GBN

Washington, June 17, 2026 – Elon Musk’s SpaceX has overtaken Amazon to become the world’s fifth most valuable company after a surge in its share price. Days after joining New York’s tech-focused Nasdaq stock exchange in the biggest public listing ever, its share price has risen by more than 50%. It leaves Musk’s rocket company worth about $2.78tn (£2.1tn), while Jeff Bezos’s sprawling online retail and media empire is currently worth about $2.66tn. The boom in SpaceX’s value came as it announced it was buying AI coding start-up Cursor for …

Lagos, June 17, 2026 – The International Monetary Fund (IMF) says Nigeria’s currency, Naira, is grossly undervalued in spite of the country’s foreign exchange reforms. The IMF said this in its latest Article IV consultation report on Nigeria. It said its Real Effective Exchange Rate (REER) assessment showed the naira was still trading below levels supported by the country’s economic fundamentals. The IMF said Nigeria’s REER appreciated by 32 percent in 2025, even as the nominal effective exchange rate (NEER) weakened by 5.2 percent during the same period. “Despite the …

Lagos, June 17, 2026 – The Nigerian currency, Naira, depreciated slightly at the official foreign exchange market on Tuesday at the official rate stood at 1,362.8397 to the dollar. The rate was N1,356.2704 to the dollar on Monday. Bid rates quoted by dealers at the market on Tuesday ranged between N1,361 and N1,365.50 to the dollar. Meanwhile, the naira is being traded at the black market in Lagos at between N1,395 and N1,405 to the dollar.

Singapore, June 17, 2026 – Oil prices inched lower on Wednesday, extending the previous session’s ​declines as investors assessed the U.S.-Iran peace deal, though uncertainty over the full resumption of shipping through ‌the Strait of Hormuz limited further falls. Brent crude futures dipped 16 cents, or 0.2%, to $78.80 a barrel by 0340 GMT, while U.S. West Texas Intermediate fell 25 cents, or 0.3%, to $75.80 a barrel. Both benchmarks fell about 5% for a second straight session on Tuesday to stand at ​three-month lows, on hopes that a U.S.-Iran …

Lagos, June 16, 2026 – The Nigerian currency, Naira, appreciated to N1,356.2704 to the dollar at the official exchange market on Monday. The official exchange rate was N1,363.8250 to the dollar at the market on Friday. Bid rates quoted by dealers at the market on Monday ranged from N1,360.0000 to N1,360.0000 to the dollar. Meanwhile, the naira is still being traded at the black market in Lagos between N1,393 and N1,400 to the dollar.

Lagos, June, 2026 – Dangote Refinery has reduced its gantry price of petrol by N75 per litre. The company disclosed this late on Monday via a circular to marketers. According to the circular, the new gantry price is N1,175 per litre from N1,250, while the coastal price has also been reduced from N1,595,790 to N1,495,215 per litre. It said the price reduction was due to new developments in the Iran war that had led to reduction of energy prices globally. “Following the de-escalation of tensions in the Middle East, which …

Singapore, June 16, 2026 – Oil prices extended ​losses on Tuesday, as markets weighed prospects for resumption of supply through the key Strait of Hormuz against ‌shaky physical market drivers and a lack of details from a preliminary deal to end the Iran war. By 0436 GMT, Brent crude futures fell 25 cents, or 0.3%, to $82.92 a barrel and U.S. West Texas Intermediate inched down 9 cents, or 0.1%, to $80.66 a barrel. On Monday, oil prices fell nearly 5% ​to their lowest close since March 4, after U.S. …

By – Ron Bousso London, June 16, 2026 – Never bet against Donald Trump? The oil market appears to have made a risky wager from day one of the Iran war: The U.S. president would not allow the conflict to spiral into a full-blown economic crisis. So, traders wouldn’t price one in, no matter what was happening with physical supplies. It was a risky call, but it proved correct. Oil prices certainly ​swung during the three-and-a-half-month war, as Iran’s key weapon was the unprecedented closure of the Strait of Hormuz. Tehran was …

Lagos, June 15, 2026 – The Dangote Group has signed a $600 million loan agreement with Africa Finance Corporation (AFC) for expansion of its fertiliser production across Africa. Dangote group said in a statement that the loan facility to GreenView Fertilizer Corporation (Greenview) and Dangote Fertlizer Holding Company is to part-finance the expansion of its urea fertiliser production capacity in Nigeria and the development of the plant in Ethiopia. The loan is to specifically to expand fertiliser production capacity in Africa, strengthen regional food security, support agricultural productivity, and reduce …

London, June 15, 2026 – The US and Iran have agreed to strike a deal to end their conflict, with US President Donald Trump saying the Strait of Hormuz oil shipping channel would also reopen. Pakistan’s Prime Minister Shehbaz Sharif, whose nation has been mediating, announced the deal on Sunday. He said both sides had declared “the immediate and permanent termination of military operations on all fronts, including in Lebanon”, where Israel and the Iran-backed group Hezbollah have been fighting, although Israeli politicians criticised the deal. The pact – due …