Business
Naira records major gain against dollar, sells for N680/$
The naira on Saturday recorded a major gain against the dollar, closing at N680/$ at the parallel market in a new wave of sustained recovery after weeks of depreciation.
The recovery of the local currency is linked to ease in dollar demand and release of huge dollars by forex speculators who wanted to take advantage of previous rate spike in the market.
The naira, which nearly hit N900/$ early last week, made a major comeback after the Central Bank of Nigeria (CBN) also injected unspecified volume of dollars into the market to boost liquidity.
At the Investors and Exporters Forex (I&E) Window- now the official market rate- the naira is quoted at N441.46/$, data on the CBN website showed. The local currency has been stable at this window used for official transactions, but bulk of retail transactions happen at the parallel market.
Hasssan Abdul, a bureau de change operator based in Ikeja, Lagos, said the volatility in the market has subsided and stability gradually returning, with speculators transacting more cautiously to avoid losses.
READ ALSO:
- INEC opens portal for preliminary display of voters’ register
- Five gunmen killed as security operatives repel attack on checkpoint in Anambra
- Obi cautions supporters, LP candidates against insulting others
Hasssan Abdul, a bureau de change operator based in Ikeja, Lagos, said the volatility in the market has subsided and stability gradually returning, with speculators transacting more cautiously to avoid losses.
He said the clampdown on illegal BDC operators by the Economic and Financial Crimes Commission (EFCC) has also helped to bring stability to the market.
“Dollar to Naira exchange rate in Nigeria black market is N680/$, according to 16 sell rates shared by the traders. The coming weeks will be difficult as more businesses resume demand for dollars to import goods for end of year sales,” he said.
Analysts estimate that currency speculators will lose at least N10 billion in the coming months if they continue betting with their capital against the naira.
Forex Dealer with AZA Finance, Ikenga Kalu, said naira recovery followed decline in rush to convert soon-to-be-abolished high-value naira notes into dollars.
He said: “While Nigerian Bureaux de Change operators have confirmed reduced demand at current parallel market levels, we expect dollar appetite to pick up again in the coming days and the Naira to resume its recent slide.”
Global Chief Economist at Renaissance Capital (RenCap), Charles Robertson, said Nigeria is in a difficult position and needs to increase its dollar earnings and other revenue to support the naira.
He said Nigeria should hike taxes, raise more revenue as the country’s current position is so bad that it has never been witnessed in the last three decades.
Robertson, who is also RenCap’s Head Macro-strategy Unit, added: “Things are not looking pretty good for Nigeria and other emerging markets. Oil production in Nigeria has fallen so badly in the last few years and oil price is also about falling more. We are going to see disinflationary policies coming because we are approaching recession,” he said.
Managing Director, Financial Derivatives Company Limited, Bismarck Rewane, said the naira is falling on the back of heightened forex demand compared to limited forex supply.
He said: “Nigerian consumers, businesses and individuals alike are facing challenges and headwinds and are reeling in an atmosphere of hopelessness. This is because of a myriad of factors.
“Notably, the precipitous fall of the naira in the forex market, the power supply shortage and now the almost unaffordable price of diesel.
“In spite of the hike in interest rates, we are witnessing what some analysts fear may become a bout of runaway inflation. Inflation is not just domestic but global.”
Managing Director, Cowry Asset Management Limited, Johnson Chukwu, said that to save the naira, Nigeria needs to build an economy that is net exporter of valuable goods and services to earn more dollars.
The EFCC has also cautioned Bureaux de Change (BDCs) against abuse of regulatory guidelines in selling dollars at the retail end of the market.
READ ALSO:
- Portable Impregnates Another ‘Side Chick’, Set For Marriage
- We Are Not Recruiting, Avoid Fraudsters, WAEC Warns
- UK hails Russian ‘strategic failure’ in Ukraine
The warning came after the Central Bank of Nigeria (CBN) policy on redesigning N200, N500 and N1,000 bank notes was announced by the regulator.
In a statement, Association of Bureaux De Change (ABCON) National Executive Council, said the EFCC advised all licenced BDCs to be extremely careful in their day-to-day operations by requesting customers’ information during transactions.
The agency advised BDCs not to be involved in cash couriers, which remains serious infraction that can lead to prosecution of perpetrators.
