Concerns As One Pound Trades For N1000 At Parallel Market - Newstrends
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Concerns As One Pound Trades For N1000 At Parallel Market

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The sharp fall of the naira against the foreign currencies continues this weekend with the British Pound crossing N1000 in the parallel market.

There are fears that the dollar which has also been on a steep rise in value against the naira may cross N1000 any moment from now.

The current black market rate which is though not recognised by the Central Bank of Nigeria (CBN) has now almost doubled the official rate, thereby widening the disparity and putting more pressure on businesses.

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The Economic and Financial Crimes Commission (EFCC) had last week raided some bureau de change (BDC) operators in Lagos, Abuja and Kano in a bid to tackle the rising exchange rate but this has not stopped the naira depreciation.

Many Nigerians have taken to social media as the British Pound was exchanged for N1005 over the weekend.

“One thousand pounds is actually a million naira. The country is going to crash,” wrote a twitter user Salami Azeez.

Many people also described the rate as alarming, warning that the dollar might cross the N1000 line in the next few days going by the naira fall recorded in recent times.

Daily Trust reports that the planned redesign of the naira notes by the Central Bank of Nigeria (CBN) has led to many people rushing to dispose off their local currencies and convert them to foreign currencies.

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Aviation

Airlines Tighten Power Bank Rules Worldwide After Surge in Flight Fire Incidents

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Airlines Tighten Power Bank Rules Worldwide After Surge in Flight Fire Incidents

Airlines Tighten Power Bank Rules Worldwide After Surge in Flight Fire Incidents

Travellers relying on portable power banks for phones and gadgets are now facing stricter airline restrictions as aviation authorities move to curb growing safety concerns linked to lithium batteries. The new measures follow a rise in incidents involving overheating, smoke, and fires caused by power banks on aircraft, prompting global regulators to take action.

In March 2026, the International Civil Aviation Organization (ICAO) introduced tighter restrictions on lithium battery-powered power banks. Under the updated rules, passengers can carry only two power banks and are banned from charging them during flights. Travellers are also prohibited from checking power banks into aircraft holds and are instead advised to keep them in the cabin, where any potential issue can be seen and addressed by crew members.

Safety concerns intensified recently after an EasyJet flight bound for the United Kingdom was diverted to Rome when a passenger reported that a power bank was charging inside luggage stored in the aircraft hold. The flight from Hurghada in Egypt to London Luton was nearly three hours into its journey, cruising at 36,000 feet over the Adriatic Sea, when the captain decided to divert “in line with safety regulations.” There was no issue with the power bank itself, but regulations strictly prohibit power banks from being charged in the hold during a flight. The airline provided hotel accommodation and meals where available, and the flight was rescheduled for the following morning. The airline’s rules state that power banks are accepted on aircraft in cabin baggage only but are prohibited from use and must not be used to charge other devices.

Similar incidents have raised alarm globally. In November 2025, a lithium power bank burst into flames in a passenger’s pocket at Melbourne Airport, leaving the man with burns to his fingers and leg. In January 2025, authorities said a portable power bank was the likely cause of a fire that destroyed a passenger plane in South Korea, leaving three people with minor injuries. In March 2026, a plane departing from Tokyo to New York was evacuated after a portable battery charger caught fire while the plane was taxiing; two seats were burned and the flight was cancelled. In April 2026, an Air Canada flight experienced an overheating power bank that cabin crew placed into a thermal containment bag to prevent fire from spreading.

The Federal Aviation Administration (FAA) has linked 29 in-flight incidents involving smoke, fire, or extreme heat so far this year to power banks on flights connected to the United States. The agency recorded 97 such incidents in 2025, marking a 94 percent increase compared to the previous year. Lithium batteries, including power banks and portable chargers, can act as ignition sources and potentially start onboard fires. Lithium batteries stored in passenger overhead bins or in carry-on baggage may be obscured, difficult to access, or not readily monitored, which can delay detection of thermal runaway and firefighting measures in flight, increasing the risk to safety.

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Aviation safety experts explain that lithium batteries pose a danger on aircraft primarily because of their vulnerability to “thermal runaway” – a chain reaction where a damaged, overcharged, or overheated battery undergoes a rapid, uncontrolled rise in temperature, leading to fire, explosion, and the release of toxic fumes. If lithium batteries are damaged, overcharged, or exposed to extreme heat, they can go into thermal runaway, causing serious safety hazards. Traditional firefighting methods using Halon extinguishers can briefly suppress open flames, but they do not halt the thermal runaway process. The primary response involves using large amounts of water to cool the battery and suppress flames.

