Naira Redesign in Overall Interest of Nigerians, Economy - CBN - Newstrends
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Naira Redesign in Overall Interest of Nigerians, Economy – CBN

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Governor of the Central Bank of Nigeria, Godwin Emefiele

*Insists due approval sought, obtained from Buhari 

*Moghalu backs apex bank, says policy will address insecurity

The Central Bank of Nigeria (CBN) yesterday urged Nigerians to support the currency redesign project which is in their overall interest and that of the economy at large.
The central bank further insisted that it followed the law and due process to carry out the redesigning exercise, which is 12 years due.
This is coming as a former Deputy Governor of the CBN, Prof. Kingsley Moghalu has commended the apex bank on the proposed redesigning of the naira, saying the measure will address insecurity in the country.
The apex bank’s clarification came against the backdrop of claims by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, that her ministry was not carried along in the proposed redesigning of the Naira.

CBN Director in charge of Corporate Communication, Mr. Osita Nwanisobi, had in a statement, expressed surprise at the minister’s claim, stressing that the CBN remains a “very thorough institution that follows due process in its policy actions”.
He said the CBN management, in line with provisions of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007, had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N200, N500, and N1,000 banknotes.
Nwanisobi urged Nigerians to support the currency redesign project, stressing that some persons were hoarding significant sums of banknotes outside the vaults of commercial banks.

He argued that such a trend should not be encouraged by anyone who means well for the country.

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He pointed out that currency management in the country had faced several escalating challenges which threatened the integrity of the Naira, the CBN, and the country in general, adding that every top-rate central bank was committed to safeguarding the integrity of the local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy.

On the timing of the redesign project, Nwanisobi explained that the CBN had even tarried for too long considering that it had to wait 20 years to carry out a redesign, whereas the standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years.
While assuring Nigerians that the currency redesign exercise was purely a central banking exercise and not targeted at any group, the CBN spokesman expressed optimism that the effort will, among other goals, deepen Nigeria’s push to entrench a cashless economy in the face of increased minting of the eNaira.

This, he said, is in addition to helping to curb the incidents of terrorism and kidnapping due to access of persons to the large volume of money outside the banking system used as a source of funds for ransom payments.

The CBN director urged Nigerians, irrespective of their status, to support the Naira redesign project as it is for the greater good of the economy.
The CBN Governor, Mr. Godwin Emefiele, had on Wednesday announced a proposed redesign of the currency in the variation of N200, N500 and N1,000.
Emefiele, who pointed out that the change was a sequel to the approval of President Muhammadu Buhari, said circulation of the new banknotes would commence on December 15, 2022.

He said the development was also aimed at checking the increasing ease and risk of currency counterfeiting evidenced by several security reports, and the increased risk to financial stability as well as the worsening shortage of clean and fit currency, with the attendant negative perception of the central bank.
Emefiele said there was significant hoarding of naira notes by members of the public, with statistics showing that over 80 per cent of the currency in circulation was outside the vaults of the commercial banks.
He said as of September 2022, a total of N3.2 trillion was in circulation, of which N2.73 trillion was outside the vaults of the banks, describing the development as unacceptable.

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Emefiele explained that the new and existing notes would remain legal tender and circulate together until January 31, 2023, when the existing currencies shall seize to be legal tender.
As a result, he said all banks currently holding the existing denominations of the currency might begin returning the notes to the CBN immediately, adding that the newly designed currency would be released to the banks on a first come, first served basis.
Emefiele also urged bank customers to begin paying into their bank accounts the existing currency notes to enable them to withdraw the new banknotes once circulation begins in mid-December 2022.

Moghalu Backs Apex Bank, Says Policy Will Address Insecurity

Meanwhile, a former Deputy Governor of the CBN, Prof. Moghalu, has commended the apex bank on the proposed redesigning of the naira.
Moghalu, a political economist, who gave the commendation in a statement issued yesterday in Lagos, advocated a 90-day window for the implementation.
He said: “I fully support the Central Bank of Nigeria in redesigning the Naira. If 80 per cent of banknotes in circulation are outside the banks, that is troubling.
“The CBN obviously wants to force all those notes back into the banking system. Those with the notes must surrender them to get new ones or else it becomes illegal tender after January 31, 2023.

