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.

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.

BLACK/ PARALLEL MARKET RATES

₦1370 DOLLAR (USD)

₦1800 POUND (GBP)

₦1510 EURO (EUR)

₦970 CANADIAN DOLLAR (CAD)

₦65 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED)

₦190 CHINESE YUAN (CNY)

₦100 GHANAIAN CEDI (GHS)

₦2300 WEST AFRICAN CFA F.(XOF)

₦2200 CENTRAL AFRICAN CFA F.(XAF)

₦850 AUSTRALIAN DOLLAR AUSSIE (AUD)

CBN OFFICIAL RATES

DOLLAR (USD)₦1331.61

POUND (GBP)₦1764.26

EURO (EUR)₦1490.48

SWISS FRANC (CHF)₦1608.23

JAPANESE YEN (JPN)₦8.4

CFA FRANC (XOF)₦2.27

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1802.33

CHINESE YUAN (CNY)₦199.01

SAUDI RIYAL (SAR)₦354.83

SOUTH AFRICAN RAND (ZAR)₦80.49