84.12

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