“This is also a way to withdraw currency from circulation, an unorthodox way of tightening the money supply since the country is battling high inflation.
“The flip side is that people who are holding huge amounts of cash outside the banking system for nefarious reasons will go to the parallel forex market to buy hard currency, putting further downward pressure on the value of the Naira as too much Naira will be chasing too few dollars.”
He, however, expressed doubt that the step would solve inflation,  “because there also are other major reasons for inflation such as the forex crisis, which this new move can  exacerbate, as well as the impact of the security crisis on food price inflation.”
According to him, the step, however, has become necessary for national security but the window for implementation is too short.
“This will put a lot of operational pressure on commercial banks and the financial system in general.
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Youth Leaders Back CBN, Urge Emefiele to Ignore Finance Minister

In a related development, a group, Ethnic Youth Leaders, has also called on Emefiele, to ignore the Minister of Finance, Ahmed, over her attack on the naira redesigning proposal and go ahead with its decision to launch the new notes in December.
The group who made the call in a statement by its convener, Godwin Meliga, in Abuja yesterday, described the minister’s statement as reckless and a plot to undermine President Buhari.

The group insisted that the decision to redesign naira is a welcomed development as it was a way of tightening the money supply in the face of rising inflation.
It therefore urged the finance minister to apologise to Buhari, and the CBN over her reckless attack.
“We are of the view that CBN doesn’t need to notify her ministry, in line with the law. The decision to replace some naira denominations with new ones would be positive for the economy in the medium to long-term,” the group explained.

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EXEED Sets Sights on Nigeria’s Luxury Car Market, Showcases Technology, Design Vision

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EXEED Sets Sight on Nigeria’s Luxury Car Market, Showcases Technology, Design Vision

 

Versat Automobile Limited, the Nigerian representative of EXEED, is stepping up efforts to introduce the premium automotive brand to the country, offering prospective customers a closer look at its technology, design philosophy and vision for the future of mobility.

The move signals a new phase in EXEED’s Nigerian market entry, as the company seeks to establish its identity in an increasingly competitive premium vehicle segment where technology, performance, comfort and ownership experience are becoming important considerations for buyers.

Following its initial introduction to Nigeria in August, Versat Automobile is advancing the brand’s pre-launch activities by highlighting the philosophy and engineering thinking behind EXEED, a premium automotive marque within the Chery Automobile family.

Drawing on Chery’s extensive investment in automotive research and development, EXEED’s technology proposition covers vehicle architecture, powertrain engineering, intelligent cabin systems and connected driving technology.

However, the brand says its approach to innovation goes beyond simply adding more technological features to vehicles. Rather, it focuses on integrating intelligence, convenience, connectivity and performance to improve the overall driving experience and respond to the expectations of modern motorists.

Design is another major pillar of EXEED’s identity, with its vehicles combining distinctive exterior styling, lighting, detailing and cabin architecture with functionality and everyday usability.

The company’s approach reflects an evolving definition of premium mobility, where luxury is no longer determined solely by a vehicle’s appearance but also by how it feels, functions and interacts with occupants.

At the heart of the brand is its philosophy, Born for More, which is reinforced by what it describes as its Spirit of Exploration.

The philosophy is built around challenging conventions, looking beyond familiar boundaries and pursuing new possibilities. It targets customers who seek experiences beyond the ordinary and view mobility as more than simply moving from one destination to another.

Versat Automobile believes this positioning could resonate with Nigeria’s evolving premium automotive market, where buyers are increasingly considering technology, contemporary design, performance, comfort and the overall ownership experience when making purchasing decisions.

Christopher Irumudomon, General Manager, Sales, Versat Automobile Limited, said the introduction of EXEED was about presenting Nigerians with a different perspective on premium mobility rather than merely adding another vehicle brand to the market.

“The introduction of EXEED is about more than bringing another automotive brand to Nigeria. It is about introducing a different perspective on premium mobility, one that brings together technology, design, performance and the freedom to explore.

“EXEED has a distinctive philosophy and a clear vision for what it wants to represent, and we are excited to give Nigerians a closer look at the brand and what it has to offer,” he said.

