Economy
Oil tops $100 as Iran vows to keep Hormuz closed
Oil prices soared above $100 and stock markets extended losses as Iran’s new supreme leader ordered the Strait of Hormuz to be kept closed.
Concerns about a long, drawn out conflict were not assuaged by US President Donald Trump saying that stopping the Islamic republic’s “evil empire” was more important than crude prices.
Global markets have been roiled since the United States and Israel launched attacks on Iran. Tehran’s retaliatory strikes on shipping and Gulf neighbours have nearly cut off maritime traffic through the Strait of Hormuz, through which pass around a fifth of the world’s oil and liquefied natural gas.
“Oil prices are up by double-digit percentages again today, as the realisation sinks in that the US is not about to either end the war or institute some kind of convoy system in the region,” said analyst Chris Beauchamp at IG trading and investment platform.
Energy Secretary Chris Wright acknowledged the US military was currently “not ready” to escort tankers through the critical Strait of Hormuz.
Brent North Sea crude, the international benchmark contract peaked at $101.59 per barrel on Thursday.
At $100 per barrel, Brent is up around 38 percent from the eve of the conflict, which began on February 28 when the United States and Israel launched airstrikes against Iran. It is up nearly two-thirds from the start of the year.
Iran’s new supreme leader Mojtaba Khamenei called on Thursday for using “the lever of blocking the Strait of Hormuz”, which the country’s Revolutionary Guards vowed to carry out.
The call followed fresh attacks against Gulf energy targets: an attack on two oil tankers off Iraq killed at least one crew member, while a cargo ship caught fire after being hit by shrapnel.
Oil prices pared their gains after Iran’s deputy foreign minister said that Tehran had allowed ships from some countries to cross the Strait of Hormuz.
The International Energy Agency said the Mideast war “is creating the largest supply disruption in the history of the global oil market”, a day after its member countries agreed to unlock 400 million barrels of oil from their reserves — their largest release ever.
Analyst David Morrison at Trade Nation said that if the announcements of the release of oil from strategic reserves “were supposed to cap prices, then they failed dismally”.
The moves may have “suggested some panic as hostilities across the Middle East intensified”, he added.
The rise in energy prices could cause prices to rise throughout the economy.
“The longer the oil price remains elevated, the more damaging and long lasting the inflation shock will be for the global economy,” noted Kathleen Brooks, research director at trading group XTB.
Wall Street’s main stock indices were down more than one percent in early afternoon trading.
Europe’s leading equity markets closed lower, as did most Asian markets.
eToro US investment analyst Bret Kenwell said that while US equities had held up rather well to date, a long conflict would have a profound impact on businesses.
“If oil doesn’t retreat meaningfully, the pressure won’t just be felt at the pump — it will bleed into margins, spending, and potentially quarters of softer growth,” he said.
The dollar rose further against major rival currencies.
“The dollar has strengthened, driven by safe-haven demand, fears of inflation, and higher-for-longer interest rate expectations,” said Victoria Scholar, head of investment at Interactive Investor.
– Key figures at around 1630 GMT –
Brent North Sea Crude: UP 8.6 percent at $99.88 per barrel
West Texas Intermediate: UP 9.3 percent at $95.38 per barrel
New York – Dow: DOWN 1.2 percent at 46,871.01 points
New York – S&P 500: DOWN 1.2 percent at 6,698.16
New York – Nasdaq Composite: DOWN 1.4 percent at 22,389.89
London – FTSE 100: DOWN 0.5 percent at 10,305.15 (close)
Paris – CAC 40: DOWN 0.8 percent at 7,978.98 (close)
Frankfurt – DAX: DOWN 0.2 percent at 23,589.65 (close)
Tokyo – Nikkei 225: DOWN 1.0 percent at 54,452.96 (close)
Hong Kong – Hang Seng Index: DOWN 0.7 percent at 25,716.76 (close)
Shanghai – Composite: DOWN 0.1 percent at 4,129.10 (close)
Euro/dollar: DOWN at $1.1525 from $1.1574 on Wednesday
Pound/dollar: DOWN at $1.3355 from $1.3419
Dollar/yen: UP at 159.20 yen from 158.92 yen
Euro/pound: UP at 86.31 pence from 86.25 pence
As of Tuesday morning, April 28, 2026, the exchange rate between the US Dollar and the Nigerian Naira has shown relative stability in the official window while facing slight pressure in the parallel market.
