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.

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.

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.