Economy
Oil Prices Jump, Stocks Fall On Middle East Tensions
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Oil prices surged and major stock markets mostly retreated Thursday as investors reacted to fears of widening conflict in the Middle East.
Prices jumped after US President Joe Biden said he was “discussing” possible Israeli strikes on Iranian oil sites in retaliation for Tehran’s missile barrage on Israel.
Brent, the international benchmark, surged more than five percent to $77.62 a barrel, with US contract West Texas Intermediate rising similarly.
Major US stock indices spent most of the day in the red, with the S&P 500 ending down 0.2 percent.
London, Paris and Frankfurt all closed in the red.
A strike by US dockworkers and speculation about the US Federal Reserve’s next interest rate moves also had an influence on investors, with a key employment report coming Friday.
The dollar gained, helped by its haven status, with the British pound sinking more than one percent against the greenback as Bank of England chief Andrew Bailey hinted at faster cuts to UK borrowing costs.
In Asia, Tokyo closed two percent higher as the yen eased, providing oxygen to the country’s exporters.
Hong Kong fell for the first time in more than a week, after a blistering surge fueled by China’s bold steps to stimulate its weak economy.
Iran’s missile attack on Israel this week has raised fears that Israel’s conflict with Tehran-backed groups in Gaza and Lebanon may grow into a wider regional war.
“Markets are in a state of suspense, bracing for Israel’s anticipated retaliation against Iran — a move that could catapult oil prices skyward,” said independent markets analyst Stephen Innes.
Iran, which backs Lebanese militant group Hezbollah, said it would step up its response if Israel counterattacked.
More than 1,000 people have so far been killed in the Israeli bombardment of Lebanon, which has included strikes on Beirut.
Israel’s military said Thursday it had hit Hezbollah’s intelligence headquarters in the Lebanese capital, as troops battled militants near the border and warplanes dropped bombs around the country.
Analysts, however, said oil price gains could be limited as US stockpiles rose more than expected last week while Libya’s eastern administration announced Thursday it had ended a month-long production and export blockade.
The Saudi-led OPEC+ oil cartel is due to raise production from December, further easing concerns about supply.
Investors will turn their attention to key US non-farm payroll jobs report on Friday, which could provide clues about the Fed’s plans for interest rates after last month’s first cut in four years.
Data on Wednesday showed a surprise uptick in US private sector hiring in September.
“Friday’s official payroll report will be critical, especially as markets weigh geopolitical risks against the domestic economy’s performance,” said Fawad Razaqzada, market analyst at City Index and Forex.com.
Key figures around 2030 GMT
Brent North Sea Crude: UP 5.0 percent at $77.62 per barrel
West Texas Intermediate: UP 5.2 percent at $73.71 per barrel
New York – Dow: DOWN 0.4 percent at 42,011.59 (close)
New York – S&P 500: DOWN 0.2 percent at 5,699.94 (close)
New York – Nasdaq: DOWN less than 0.1 percent at 17,918.48 (close)
London – FTSE 100: DOWN 0.1 percent at 8,282.52 (close)
Paris – CAC 40: DOWN 1.3 percent at 7,477.78 (close)
Frankfurt – DAX: DOWN 0.8 percent at 19,015.41 (close)
Tokyo – Nikkei 225: UP 2.0 percent at 38,552.06 (close)
Hong Kong – Hang Seng Index: DOWN 1.5 percent at 22,113.51 (close)
Shanghai – Composite: Closed for a holiday
Pound/dollar: DOWN at $1.3124 from $1.3266 on Wednesday
Euro/dollar: DOWN at $1.1029 from $1.1048
Euro/pound: UP at 84.03 pence from 83.26 pence
Dollar/yen: UP at 146.92 from 146.38 yen
AFP
The Central Bank of Nigeria (CBN) has announced that it will be paying closer attention to how banks and other financial institutions in the country are being used, or misused, to move money that could fund terrorism.
In a statement signed by Hakama Sidi-Ali, Acting Director of the apex bank’s Corporate Communications and Investor Relations Department on Tuesday, the CBN said it has made terrorism financing supervision one of its current priorities. According to the statement, this is part of the bank’s “ongoing commitment to protecting the Nigerian financial system from abuse by illicit actors.”
What this means in plain terms is that the CBN will be looking more closely at how banks identify and manage the risk of their platforms being used to fund terrorism, how well they monitor suspicious transactions linked to terrorism financing, how they carry out sanctions ordered against specific individuals or groups, and how promptly they report suspicious activity connected to terrorism financing.
