Business
Naira To Dollar, Pound ,Euro …Rates For Monday, October 12
Black Market (parallel market) Rates
₦1370DOLLAR (USD)
₦1825POUND (GBP)
₦1520 EURO (EUR)
₦970 CANADIAN DOLLAR (CAD)
₦65 SOUTH AFRICAN RAND (ZAR)
₦350 UAEDIRHAM (AED)
₦190 CHINESE YUAN (CNY)
₦100 GHANAIAN CEDI (GHS)
₦2300 CFA F.(XOF)
₦2200CFA F.(XAF)
₦850 AUSTRALIAN DOLLAR (AUD)
Official CBN Exchange Rates
DOLLAR (USD)₦1331.19
POUND (GBP)₦1759.16
EURO (EUR)₦1490.80
SWISS FRANC (CHF)₦1600.37CBN
JAPANESE YEN (JPN)₦8.41
CFA FRANC (XOF)₦2.27
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1800.11
CHINESE YUAN (CNY)₦198.91
SAUDI RIYAL (SAR)₦354.51
SOUTH AFRICAN RAND (ZAR)
Business
Nigeria’s ₦33bn Fruit Import Bill Exposes Missed Opportunities in Jos
“In North Central Plateau State, apples grow very well. Unfortunately, …, the government, especially the state government, has not been serious about mobilising farmers, training them, giving them improved varieties and the right inputs.”
Data from the foreign trade statistics compiled by the National Bureau of Statistics (NBS) revealed that Nigeria imported apples and strawberries worth N33 billion from South Africa in the first half of 2026 (January -June).
The report stated that N10.38bn of apples were imported in the first quarter while N22.65bn of apples and strawberries were imported in the second quarter.
According to the report, apples are known to grow best in temperate climates with cold seasons providing 800–1,000+ chilling hours below 45°F (7°C) to break dormancy and ensure proper fruit set.
It can also grow in moderate weather (ideally 65–75°F or 18–24°C). This helps with optimal growth and flavour development without excessive heat stress.
This temperature is suitable in Plateau State, however, a former President of the All Farmers Association of Nigeria (AFAN), Mohammed Gettado, explained that apples were grown in limited quantities in Plateau State but suffered neglect due to poor government attention and the widespread view that the fruit was meant for the wealthy.
Gettado said, “In North Central Plateau State, apples grow very well. Unfortunately, people consider apples a fruit for the elite only. So, the government, especially the state government, has not been serious about mobilising farmers, training them, giving them improved varieties and the right inputs.”
He added that production remained “very small” because farmers lacked support, stressing that subsidised inputs delivered at the right time were critical to scaling output.
“What farmers require are inputs such as fertiliser, agrochemicals and improved varieties, and they must be given at the right time, before planting,” he said. “If farmers can get these, and also have access to markets, Nigeria can produce whatever it needs and even beyond.”
Business
Kenyan Presidential hopeful threatens to stop Dangote refinery’s project if he wins 2027 election
The presidential hopeful argued that Kenya had capable businesspeople who could undertake the refinery project, adding that the country needed a facility capable of meeting its energy requirements.
Kenyan presidential candidate, Patrick Osoi, has warned the President of Dangote Group, Aliko Dangote, against rushing the proposed construction of a 700,000-barrel-per-day refinery in Kenya, insisting that the Nigerian billionaire could be forced to leave the country if he becomes president in February 2027.
Osoi issued the warning in a video shared by AM Media, declaring that he would ensure Dangote returned to Nigeria after his inauguration.
“I want to tell Dangote, please, don’t hurry up to start the refinery, because by next year, February, the time I’m sworn in as the president of this country, you’ll be back going to Nigeria,” he said.
The presidential hopeful argued that Kenya had capable businesspeople who could undertake the refinery project, adding that the country needed a facility capable of meeting its energy requirements.
“Because we are asking a refinery which can do that job. We also have business people in this country who can do that job,” Osoi said.
Business
Juhel CEO-Dr Ifeanyi Okoye, Becomes MAN President
Before he was elected President, Dr. Okoye served the Association in various capacities, including as Chairman of the Enugu, Anambra and Ebonyi States Branches from 1998 to 2005, and as Vice President from 2006 to 2010.
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