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.

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.”

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

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.

• 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.