The statement explained that this new push covers four broad areas: how financial institutions manage terrorism financing risk, how they monitor transactions for signs of terrorism financing, how they carry out targeted financial sanctions, and how they report suspicious transactions linked to terrorism.
The apex bank said it will not be sitting back and waiting for problems to surface on their own. Instead, it plans to use a risk-based approach, which means banks and institutions seen as more exposed to this kind of risk will attract closer attention.
This will involve both on-site inspections, where CBN officials visit institutions directly, and off-site checks, where the bank reviews reports and data from a distance.
The goal, the statement said, is to support “effective Anti-Money Laundering, Countering the Financing of Terrorism and Countering Proliferation Financing (AML/CFT/CPF) controls across the financial sector,” referring to the fight against money laundering, terrorism financing, and the financing of weapons proliferation, all of which are governed by existing Nigerian laws and regulations.
The CBN also linked this move to Nigeria’s wider efforts, both at home and internationally, to fight terrorism financing and the financing of weapons proliferation, and to protect the integrity of the country’s financial system.
The apex Bank did not name any specific institution under investigation or give a timeline for these actions, but noted that “further supervisory engagement will be undertaken as appropriate,” suggesting that more steps could follow depending on what its checks turn up.
For the ordinary Nigerian, the announcement signals that the CBN wants banks to be more careful and more accountable in how they track the movement of money through the financial system, particularly where there is any possible link to terrorism or the funding of violent groups.
It is also a reminder that financial institutions operating in Nigeria are expected to follow strict rules designed to keep the banking system safe from being used for illegal purposes.
The Federal Government has approved a new pensionable salary structure for personnel of the Nigerian Armed Forces.
The new structure affects personnel in the Nigerian Army, Nigerian Navy and Nigerian Air Force and took effect from September 1, 2026.
The approval was contained in a circular issued on September 3 by the National Salaries, Incomes and Wages Commission.
Under the new arrangement, Generals, Admirals and Air Chief Marshals occupy the highest level, with their annual pensionable salaries ranging from ₦21.9 million to ₦29.75 million, depending on their salary steps.
The highest figure works out to roughly ₦2.48 million per month when divided by 12.
Lieutenant Generals, Vice Admirals and Air Marshals will have annual pensionable salaries between ₦16.99 million and ₦25.91 million.
Major Generals, Rear Admirals and Air Vice Marshals will receive pensionable salaries ranging from about ₦14.98 million to ₦23.9 million annually.
For Brigadier Generals, Commodores and Air Commodores, the approved annual pensionable figures range from ₦13.86 million to ₦16.39 million.
Colonels, Captains and Group Captains will have annual pensionable salaries between ₦8.31 million and ₦9.49 million, while Lieutenant Colonels, Commanders and Wing Commanders will fall between ₦7.55 million and ₦8.74 million.
Majors, Lieutenant Commanders and Squadron Leaders will have pensionable salaries ranging from ₦5.99 million to ₦7.01 million annually.
Captains, Lieutenants and Flight Lieutenants will receive between ₦5.28 million and ₦6.42 million.
At the junior officer level, Second Lieutenants, Midshipmen and Pilot Officers will have annual pensionable salaries ranging from ₦4.92 million to ₦5.59 million.
The new structure also covers non-commissioned personnel.
Warrant Officers across the three services will have annual pensionable salaries between ₦4.53 million and ₦5.17 million, while Master Warrant Officers will receive between ₦3.94 million and ₦4.93 million.
Warrant Officers will have annual pensionable salaries ranging from ₦3.46 million to ₦4.35 million. Staff Sergeants, Petty Officers and Flight Sergeants will have figures between ₦2.98 million and ₦3.76 million.
Sergeants and Leading Seamen will have annual pensionable salaries ranging from ₦2.81 million to ₦3.16 million, while Corporals and Able Seamen will receive between ₦2.48 million and ₦2.73 million.
Lance Corporals and Seamen will have pensionable salaries between ₦2.32 million and ₦2.58 million annually.
Privates, Ordinary Seamen and Aircraftmen will have figures ranging from ₦2.28 million to ₦2.49 million.
The government clarified that the amounts contained in the new schedule are meant for calculating pension benefits.
They should not be treated as the actual monthly salaries or take-home pay of serving military personnel.
Dollar To Naira Exchange Rate Today 27 January 2023(Black Market)
The Black Market Dollar-to-Naira Exchange Rate for 8th September 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
The exchange rate fluctuates hourly based on the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 8th September 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1405 and buy at ₦1395 on Tuesday, 8th September, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1405
Buying Rate ₦1395
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1320
Lowest Rate ₦1326
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