Nicaragua's conical Momotombo volcano has had its first eruption in over 110 years. From early pictures and video it looks like a Strombolian style eruption with ash clouds reaching very high. Pyroclastic flows can also be seen descending the NE face of the volcano. The last major eruption in 1905 produced a lava flow that traveled to the NE.
This is likely going to be a small eruption with some ashfall and probably will not go on for too long. The volcano itself is not near any heavily populated areas. Most of the surrounding land is forest and some sparse farmland. At the South foot of the volcano, there are a few geothermal plants on the shore of Lake Managua (which is also home to several other volcanoes).
There are some reports of gases affecting some nearby villages.
If anything further develops or if the eruption increases in intensity, I'll update this post.