In Nigeria, the Nigeria Civil Aviation Authority (NCAA) issued directives in January 2026 warning airlines about the growing dangers associated with portable chargers. The regulator barred passengers from checking in power banks, prohibited onboard charging, and limited travellers to carrying only two devices. The NCAA also directed airlines to ensure power banks are not stored in overhead compartments and must remain in visible areas during flights, such as under the passenger’s seat, in seat-back pockets, or in any other location designated by the airline. The directive took effect on March 1, 2026.

Nigerian carriers, including Ibom Air and United Nigeria Airlines, have already begun enforcing the restrictions. Ibom Air announced full compliance with the NCAA safety directive, stating that passengers will no longer be allowed to place power banks in overhead bins or checked-in baggage. The airline explained that lithium-ion batteries, when overheated or damaged, can enter a state known as “thermal runaway,” causing them to ignite fires that are extremely difficult to control, particularly at cruising altitude where emergency response options are limited. Under the rules, power banks rated up to 100 watt-hours (Wh) are allowed without restriction, while those between 100 and 160Wh require prior airline approval. Devices exceeding 160Wh are strictly banned.

Airlines across Asia Pacific have been among the first to implement stricter rules. Singapore Airlines joined major global carriers including Emirates, Air Busan, and Cathay Pacific in imposing new travel safety protocols, limiting passengers to carrying no more than two power banks in carry-on luggage and prohibiting in-flight charging of devices using portable batteries. Hong Kong and Macao airports announced new restrictions citing safety risks linked to lithium battery-powered devices that have caught fire on board. Only flight crew members are excluded from the restrictions, as they may continue using power banks as required for aircraft operations.

Airlines in Japan, South Korea, and Taiwan have also tightened regulations, while China has banned uncertified power banks on domestic flights, with thousands of devices confiscated at Chinese airports. Thai Airways and AirAsia are among other carriers enforcing stricter power bank use aboard aircraft. American Airlines began requiring that flyers keep the devices visible when in use, along with limits on the number of devices they can bring and their watt-hour capacity.

The ICAO’s new specifications represent the most significant global alignment of power bank rules in recent years. The decision reflects emerging expertise around risks presented by passengers’ lithium batteries, with the organization stating the new measures will enhance safety and peace of mind for passengers and airlines alike. The addendum to the Technical Instructions for the Safe Transport of Dangerous Goods by Air has been provided to all ICAO member states for implementation.

Aviation regulators continue to urge passengers to charge devices fully before boarding, use airport lounge and terminal charging facilities, and familiarize themselves with airline-specific power bank policies before flying, as additional restrictions may vary between carriers. Passengers are advised to carry spare batteries, including power banks, in hand luggage instead of checked luggage, ensure devices are below 100Wh, check with the operator for devices between 100 and 160Wh, and avoid using power banks to charge devices onboard the aircraft. Airlines have warned that any operator or passenger found violating these safety regulations could face penalties, and that strict adherence to onboard safety regulations is critical for preventing serious incidents given that lithium battery fires can escalate rapidly.

Airlines Tighten Power Bank Rules Worldwide After Surge in Flight Fire Incidents

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Official, Black Market Dollar Rates Narrow as Naira Holds Ground

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Official, Black Market Dollar Rates Narrow as Naira Holds Ground

Official, Black Market Dollar Rates Narrow as Naira Holds Ground

The Nigerian naira recorded relative stability against the United States dollar on Friday, May 29, 2026, across both the official and parallel foreign exchange markets, reflecting improved liquidity conditions and sustained interventions by monetary authorities.

Latest figures from the Central Bank of Nigeria showed that the official dollar to naira exchange rate at the Nigerian Foreign Exchange Market stood at ₦1,375.41/$, indicating only marginal movement from recent trading sessions.

The stability at the official window comes as the apex bank continues efforts to boost liquidity and improve transparency in the foreign exchange market through sustained reforms and market-driven pricing mechanisms.

At the black market, also known as the parallel market, the dollar to naira exchange rate today traded at an average buying rate of ₦1,378/$ and a selling rate of about ₦1,390/$, according to data from currency traders.