“The BDCs are also advised to render regulatory returns. They are the gate keepers to the economy and their directors will be keenly monitored by the CBN and security agencies,” it said.
The CBN had previously warned domestic and foreign investors against patronising the parallel market, saying it was helping to overheat that market.
CBN Governor, Godwin Emefiele, warned firms and individuals against patronising the parallel market which he said was helping to overheat the foreign exchange market.
False flag spooks BDCs to dump dollars
A social media false flag could be responsible for the good fortunes of the Naira as it currently trades against the dollar.
Nura, a Forex trader at the popular Wuse Zone 4 Forex market, painted two scenarios that could be responsible for the appreciation of the Naira to the dollar.
He initially admitted that they (forex traders) were just as surprised as other Nigerians at the sudden rise in the value of the Naira.
“We are also surprised at the way the Naira quickly appreciated. As a trader this development came as surprise,” he said.
Nura told The Nation that forex dealers were spooked by social media reports that the United States of America (USA) was planning to restrict the use of dollar notes printed before 2021 to frustrate those hoarding the greenback from January 31, 2023.
While this information is absolutely false, Nura said people in their trade take news from the social media seriously.
Many Forex traders in Abuja, he said, “are aware that the story is false, but they are not willing to take chances. As a result, many of them are disposing of the “old” dollar notes that they have.”
As at 5pm on Friday when Nura spoke with The Nation, the Naira was trading at N670 to the dollar.
The projected change in Pounds Sterling (the gradual removal of the image of the late Queen to be replaced with the image of King Charles lll), Nura said “is already affecting BDCs. Nigerians who stashed Pounds Sterling now want to bring them out. We are happy Naira is appreciating.”
READ ALSO:
- Policeman who rejected $200,000 bribe gets promotion, cash reward
- Lagos suspends BRT enforcement on Eko Bridge for rehabilitation
- UNILAG-Nord auto plant partnership excites FG, Mamora offers support
Senator Shehu Sani on twitter corroborated what Nura said when he posted: “Forex dealers are insisting that Naira appreciated against the Dollar not because of any CBN intervention but because of the alleged threat by the US against the hoarding of the Dollar in Nigeria.”
Pressed further that the false flag was not enough to cause such drastic change in the value of the Naira, Nura also stated that “the government and the Central Bank of Nigeria (CBN) had a hand in the sudden spike in the value of the Naira.
According to Nura, “there is something happening between the government, the CBN and the NNPC. It looks like Nigeria is selling more oil and they pay cash not transfer. CBN has more dollars now.”
Nura also said that Wuse Zone 4 Forex traders have notice that “some people are coming to buy dollars with old Naira notes” in order to convert their Naira to dollars.
An Economist, Dr Chijioke Ekechukwu, MD/CEO Dignity Finance and Investment Ltd, in a chat with The Nation, said “the spontaneous rise of the exchange rate following the announcement of CBN Governor on their plan to redesign the Naira was expected.
“This was for speculative reasons and for reasons of market reaction to the demand that ensued.”
He said Naira notes “that were stacked in billions in homes and offices could not have been taken to the banks for deposit, for fear of EFCC and cumbersome nature of such processes. The only alternative was for them to quickly buy foreign currencies to avoid the banks.
“This led to a demand pull rate hike. Speculators also followed immediately to sweep the forex market of any available foreign currency.”
Dr. Ekechukwu noted that “the only measure that was to reverse the trend was any distortion on Naira supply, which happened when EFCC went in to check black market players, which put them on check and reduced sale of FX”.
He added that “the drop in the rate is expected to be temporary. Towards the end of the year, we expect to experience another spike as demand increases again.
“The foreign currencies bought at high exchange rate, up to N850 per Dollar, by the black market dealers will obviously be sold higher than they bought them,” he said.
“Right now they are stockpiling them, hoping to sell at higher rates later in the year. So rates are expected to react to absorb such highly priced FX already in their books.”
![]()
Business
Facebook, Instagram Global Outage: Over 130,000 Reports as Millions Logged Out
Facebook, Instagram Global Outage: Over 130,000 Reports as Millions Logged Out
NEW YORK/LONDON/SINGAPORE – Meta-owned social media platforms Facebook and Instagram experienced a widespread outage on Friday, June 12, 2026, leaving millions of users across the world unable to access their accounts as the disruption affected the entire ecosystem of Meta-owned services.
