Business

IMO Joins AACE To Boost African Trade

Published

2 years ago

December 5, 2024

OCHEFA

745 Views

International Maritime Organization (IMO) has joined States of the African Alliance for Electronic Commerce (AACE) to support work on ‘The Role of Single Windows and Digitalization in Boosting African Trade.

The members of AAEC are: Burkina Faso, Cameroon, Djibouti, Cote d’Ivoire, Gabon, Mauritius, Kenya, Libya, Morocco, Madagascar, Mali, Mozambique, Nigeria, Republic of Congo, Senegal and the WAEMU Commission.

This was disclosed by the Organization at a workshop held in Casablanca, Morocco (4 December). During the workshop, the participants learned about the 2022 amendments to IMO’s FAL Convention, which now mandates the electronic exchange of mandatory data in ports for the completion of formalities.

Since 1 January 2024, all IMO Member States are required to use a centralized digital platform or ‘Maritime Single Window’ to collect and exchange information with vessels when they dock at ports.

The workshop will boost States’ ability to implement a MSW, which aims to significantly reduce time and costs associated with port procedures and thereby enhance the efficiency of shipping worldwide.

The workshop was organized by the AACE in partnership with the Moroccan Single Window, Portnet SA.

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.”

Published

7 minutes ago

October 23, 2026

OCHEFA

2 Views

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.

Business

Naira To Dollar, Pound, Euro… Today October 23

Published

21 minutes ago

October 23, 2026

OCHEFA

5 Views

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

Business

Dollar to Naira Exchange Rate – Thursday, October 22, 2026

Published

23 hours ago

October 22, 2026

Charles Flames

26 Views

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.