Economy
TikTok restores service in US after Trump pledge
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TikTok is resuming services to its 170 million users in US after President-elect Donald Trump said he would issue an executive order to give the app a reprieve when he takes office on Monday.
On Saturday evening, the Chinese-owned app stopped working for American users, after a law banning it on national security grounds came into effect.
Trump, who had previously backed a ban of the platform, promised on Sunday to delay implementation of the law and allow more time for a deal to be made. TikTok then said that it was in the process of “restoring service”.
Soon after, the app started working again and a popup message to its millions of users thanked Trump by name. In a statement, the company thanked the incoming president for “providing the necessary clarity and assurance” and said it would work with Trump “on a long-term solution that keeps TikTok in the United States”.
TikTok CEO Shou Chew is expected to attend Trump’s inauguration Monday.
Posting on Truth Social, a social media platform he owns, Trump said on Sunday: “I’m asking companies not to let TikTok stay dark! I will issue an executive order on Monday to extend the period of time before the law’s prohibitions take effect, so that we can make a deal to protect our national security.”
TikTok’s parent company, Bytedance, previously ignored a law requiring it to sell its US operations to avoid a ban. The law was upheld by Supreme Court on Friday and went into effect on Sunday.
It is unclear what legal authority Trump will have to delay the implementation of a law that is already in effect. But it expected that his government will not enforce the ban if he issues an executive order.
It’s an about-face from his previous position. Trump had backed a TikTok ban, but has more recently professed a “warm spot” for the app, touting the billions of views he says his videos attracted on the platform during last year’s presidential campaign.
For its part, President Joe Biden’s administration had already said that it would not enforce the law in its last hours in office and instead allow the process to play out under the incoming Trump administration.
But TikTok had pulled its services anyway on Saturday evening, before the swift restoration of access on Sunday.
The short-form video platform is wildly popular among its many millions of US users. It has also proved a valuable tool for American political campaigns to reach younger voters.
Under the law passed last April, the US version of the app had to be removed from app stores and web-hosting services if its Chinese owner ByteDance did not sell its US operations.
TikTok had argued before the Supreme Court that the law violated free speech protections for its users in the country.
The law was passed with support from both Republicans and Democrats in Congress and was upheld unanimously by Supreme Court justices earlier this week.
The issue exposes a rift on a key national security issues between the president-elect and members of his own party. His pick for Secretary of State, Marco Rubio, had vocally supported the ban.
“TikTok extended the Chinese Communist Party’s power and influence into our own nation, right under our noses,” he said last April. But he seemed to defer to the president-elect when a journalist asked if he supported Trump’s efforts to restore the ban.
“If I’m confirmed as secretary of State, I’ll work for the president,” he told Punchbowl media last week.
After Trump intervened on Sunday morning, Senate Intelligence Committee Chair Tom Cotton, a Republican senator from Arkansas, broke with Trump by saying that any company that helps TikTok stay online would be breaking the law.
“Any company that hosts, distributes, services, or otherwise facilitates communist-controlled TikTok could face hundreds of billions of dollars of ruinous liability under the law, not just from DOJ, but also under securities law, shareholder lawsuits, and state AGs,” he wrote on social media.
An executive order that goes against the law could be fought in court.
Several states have also sued the platform, opening up the possibility to TikTok being banned by local jurisdictions, even if it is available nationally.
Although the platform went live again on Sunday for existing users, the question of whether third-parties – hosting platforms or app stores like Google or Apple – could support TikTok in the US remains murky, says University of Richmond law professor Carl Tobias. The app had been removed from those stores in anticipation of the ban.
“It is murky,” he told the BBC.
In a post on Truth media, Trump promised to shield companies from liability, opening the door to TikTok being available on Apple and Google again.
“The order will also confirm that there will be no liability for any company that helped keep TikTok from going dark before my order,” the president-elect said on Truth Social Sunday.
But during the Supreme Court hearings, Solicitor General Elizabeth Prelogar was adamant that an executive order cannot change the law retroactively.
“Whatever the new president does, doesn’t change that reality for these companies,” Justice Sonia Sotomayor said during the hearings.
“That’s right,” Prelogar said.
Professor Tobias said that the law does include a provision that would allow the president to postpone the ban for up to 90 days, if he can show that the company is making substantial progress on alleviating national security issues. But, he said, it’s not clear whether those conditions have been met.
“The best thing Trump could do is work with Congress, and not potentially be in violation of the law or have any questions left hanging,” he said.
“I don’t know that we’re going to know a whole lot more until we see that executive order.”
Nigeria has emerged as the world’s leading market for cryptocurrency transfers, with adoption reaching about 40 per cent of the population, underscoring the growing role of digital assets in addressing foreign exchange constraints, inflationary pressures and cross-border payment challenges.