The disruption affected Facebook’s main website, mobile application and Messenger service, with many users reporting that they were automatically logged out of their accounts. The trouble appeared to begin on WhatsApp before spreading across Meta’s platforms. Users attempting to access Facebook received error messages including “an unexpected error occurred,” “sorry, something went wrong,” and “Query Error.”
Visitors to Facebook’s website were shown a notice stating that the company was working to resolve the issue. The disruption began at approximately 10:00 AM Eastern Time (2:00 PM GMT) , with users reporting being unable to load feeds or access core features on affected platforms.
According to outage-tracking platform Downdetector, the scale of the disruption was substantial. Facebook recorded over 130,000 user reports at its peak, while Instagram logged approximately 9,500 complaints. Reuters reported more than 62,000 complaints for Facebook and over 8,000 for Instagram during the peak of the disruption.
Reports of the outage quickly flooded social media platform X, formerly Twitter, as users turned to the site to confirm whether others were experiencing similar problems. While Facebook and Instagram were the most affected services, WhatsApp and Messenger also experienced significant disruptions.
The outage appeared to be global, with complaints emerging from multiple countries within a short period. The disruption affected users across the United States, United Kingdom, Singapore, Philippines, India, Australia, Canada, South Africa, Spain, Taiwan, Vietnam, and the United Arab Emirates. In Singapore, reports about Facebook spiked on Downdetector at approximately 1:00 PM GMT.
READ ALSO:
- Bandits Tie Women With Hijabs, March Them Into Forest in Sokoto Mass Abduction
- No Election Is Perfect Anywhere – Fashola Tells Opposition to Accept Results
- Elon Musk Becomes World’s First Trillionaire After SpaceX IPO Valuation Surge
According to outage-tracking website StatusGator, users in the Philippines, India, Australia, Canada, and the United States also reported issues with Meta’s various applications. In Vietnam, users began reporting problems at approximately 8:40 PM local time, and the issue was reported resolved by approximately 9:20 PM local time.
Meta communications director Andy Stone confirmed the company was aware of the issue. “We’re aware people are currently having trouble accessing our services. We’re working on it,” Stone wrote in a post on X.
The company’s internal status page logged “high disruptions” across its business products, including Facebook Ads Manager, the Messenger Platform, the Messenger API for Instagram, and the WhatsApp Business Platform. Advertisers reported being unable to create or edit ads during the disruption, and Meta apologized “for any inconvenience.”
Notably, while Facebook and Messenger experienced issues, some users reported that Instagram, Threads, and WhatsApp remained operational for certain regions or devices. However, many users still reported issues accessing these services depending on their location and device type.
The disruption was not limited to mobile applications. Users attempting to access Facebook and Instagram through web browsers also encountered error messages and were unable to load content normally. Some users reported that Facebook’s mobile app worked while the desktop site displayed errors, highlighting the uneven nature of the disruption.
Meta’s own status page, which is responsible for providing real-time information about platform responsiveness, failed to provide valuable data during the incident. Throughout the disruption period, the page displayed all services as having “no errors detected,” potentially leading users to believe the problem was on their end rather than the platform.
Downdetector’s own website experienced technical difficulties around the same time as the outage, though it was not immediately clear whether the two events were connected. Before becoming unavailable, the platform had logged tens of thousands of error reports within minutes.
READ ALSO:
- Iran to US: No Deal Unless We Keep Enriching Uranium & Controlling Hormuz
- Sowore Collapses as Tear Gas Disrupts Democracy Day Protest in Abuja
- Oil Prices Slide as Trump Hints at Breakthrough in Iran Negotiations
The disruption adds to a series of intermittent outages affecting Meta’s family of apps in recent years. In one major outage in March 2026, Facebook and Instagram users across several countries reported being unable to load feeds or access accounts for several hours. A separate disruption earlier that month also affected thousands of users globally.
Prior to 2026, Meta experienced major outages in March 2024, when the entire ecosystem including Facebook, Instagram, Messenger, and Threads was down for over two hours, with Downdetector recording over 550,000 outage reports. Another similar incident occurred in December 2024, disrupting communication for millions of accounts worldwide.
