Business
Nigerian telcos give update on 50% telecoms tariff hike
Telecommunications companies operating in Nigeria have revealed that they will soon commence charging subscribers the 50 percent call, data, and other tariff hike.
The Chairman of the Association of Telecommunication Companies, ATCON, Gbenga Adebayo, made the disclosure in an interview with newsmen.
Adebayo noted that telcos are concurrently fulfilling all regulatory requirements necessary to implement the fresh telecoms tariff hike for subscribers.
He did not state the exact date telcos would commence the fresh tariff hike implementation but said it would take off any time operators such as MTN, Airtel, and Glo conclude the required regulatory steps.
“The 50 percent tariff hike will be implemented as soon as possible. We are now going through regulatory requirements of the telecoms tariff hike.
“When the regulatory steps are completed, operators will start introducing the new tariff.
“I can’t say February 2025 or earlier, but as soon as the regulatory steps are concluded, operators will introduce the new tariff hike”.
His update follows the recent approval of a 50 percent telecom service tariff hike by the Nigerian government through the Nigerian Communications Commission.
While the Minister of Communications and Digital Economy, Bosun Tijani, blamed rising inflation as justification for the tariff hike, the Nigeria Labour Congress and subscribers have rejected the move on the ground that it would worsen the hardship in Nigeria.
Business
CBN Licences Abbey Bank to Start Full Commercial Banking in November 2026
Adewumi said: “The year 2026 represents a defining moment in the history of Abbey. Our approval to transition to commercial banking is a testament to the work invested in building this institution and the confidence placed in us by our regulators, shareholders, customers and employees.”
The Central Bank of Nigeria (CBN) has approved Abbey Bank Plc to begin operation as a regional commercial bank, effectively from November 2026.
The licence opens retail banking, small and medium-sized enterprise lending, trade finance and corporate banking to the lender.
Abbey Bank had operated as a mortgage bank for more than three decades.
The commercial banking licence was issued in June 2026 after the bank completed its capital-raising process.
Managing Director and Chief Executive Officer Mobolaji Adewumi said the bank began internal discussions on the transition in 2023 and submitted a formal application in 2024.
He said regulatory approval arrived in October 2024.
Adewumi said: “The year 2026 represents a defining moment in the history of Abbey. Our approval to transition to commercial banking is a testament to the work invested in building this institution and the confidence placed in us by our regulators, shareholders, customers and employees.”
BLACK MARKET RATES
₦1375 DOLLAR (USD)
₦1790 POUND (GBP)
₦1495 EURO (EUR)
₦970 DOLLAR (CAD)
₦65 SOUTH AFRICAN RAND (ZAR)
₦350 UAE DIRHAM (AED)
₦190 CHINESE YUAN (CNY)
₦100 GHANAIAN CEDI (GHS)
₦2300 CFA F.(XOF)
₦2200 CFA F.(XAF)
₦850 AUSTRALIAN DOLLAR AUSSIE (AUD)
OFFICIAL CBN EXCHANGE RATES
DOLLAR (USD)₦1344.40
POUND (GBP)₦1798.28
EURO (EUR) ₦1506.41
SWISS FRANC (CHF)₦1632.35
JAPANESE YEN (JPN)₦8.56
CFA FRANC (XOF)₦2.29
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1809.35
CHINESE YUAN (CNY)₦201.44
SAUDI RIYAL (SAR)₦358.32
SOUTH AFRICAN RAND (ZAR)₦81.3
The Nigerian naira traded near recent levels against the US dollar on Thursday, with a modest gap between the official and parallel markets.
Official Market (CBN / NFEM)
- The official Nigerian Foreign Exchange Market (NFEM) rate closed around ₦1,334.72 per US dollar on October 21 (the most recent published CBN figure).
- Intraday trading on that day ranged roughly between ₦1,333 and ₦1,337.
- Interbank FX turnover rose sharply to about $127.6 million.
Parallel / Black Market (Aboki / Street Rate)
- Bureau de Change and parallel market dealers are quoting the dollar in the ₦1,370–₦1,390 range for selling (what you pay to buy dollars).
- Typical buy rates (what dealers pay for dollars) are around ₦1,355–₦1,375.
- The premium over the official rate remains relatively moderate by recent historical standards (roughly 3–4%).
Mid-Market Reference
International mid-market rates (used by many global converters) hover around ₦1,332–₦1,335 per dollar.
Quick Summary
| Market | Approx. Rate (₦ per $1) | Notes |
|---|---|---|
| Official (CBN/NFEM) | 1,335 | Latest published close |
| Parallel (Sell) | 1,370 – 1,390 | Street / BDC rate |
| Mid-market | 1,332 – 1,335 | Global reference |
Context: The naira has been relatively stable in recent sessions, supported by improved FX liquidity and external reserves. The gap between official and parallel rates remains narrower than the wide spreads seen in previous years, though demand for dollars for imports, travel, and remittances continues to influence the street rate.
Rates can shift during the day. Always confirm with a trusted bank, Bureau de Change, or licensed operator before transacting.
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