This places the gap between the official exchange rate and the black market dollar to naira rate at less than ₦15, a significant improvement compared to wider spreads recorded earlier this year.

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Market analysts said the narrowing spread signals stronger confidence in the foreign exchange system and reflects improved supply of foreign currency through formal channels.

Recent trading patterns show the naira to dollar exchange rate has remained within the ₦1,360 to ₦1,390 per dollar range throughout May, despite continued demand from importers, manufacturers, airlines and individuals making foreign payments.

Currency dealers noted that demand for the greenback remains steady, driven by business transactions, international school fee payments, medical expenses abroad and import financing.

Analysts also linked the naira’s relative stability to improved autonomous FX inflows, stronger diaspora remittances and the Central Bank’s continued monitoring of the market.

The Central Bank of Nigeria has repeatedly maintained that its foreign exchange reforms are designed to enhance market efficiency, improve price discovery and attract investor confidence.

Economic experts, however, warned that sustaining the current stability will depend on consistent FX inflows, stronger crude oil earnings and broader macroeconomic stability.

For businesses and consumers, the current exchange rate offers temporary relief from price volatility, although traders remain cautious as global oil prices and external market pressures continue to influence Nigeria’s foreign exchange outlook.

Official, Black Market Dollar Rates Narrow as Naira Holds Ground

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NSCDC Seals Chinese-Linked Steel Company, Arrests 12 Over Railway Track Vandalism

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NSCDC Seals Chinese-Linked Steel Company, Arrests 12 Over Railway Track Vandalism

NSCDC Seals Chinese-Linked Steel Company, Arrests 12 Over Railway Track Vandalism

Kaduna, Nigeria – The Nigeria Security and Civil Defence Corps (NSCDC) has sealed facilities belonging to a Chinese-linked steel company across the country following allegations of involvement in railway vandalism and the illegal recycling of critical national infrastructure . The enforcement action targeted Inner Galaxy Steel Company and other associated facilities after months of intelligence-led investigations linked the firm to the alleged handling, compression, and melting of vandalised railway materials .

The operation, which followed weeks of intensive surveillance, was triggered by a viral video on social media that showed extensive vandalism of the newly laid Kaduna-Kano railway tracks as well as older rail infrastructure across parts of Northern Nigeria . After the video circulated widely, the NSCDC Commandant General, Ahmed Abubakar Audi , directed the Special Intelligence Squad (SIS) , led by Commandant Apollos Dandaura, and the Kaduna State Command to identify and arrest those responsible for the economic sabotage.

Speaking on Sunday at the company’s premises in Birnin Yero, Igabi Local Government Area of Kaduna State , the NSCDC National Public Relations Officer, Babawale Afolabi , said the operation followed the arrest of suspects and the recovery of railway tracks and sleepers from the facility . Afolabi disclosed that the corps had obtained a court order and search warrant authorising the sealing of the premises and the preservation of recovered exhibits for prosecution by the Nigerian Railway Corporation (NRC) , which has since commended the NSCDC for its sustained crackdown on railway vandals.

According to Afolabi, preliminary findings from the investigation revealed a sophisticated criminal syndicate operating under the guise of legitimate business. Vandalised railway materials were allegedly transported to the company’s Kaduna facility, where they were compressed into scrap metal to conceal their original form. From Kaduna, the compressed materials were transported to the company’s head office in Aba, Abia State . There, the stolen national assets were allegedly melted down and recycled into products such as roofing sheets, nails, and iron rods , which were then sold back to the public. The NSCDC described this as a sophisticated local and international network engaging in economic sabotage.

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Afolabi added that the court order covered Inner Galaxy Steel Company and Jiuxing Integrity Industrial Ltd , as well as other linked facilities in Abia and Zamfara states , including branches nationwide suspected to be connected to the case . The NSCDC confirmed that the enforcement operation has effectively shut down the company’s ability to continue processing stolen materials while investigations proceed.

The NSCDC has confirmed that 12 suspects are currently in custody in connection with the railway vandalism case . Those arrested from the Kaduna facility have been identified as Usman Hassan, 27 (company manager), Bilyaminu Usman, 30 (weighbridge operator), Choji John Pam, 40 (weighbridge officer), Jamilu Isah Jaafar, 37 (scrap collector), Chukwuemeka Udonwoke, 38 (supervisor), Chikwodilli Ezema, 29 (company manager), and Isaac Etim, 36 (scrap leader) . According to the corps, some of these suspects have allegedly confessed to their roles in the criminal network, providing valuable intelligence that is aiding the ongoing investigation.