Meta representatives have stated in both previous instances that the root cause stemmed from internal technical issues, emphasizing that these incidents were independent of each other and completely unrelated to external cyberattacks.
By midday Eastern Time (approximately two hours after the outage began), service was recovering unevenly, region by region. Meta marked some services, such as ad delivery, as resolved, while others remained “in the process of being restored.”
On the consumer side, Facebook was loading closer to normal and Downdetector reports were falling, though some users still saw empty Stories bars, stale feeds, or “Try Again” errors. In Vietnam, the issue was reported resolved by approximately 9:20 PM local time.
The scale of the disruption underscored the central role Meta’s platforms play in global communication and commerce. Even a few hours of downtime ripples through messaging services, business operations, and login authentication systems far beyond the social media feed.
Meta has not yet released an official statement regarding the specific cause of this latest outage as of the time of finalizing this report. The company has not provided an estimated timeline for when all services will be fully restored, though restoration efforts continue to proceed.
This is a developing story. Updates will follow as Meta provides official explanation of the cause and confirms full restoration of all services.
Facebook, Instagram Global Outage: Over 130,000 Reports as Millions Logged Out
![]()
Business
Elon Musk Becomes World’s First Trillionaire After SpaceX IPO Valuation Surge
Elon Musk Becomes World’s First Trillionaire After SpaceX IPO Valuation Surge
Elon Musk has officially entered uncharted financial territory after becoming the first individual in history to reach a $1 trillion net worth, following the blockbuster initial public offering (IPO) of SpaceX, which was priced at $135 per share.
The milestone marks a dramatic reshaping of global wealth rankings, driven primarily by the surge in valuation of SpaceX, the aerospace and space exploration company at the center of Musk’s financial empire.
The SpaceX IPO has been described as one of the most significant private-to-public transitions in modern financial history. With shares debuting at $135, investor demand pushed the company’s valuation to unprecedented levels, instantly elevating Musk’s paper wealth. Before the IPO, Musk’s net worth was estimated at approximately $813 billion, already positioning him far ahead of other global billionaires, including Google co-founder Larry Page, whose estimated wealth stood at about $288 billion. Following the listing, Musk’s total fortune is now estimated at just over $1.005 trillion, making him the world’s first confirmed trillionaire on paper.
According to the IPO structure, Musk holds approximately 4.8 billion shares in SpaceX, representing about 42% ownership, along with around 350 million stock options exercisable at a significantly lower strike price of $8.39 per share. At the IPO valuation, his SpaceX equity stake alone is worth roughly $648 billion, while stock options contribute an additional $44.3 billion. Combined with his holdings in Tesla and other investments, Musk’s total net worth crosses the symbolic $1 trillion threshold.
READ ALSO:
- Iran to US: No Deal Unless We Keep Enriching Uranium & Controlling Hormuz
- Sowore Collapses as Tear Gas Disrupts Democracy Day Protest in Abuja
- Oil Prices Slide as Trump Hints at Breakthrough in Iran Negotiations
Despite the historic milestone, financial analysts emphasize that Musk’s trillion-dollar status remains highly dependent on market conditions. Once trading begins on the Nasdaq Composite, fluctuations in SpaceX share price could significantly impact his net worth. A strong opening could push his fortune higher, while a decline could bring it back below the trillion-dollar mark. This volatility underscores a key characteristic of ultra-high-net-worth wealth: it is largely paper-based and market-sensitive, rather than liquid cash.
Musk’s achievement places his personal wealth in the same category as the gross domestic product of some of the world’s largest economies. Only a small number of countries globally—fewer than 20—have economies exceeding $1 trillion GDP, highlighting the scale of the milestone. The development has also intensified discussions around wealth inequality. Advocacy group Oxfam America has previously warned that extreme wealth concentration reflects widening economic disparities between the ultra-rich and the rest of the world.
While Musk remains the primary beneficiary of the IPO, the listing is also expected to generate substantial wealth for employees and early investors. Reports suggest that approximately 4,400 SpaceX employees could become millionaires depending on post-IPO market performance, marking one of the largest employee wealth creation events in the tech and aerospace sectors.