Current Exchange Rates
Official Rate (NAFEM): The Naira is currently trading at an average of ₦1,360.56 per $1. It opened the session at ₦1,359.23 and has seen minor intra-day fluctuations, reaching a high of ₦1,360.19 in early trading.
Parallel Market (Black Market): The Dollar is being exchanged at rates between ₦1,480 and ₦1,495. Retail liquidity remains tight across major hubs in Lagos, Abuja, and Kano.
CBN Rate: The Central Bank of Nigeria’s internal benchmark is currently positioned at ₦1,358.44.
Key Market Indicators
Inflation Rate: 15.38%
Monetary Policy Rate (MPR): 26.5%
Naira Performance: Over the past month, the Naira has strengthened by approximately 1.94%, benefiting from increased global crude oil prices and recent monetary policy adjustments.
Market Note: Despite the official stability, the gap between the official and parallel markets remains roughly ₦120 – ₦135, a spread that traders are monitoring for potential arbitrage risks.
Dollar To Naira Exchange Rate
The Black Market Dollar-to-Naira Exchange Rate for 27th April 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.
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, 27th April 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1390 on Monday 27th April, 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 ₦1400
Buying Rate ₦1390
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1361
Lowest Rate ₦1354
Economy
Nigerian Airline Operators Issue 7-Day Ultimatum Over Jet Fuel Crisis, Warn Of Flight Shutdown
Nigeria’s aviation industry is staring at a possible collapse within days as airline operators warn that flight operations may grind to a halt nationwide if the federal government fails to urgently intervene in the escalating aviation fuel crisis.
Operators under the Airline Operators of Nigeria (AON) say the cost of Jet A1 has reached “unsustainable” levels, with prices reportedly surging by as much as 250 percent in Nigeria, far above global increases estimated at about 70 percent.
Industry players say the distortion is pushing airlines to the brink, with operating costs now heavily dollarised while access to credit remains trapped in a high-interest environment reportedly ranging between 30 and 35 percent.
Air Peace Chairman Allen Onyema warned after a tense industry meeting that carriers may have no choice but to suspend operations if nothing changes within seven days.
“We are being pushed to the wall. At these levels, no airline can continue to operate sustainably,” Onyema said, adding that carriers may be forced to ground operations if no solution emerges within days.
Onyema said Nigerian airlines are under severe pressure due to a sharp rise in aviation fuel prices, which he argued is disproportionately higher than global trends following the U.S.–Iran conflict.
He explained that while aviation fuel prices typically move in line with crude oil increases, Nigeria has recorded a surge of about 250 to 270 percent, compared to roughly 70 percent in other countries, including elsewhere in Africa.
Onyema said the situation is making airline operations unsustainable and has pushed operators to the brink, prompting urgent discussions between government officials, airline operators, and fuel marketers to find a resolution.
“We have deliberated extensively today, and they have also shared their pain points. We have also shared ours. We are going to go back and wait for the outcome of their deliberations with the regulators,” he said.
“When they do that, we expect that within the next 48 hours, something drastic will be done, because no airline in this country will be able to fly within the next seven days if nothing is done.
“Not because airlines do not want to fly, but because the pricing, not only of our tickets but also of the fuel products we need to operate, may become unsustainable.
“We are already operating under heavy financial pressure, borrowing at 30 to 35 percent interest just to stay afloat, and we cannot continue to spend all our revenue on fuel alone.”
“The good news, as we observed yesterday, is that the President is listening, and this is very encouraging for us. We are hopeful. The country should also be hopeful, because the President, even while we were there, made a call to the honourable minister,” he added.
The warning comes amid a worsening standoff between airlines, petroleum marketers, and regulators over pricing mechanisms for aviation fuel, which operators insist has become artificially inflated through inefficiencies and market manipulation.
A crucial meeting convened by the Minister of Aviation and Aerospace Development, Festus Keyamo (SAN), ended in deadlock, with no agreement reached on how to immediately crash or stabilise Jet A1 prices.
Keyamo admitted after the closed-door session that the crisis was threatening the survival of domestic airlines, adding that discussions would continue for 48 to 72 hours in search of a compromise.
He also acknowledged that airlines may be forced to increase ticket prices further if the situation persists, a development that could push air travel beyond the reach of ordinary Nigerians already battling inflation and a weakened currency.
Despite the stalemate, the minister said the meeting was held with presidential backing, noting that President Bola Tinubu had been briefed and was monitoring developments closely.
Operators, however, remain unconvinced, insisting that repeated assurances without concrete price relief will not prevent what they describe as an imminent aviation shutdown.
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