Economy
Asian, European stocks plunge after US jobs report
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By Francesca Hangeior
Asian and European markets sank Monday after an outsized US jobs report dealt another blow to hopes for more interest rate cuts, while oil extended a rally sparked by new sanctions on Russia’s energy sector.
The equity sell-off tracked hefty losses on Wall Street, where all three main indexes finished more than one per cent lower as the new trading year continued to falter.
Keenly awaited data on Friday showed the US economy created 256,000 jobs last month, a jump from November’s revised 212,000 and smashing forecasts of 150,000-160,000.
The figures followed news that the crucial US services sector picked up in December, with the prices component soaring more than expected to the highest level since last January, while another report showed job openings hit a six-month high in November.
Hopes that the Federal Reserve will continue cutting rates through 2025 — having made three trims last year — were dashed when in December it indicated just two reductions over the next 12 months, down from four tipped previously.
The hawkish pivot came as inflation continues to hover above the bank’s two percent target, while there are also concerns that president-elect Donald Trump’s plans to slash taxes, regulations and immigration will reignite prices.
“Given a resilient labour market, we now think the Fed cutting cycle is over,” said Bank of America’s Aditya Bhave and other economists.
“Inflation is stuck above target: in the December (summary of economic projections), the Fed not only marked up its base case for 2025 significantly, but also indicated that inflation risks were skewed to the upside. Economic activity is robust.
“We see little reason for additional easing.”
Markets in Sydney, Singapore, Seoul, Mumbai, Taipei, Manila, Bangkok and Jakarta all sank. Tokyo was closed for a holiday.
Hong Kong and Shanghai also fell but pared initial losses as data showed Chinese exports and imports topped forecasts in December.
London, Paris and Frankfurt fell at the open.
On currency markets the pound was wallowing around lows not seen since the end of 2023 owing to fading hopes for US rate cuts as well as worries about the British economy. The euro struggled at its weakest since November 2022.
Surging oil prices added to unease, with both main contracts jumping more than percent — extending Friday’s gains of more than three percent — after the United States and Britain announced new sanctions against Russia’s energy sector, including oil giant Gazprom Neft.
However, commentators do not expect prices to spike too much, even amid speculation that Trump will hit Iran with fresh sanctions.
“A significant and perhaps underpriced risk to crude oil prices is the potential for supply to outstrip demand, especially given OPEC+’s intention to reintroduce barrels to the market,” said Stephen Innes at SPI Asset Management.
“Even if US sanctions curtail Iranian oil production by 1.5 million barrels a day — a scenario similar to that during Trump’s previous presidency — this amount could easily be compensated by OPEC+, which is currently holding back 5.8 million barrels a day, or 5.3 percent of the total global production capacity.”
However, he added that some issues could lead crude to rocket, including an escalation of the Middle East crisis, a significant reduction in Russian output or exports and a strategic about-face by OPEC+ to slash production.
…eyes big pie in telecom sector
Swift Telephone Network Limited, STN, has announced the award of a Unified Access Service Licence, UASL, by the Nigerian Communications Commission, NCC, as it joins Nigeria’s fast growing telecoms industry.
The milestone marks STN’s formal evolution from its early beginnings as a telephone call service operating under an umbrella structure, into an independent Nigerian telecommunications company positioned to build the next generation of digital infrastructure in Nigeria.
Chief Executive Officer of STN, Oluwole Adetuyi said: “This UASL is not just a licence. It is a new chapter. It represents where we started, what we have endured, how we have evolved, and where we are going. We are building in Nigeria, for Nigeria.”
STN’s journey mirrors the story of Nigerian enterprise. From humble beginnings providing basic telephony, the company has endured changing economic conditions, evolving regulations, and market challenges.
Through perseverance and adaptation, STN has transformed into a full-service operator ready to compete and create value at scale.
The UASL grants STN the ability to provide a full range of telecommunications services such as voice, data, and access across Nigeria.
Reflecting on the resilience of STN, Adetuyi said this milestone reinforces a larger truth about Nigerian businesses to stand the test of time.
“They can evolve, compete globally, and build institutions of lasting value from Nigeria. At a time when the digital economy is central to national growth, STN is proof that local ambition, backed by resilience, can deliver world-class infrastructure”, said Adetuyi.
As STN enters this new phase, the company is committing to building a truly Nigerian telecommunications ecosystem.
Some of the key pillars of the telecom firm include, “Investment in skills development and training for Nigerian engineers, technicians and digital professionals; Prioritising partnerships with Nigerian service providers, contractors and vendors across the value chain as well as collaborations with global technology partners to deepen indigenous technical capabilities.
Other key areas, according to the company, include infrastructure development, as it intends to roll-out telecommunications infrastructure to expand access and bridge the digital divide and creation of direct employment and opportunities for Nigerian entrepreneurs in distribution, retail and support services, including increasing Nigerian ownership and leadership in the telecoms value chain.
“Our ambition is simple: to help build Nigeria’s digital economy from the ground up,” Adetuyi said.
He added: “This licence gives us the platform. Nigerian talent, Nigerian partners, and Nigerian innovation will give us the momentum.”
Director,Legal and Regulatory Services,Mrs Yetunde Okafor,explained further that “STN will in the coming weeks announce strategic partnerships, infrastructure rollout plans, and programmes to engage investors and stakeholders as it begins commercial operations under the UASL.”
Swift Telephone Network Limited is an independent Nigerian telecommunications company.
Okafor said “from its origins as a telephone call service, STN has evolved into a UASL-licensed operator committed to building resilient, inclusive, and innovative digital infrastructure for Nigeria.”
Recall that the UASL issued by the NCC authorises the holder to provide a comprehensive range of telecommunications services including fixed, mobile, voice and data services across Nigeria.
Dangote Refinery-backed MRS filling stations have reduced their petrol pump price.
A market survey by DAILY POST on Monday showed that MRS filling stations in Abuja had adjusted their petrol pump price to N1,370 per litre from N1,395 per litre.
This represents a reduction of N25 per litre.
The new price has been implemented at MRS filling stations in Katampe and along the Lugbe Expressway in Abuja.
The development comes a week after Dangote Refinery reduced its gantry petrol price to N1,325 per litre from N1,350.
With the latest downward adjustment, petrol now sells for between N1,370 and N1,450 per litre in Abuja and its environs.
The price reduction by MRS filling stations could signal a possible downward adjustment by other filling stations, including the Nigerian National Petroleum Company Limited, NNPCL, which rely on petrol from Dangote Refinery.
The Black Market Dollar-to-Naira Exchange Rate for 28th September 2026 Can Be Accessed Below.
IMPORTANT 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.
READ ALSO: Goodluck Jonathan, Olu of Warri, Others To Headline Megastar Awards 2026
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, 28th September 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1385 and buy at ₦1375 on Monday, 28th 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 ₦1385
Buying Rate ₦1375
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1329
Lowest Rate ₦1328
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