The suspects are being investigated for alleged offences bordering on conspiracy to commit felony , intentional endangering of railway passengers , obstruction and destruction of railway infrastructure , theft , concealment of stolen property , and alleged financing of terrorism . The NSCDC stated that these charges reflect the severity of the crimes, which not only rob the nation of critical infrastructure but also endanger the lives of passengers who rely on the railway network for daily transportation.

Recovered exhibits from the company’s facilities include large quantities of vandalised railway tracks and sleepers , suspected NNPC and Water Board pipes valued at billions of naira, as well as specialised machines allegedly used for compressing and concealing the stolen materials . The Managing Director of the Nigerian Railway Corporation (NRC) , Dr. Kayode Opeifa , represented by NRC Chief Technical Officer Paul Doche, confirmed that NRC officials had visited the sealed facility and identified some of the corporation’s stolen materials. “We have gone round and identified some of our materials there. These are national assets,” Doche stated, adding that officials were still working to determine the full volume of recovered items because many remained buried under metal debris.

Afolabi also disclosed that Chinese nationals linked to the company have been summoned for questioning but were yet to appear before investigators . While the corps did not name the individuals, the summoning indicates that the investigation is reaching into the upper management levels of the company, and the NSCDC has made it clear that no one, regardless of nationality or status, will be shielded from prosecution if found culpable.

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“The facility will remain sealed pending the conclusion of investigations,” Afolabi stated firmly . He added that all recovered railway sleepers and tracks would be transferred to the Nigerian Railway Corporation (NRC) as exhibits for prosecution, ensuring that the stolen assets are preserved as evidence in the impending legal proceedings.

In a related development, NSCDC operatives also arrested five additional suspects over the alleged vandalism of railway infrastructure along the Kaduna-Abuja corridor in Gwagwada community, Chikun Local Government Area . Items recovered from those suspects included railway tracks, railway sleepers, and gas cylinders allegedly used to cut and damage the rail infrastructure, further demonstrating the widespread nature of railway vandalism across the region.

The NSCDC Commandant General, Ahmed Audi , has directed the Special Intelligence Squad to ensure a thorough and professional investigation, stressing that anyone found culpable would be prosecuted regardless of their status or nationality . “Under this leadership, the NSCDC will not treat economic sabotage with kid gloves. We are going after the sponsors,” the Commandant General was quoted as saying. “This operation marks the beginning of a new phase in our crackdown on syndicates supporting vandalism under any disguise.”

Audi urged members of the public to continue providing credible intelligence to support efforts aimed at curbing vandalism and protecting critical national assets . He commended the judiciary for granting the court order that enabled the sealing operation and appreciated members of the media for supporting efforts to expose economic crimes and safeguard national assets.

This is not the first time a Chinese-linked steel company has been implicated in Nigeria’s railway vandalism crisis. In May 2021 , the Nasarawa State Police Command arrested Marra Thai , a Chinese national and manager of Yong Xing Steel Company in Tunga Maje, Abuja, for allegedly acting as a “criminal receiver” of stolen railway tracks and sleepers . That case also led to the arrest of a governor’s aide, two police officers, an NSCDC personnel, and a former supervisory councillor, highlighting the deep and persistent nature of the criminal networks targeting Nigeria’s railway infrastructure.

The destruction and theft of Nigeria’s railway infrastructure represent one of the gravest threats to national development and security. Across the nation, from the Warri-Itakpe line to the Abuja-Kaduna corridor , the Eastern and Western Districts, the Lagos-Ibadan railway, and throughout the Northern network, vandals systematically dismantle tracks, steal armoured cables, and pillage essential equipment. The NSCDC’s latest operation demonstrates a renewed commitment to dismantling the supply chains that make this vandalism profitable.

As of May 25, 2026 , Inner Galaxy Steel Company’s facilities across Nigeria remain sealed. The 12 arrested suspects are in NSCDC custody, and investigations are ongoing. Chinese nationals linked to the case have been summoned but have yet to appear before investigators. The NSCDC has stated that anyone found culpable will face prosecution in accordance with the law, sending a clear message that economic sabotage will not be tolerated.

NSCDC Seals Chinese-Linked Steel Company, Arrests 12 Over Railway Track Vandalism

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