Musk’s rise to trillionaire status highlights the extraordinary growth of privately developed space technology and the increasing financial power of high-growth innovation companies. However, analysts caution that such milestones remain fluid, as billionaire rankings and net worth estimates can change rapidly based on market sentiment and stock performance.
Elon Musk Becomes World’s First Trillionaire After SpaceX IPO Valuation Surge
![]()
Auto
Toyota moves to ease vehicle ownership amid economic challenges
Toyota Nigeria unveils plans to ease vehicle ownership
As rising costs put car ownership beyond the reach of many Nigerians, Toyota Nigeria Limited says it is rolling out fresh measures to make buying and maintaining vehicles easier for customers.
Managing Director, Mr. Kunle Ade-Ojo, announced the plans at the company’s 2026 Awards and Customers’ Night in Lagos, where he reaffirmed Toyota’s commitment to expanding mobility solutions in the country.
A statement on Thursday quoted Ade-Ojo as saying Toyota Nigeria would continue to innovate and introduce strategies that would enable more Nigerians to own and maintain Toyota vehicles while enjoying quality after-sales support.
According to him, the company’s commitment goes beyond selling vehicles to ensuring customers enjoy a seamless ownership experience through a robust nationwide service network.
“We will continue to innovate, adapt and elevate our product offerings and service delivery. Our ambition remains clear: to sustain industry leadership while contributing meaningfully to Nigeria’s economic development as a responsible corporate citizen,” he said.
He added that the company’s future plans are aligned with Toyota’s global vision of enriching lives through mobility, with a strong focus on innovation, sustainability and value creation.
READ ALSO:
- NDLEA Destroys ₦2.8 Billion Worth of Cannabis, Cocaine, Heroin in Edo Drug Bust
-
Full Text of President Bola Ahmed Tinubu’s Democracy Day Address
- Democracy Day: Tinubu Unveils Security, Economic Plans, Honours June 12 Heroes
Ade-Ojo noted that Toyota Nigeria’s success over the years had been driven by the loyalty of customers, support from dealers, suppliers, employees, financial institutions and strategic partners, as well as the guidance of the company’s board led by its founder and chairman, Chief Michael Ade-Ojo.
The highlight of the event was the presentation of the Evergreen Customer of the Year Award to Zenith Bank Plc, which retained the title as Toyota Nigeria’s highest-volume customer for 2025. In recognition of the achievement, Chief Michael Ade-Ojo presented the bank with the keys to a brand-new Toyota Starlet Cross.
AGL Motors emerged overall winner in the Customer of the Year category, while the Nigerian Army and Zenith Bank were named first and second runners-up respectively. The winners received office equipment valued at several millions of naira.
Toyota Nigeria also honoured excellence in automotive journalism. Theodore Opara of Vanguard was named Journalist of the Year, while Mike Ochonma of Transport World and Rasheed Bisiriyu of Newstrends received awards for their contributions to automotive reporting, mobility advocacy and industry analysis.
Speaking at the event, several dealers and business partners commended Toyota Nigeria’s investments in dealer development, technical training and workshop upgrades, describing the initiatives as critical to sustaining high service standards and customer satisfaction across the country.
Toyota Nigeria unveils plans to ease vehicle ownership
![]()
-
Entertainment2 days agoDavido Turns World Cup Stage Into Protest – Wears Jacket Bearing Names of Kidnapped Oyo Schoolchildren at FIFA Concert
-
metro10 hours agoKidnapped Retired Major General Rabe Abubakar Dies in Bandits’ Captivity
-
News2 days agoFull Text of President Bola Ahmed Tinubu’s Democracy Day Address
-
Sports2 days agoChaos at World Cup 2026 Opener as Protesters Block Access to Estadio Azteca
-
metro2 days agoSenate Orders Police, DSS to Track Bandits Flaunting Cash on TikTok
-
Health2 days agoVIDEO: Nigerian Doctors in Canada Have Become ‘Medical Agberos’ — Doctor Alleges
-
metro17 hours agoHow Kidnap of Adelabu’s Sister, Twins Was Planned – Suspects Confess Insider Role
-
metro1 day agoBandits Tie Women With Hijabs, March Them Into Forest in Sokoto Mass Abduction