The development highlights how millions of Nigerians are increasingly turning to cryptocurrencies and stablecoins as alternatives to conventional financial channels amid persistent economic uncertainties and difficulties accessing foreign currency.
According to industry data, Nigeria now ranks among the most active cryptocurrency markets globally, with digital assets becoming a mainstream tool for remittances, savings, payments and international transfers.
The country’s growing influence in the digital asset ecosystem comes despite years of regulatory uncertainty and crackdowns on some cryptocurrency platforms. Yet, market activity has remained resilient, driven largely by retail users seeking faster and cheaper alternatives to traditional financial services.
Meanwhile, data from blockchain analytics firm Chainalysis shows that Nigeria recorded approximately $59 billion in cryptocurrency transactions between July 2023 and June 2024, placing it among the world’s largest crypto markets.
Around 85 per cent of those transactions were valued below $1 million, indicating strong participation by individuals and small businesses rather than institutional investors.
Analysts say the trend reflects broader economic realities, including the depreciation of the naira, high inflation and rising demand for efficient cross-border payment solutions.
Industry operators argue that cryptocurrencies are increasingly being used for practical purposes rather than speculation.
Chief Operating Officer and co-founder of Busha, Moyo Sodipo, said users are beginning to recognise the everyday utility of digital assets.
“People are starting to see the real-world utility of cryptocurrency, especially in day-to-day transactions,” he said.
He further noted that crypto is increasingly being used for bill payments, mobile airtime purchases and retail transactions.
Stablecoins which are pegged to major currencies such as the US dollar, have emerged as a key driver of adoption. Chainalysis estimates that stablecoins account for roughly 40 per cent of Nigeria’s crypto inflows, making the country the largest stablecoin market in Sub-Saharan Africa.
The growing use of stablecoins has been linked to persistent foreign exchange shortages and the need by businesses and individuals to preserve value in the face of currency volatility.
Chief Executive Officer of Yellow Card, Chris Maurice, said stablecoins provide businesses with access to dollar-denominated assets when conventional channels are constrained.
“About 70 per cent of African countries are facing an FX shortage, and businesses are struggling to get access to the dollars they need to operate,” Maurice said.
Prior to retail payments, digital assets are also becoming increasingly important for remittances and cross-border trade. Industry stakeholders say cryptocurrency-based transfers offer faster settlement times and lower transaction costs compared to traditional channels.
The surge in adoption comes as Nigeria gradually moves towards a more structured regulatory framework for digital assets. The country has shifted from an era of restrictions to one focused on licensing and oversight, with authorities seeking to balance innovation with consumer protection.
Experts believe that regulatory clarity, combined with growing digital literacy and widespread smartphone adoption, could further accelerate cryptocurrency usage across the country.
However, they also caution that issues relating to consumer protection, fraud prevention, taxation and market stability will remain critical as the sector continues to expand.
For policymakers, Nigeria’s leadership in global crypto transfers presents both an opportunity and a challenge: harnessing innovation to deepen financial inclusion while ensuring adequate safeguards in an increasingly digital financial system.
Africa can unlock more than $469bn in additional annual revenue without raising statutory tax rates, according to the African Development Bank.
Chief Economist and Vice President for Economic Governance and Knowledge Management at the African Development Bank, Prof Kevin Urama, said this in an interview with the News Agency of Nigeria on Wednesday in Abuja.
He said the additional revenue could be mobilised without increasing tax rates, stressing that stronger domestic resource mobilisation remained the most sustainable source of development financing for the continent.
According to him, improving tax administration through digitalisation, strengthening public institutions, and enhancing service delivery would significantly increase tax compliance.
“We see that by improving tax administration through digitisation and other reforms, just adopting best practices, the continent can mobilise more than $469bn extra without increasing tax rates.
It is simply about improving efficiency and strengthening compliance,” he said.
Urama said many citizens were reluctant to pay taxes because they often had to provide essential services such as electricity, water, and road infrastructure for themselves.
He noted that governments could improve voluntary tax compliance by delivering quality public services, strengthening transparency, and ensuring prudent management of public resources.
The economist said AfDB was supporting African countries, including Nigeria, to strengthen domestic revenue mobilisation through capacity building for national revenue authorities.
He added that the bank had also developed a Public Service Delivery Index to encourage governments to improve service delivery and strengthen the social contract between citizens and the state.
The Black Market Dollar-to-Naira Exchange Rate for 3rd June 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.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 3rd June 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1384 and buy at ₦1376 on Wednesday, 3rd June, 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 ₦1384
Buying Rate ₦1376
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1365
Lowest Rate ₦1359
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