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Currency Words You Should Know

Appreciation is an increase in a currency’s value under a market-driven exchange-rate system.

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1 hour ago

October 21, 2026

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As of October 21, 2026, the Naira is exchanging at the parallel makert at 1370 USD, 1800 British Pound, while the EURO is1500.

Here’s are some words commonly used in currency movement in the foreign exchange market:

Devaluation occurs when authorities deliberately reduce a currency’s official value under a fixed or managed exchange-rate system.

Revaluation occurs when authorities deliberately increase a currency’s official value under such a system.

Depreciation is a decline in a currency’s value under a market-driven exchange-rate system.

Appreciation is an increase in a currency’s value under a market-driven exchange-rate system.

For example, if the exchange rate moves from ₦1,500 per dollar to ₦1,200 per dollar, the naira has appreciated against the dollar because fewer naira are needed to purchase one dollar. If the rate moves from ₦1,200 to ₦1,500 per dollar, the naira has depreciated.

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Naira Exchange Rates Wednesday, October 21, 2026

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How I steal ATM users’ PINs, defraud them

“I do go to the ATM machine to lie in wait for gullible customers who believe whatever I may tell them, and people that seek for help too,” he said.

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1 minute ago

October 21, 2026

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A fraudster has confessed to the police how he stole bank customers’ PINs by pretending to help them operate automated teller machines

The suspect, whose identity was not disclosed in a statement by the Cross River State Police Command, said that he targeted customers who needed assistance at ATM points, withheld their cards and observed them entering their PINs before leaving the premises.

The Cross River State Police Command’s Public Relations Officer, ASP Sunday Eitokpah, disclosed this in a video uploaded to the command’s Facebook page on Tuesday.

Eitokpah said the suspect was arrested on October 6, 2026, over alleged fraud involving unsuspecting ATM users.

Explaining the alleged method, the suspect said he approached customers who appeared to need help and exploited their willingness to trust him.

“I do go to the ATM machine to lie in wait for gullible customers who believe whatever I may tell them, and people that seek for help too,” he said.

He added, “So, if you call for help or assistance from me, what I do is I put the ATM on the cardless transaction mode and withhold your card. You’ll be thinking your card is inside, but your card is not inside.”

According to the suspect, he watched as customers selected the transactions they wanted to carry out and entered their PINs.

He said, “And you’ll choose a transaction which you want to perform. It’s either withdrawal or transfer or inquiry. By the time you click on any of them, ask you to put your password, to put your password, and confirm your password, I will leave the premises.”

Eitokpah said the suspect allegedly memorised customers’ PINs as they entered them, then left the ATM point with the information needed to carry out fraudulent transactions elsewhere.

The customers would subsequently discover that their cards were missing and their accounts had been debited.

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NCC, CBN To Warn Companies By Flagging Fraudulent Phone Numbers

“A phone number has also become part of our digital identity, used to access financial services, manage pensions and shop online,” Maida said.

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38 minutes ago

October 21, 2026

OCHEFA

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The Nigerian Communications Commission is working with the Central Bank of Nigeria (CBN) to identify recycled phone numbers and numbers flagged for fraudulent activities.

The NCC Executive Vice Chairman, Dr Aminu Maida, disclosed this on Tuesday in Lagos at the commission’s 95th Telecom Consumer Parliament.

Maida said that the proposed verifications under its Telecommunications Identity Risk Management System (TIRMS) would help organisations to identify fraudulent linked phone numbers and reduce the risk of unauthorised access to customers’ accounts and services.

He said phone numbers have become central to how people access digital services.

“A phone number has also become part of our digital identity, used to access financial services, manage pensions and shop online,” Maida said.