Business
Dollar to Naira Exchange Rate – Thursday, October 22, 2026
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.
Business
RMRDC Taking 2027 Africa Raw Materials Summit To Kenya
Speaking with newsmen during the conclusion of the ARMS 2026, Ike-Muonso said Nigeria is the only county that has an organisation, government-owned organisation in the continent that is fully dedicated to adding value to raw materials.
• Photo: Hon.Minister, Federal Ministry of Innovation, Science and Technology (FMIST), Dr Kingsley Udeh, declaring the event open.
The third edition of the Africa Raw Materials Summit (ARMS) 2027, would be used to garner support for setting up a centralised continental database for raw processing and value addition that is accessible to investors and industrialists.
The Director-General of the Raw Materials Research and Development Council (RMRDC), Prof. Nnanyelugo Ike-Muonso, disclosed this during the ARMS 2026 Summit , held in Abuja, themed, ‘From African Feedstock To Factories.’
Building enthusiasm ahead of the next year’s event scheduled to hold in Kenya, East Africa, Ike-Muonso explained that the decision to take the summit to Kenya was reached following what he described as the East Africa country participants’ dominance in the first and second edition of the summit.
Ike-Muonso said Nigeria is the only county that has an organisation, government-owned organisation in the continent that is fully dedicated to adding value to raw materials.
Business
JPMorgan Eyeing Entry Into Nigeria’s Banking Industry
J.P. Morgan operates in more than 100 countries worldwide, providing financial services, investment banking, asset management, and commercial banking across major global markets in the Americas, Europe, the Middle East, Africa, and Asia-Pacific.
JPMorgan Chase & Co has deposited N50 billion with the Central Bank of Nigeria as part of efforts to secure a merchant banking licence and expand its operations in Nigeria .
J.P. Morgan operates in more than 100 countries worldwide, providing financial services, investment banking, asset management, and commercial banking across major global markets in the Americas, Europe, the Middle East, Africa, and Asia-Pacific
Bloomberg reported that the CBN deposit, valued at about $38m, meets a key requirement in the American lender’s application and signals its readiness to establish a licensed banking operation in Nigeria.
However, the payment does not guarantee approval, as the CBN is yet to make a final decision on the application.
People familiar with the process, said the deposit was one of the final regulatory requirements for the licence.
They added that the bank expects to obtain approval by the end of 2026 or in early 2027, subject to the regulator’s decision.
Business
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.
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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