As part of its broader engagement with the global technology and mobility ecosystem, the Versat team is also scheduled to participate in the International User Summit in China in October.

The visit is expected to provide opportunities for further engagement with Aimoga, a high-end robotics brand, highlighting the growing intersection between technological innovation, robotics and future mobility.

The engagement underscores the broader technological direction that EXEED seeks to associate with its premium brand identity.

Versat Automobile said further details about EXEED, including its products, technology and design philosophy, would be unveiled as the Nigerian pre-launch programme progresses.

Established in 2024, Versat Automobile Limited made its Nigerian market debut in 2026 with C&C Trucks and is building its portfolio around globally positioned automotive brands.

The company says its operations are guided by a commitment to performance, durability, quality, reliability and customer support, with EXEED representing its entry into the premium passenger vehicle segment.

For Nigeria’s automotive market, the forthcoming arrival of EXEED introduces another contender into the premium mobility conversation, with its eventual success likely to depend not only on the appeal of its technology and design but also on how effectively its Nigerian representative delivers on customer expectations.

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Omoda, Jaecoo bet on warranty, after-sales support to win Nigerian car buyers

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Omoda, Jaecoo bet on warranty, after-sales support to win Nigerian car buyers

 

Omoda and Jaecoo are stepping up investment in warranty protection, spare-parts distribution and after-sales services as the emerging automotive brands seek to strengthen customer confidence and establish a lasting presence in increasingly competitive global markets.

The strategy is particularly relevant to Nigeria, where concerns about spare-parts availability, maintenance costs, technical expertise and the reliability of after-sales support often influence decisions when purchasing new vehicles.

Beyond attractive designs, advanced technology and vehicle performance, motorists increasingly want assurances that their investments will remain protected long after driving their cars out of showrooms.

Recognising this changing customer expectation, Omoda and Jaecoo are expanding their international after-sales infrastructure and warranty programmes to improve the ownership experience and address some of the industry’s longstanding concerns.

In the United Kingdom, vehicles from the two brands come with a seven-year or 100,000-mile warranty, while batteries in electrified models enjoy eight-year coverage.

Although warranty conditions differ across markets, the programme underscores the brands’ emphasis on long-term ownership support and customer assurance.

The companies are also advancing their Super Hybrid System, which combines petrol and electric power to deliver improved fuel efficiency while retaining the convenience of conventional refuelling.

The technology is designed to address a major concern among motorists considering electrified vehicles, particularly those who want the benefits of electric mobility without depending entirely on charging infrastructure.

The Jaecoo J7 PHEV has already attracted considerable attention in the UK market, emerging as Britain’s best-selling new SUV in September.

It also secured a Guinness World Record for the lowest fuel consumption recorded by a plug-in hybrid production SUV during the UK Three Peaks Challenge.

Similarly, the flagship Jaecoo J8 combines 428 horsepower with all-wheel-drive capability and an electric-only driving range of more than 130 kilometres.

In Indonesia, a Jaecoo vehicle also secured a Guinness World Record after covering a verified distance of 1,660 kilometres on a single tank of fuel and battery charge, further highlighting the efficiency potential of the brand’s hybrid technology.

Beyond product development and performance achievements, the companies are strengthening the supply chain that supports vehicle ownership.

A major step in this direction was the opening of a 12,000-square-metre spare-parts distribution centre in Dubai’s Jebel Ali Free Zone in December 2024.

The facility stocks more than 20,000 different components to support parts distribution and improve service delivery.

The company has also indicated plans to establish similar facilities across different continents, with expansion already underway in South Africa.

For Nigeria, where the cost and availability of genuine spare parts can significantly affect vehicle ownership expenses, such investments could have important implications.

A dependable distribution network would help reduce the challenges associated with sourcing replacement components, while effective warranty administration and access to trained technicians could improve customer satisfaction and strengthen confidence in the brands.

As competition intensifies in Nigeria’s automotive market, the ability to provide reliable after-sales support could become just as important as introducing technologically advanced vehicles at competitive prices.

For Omoda and Jaecoo, the challenge will be to translate their growing international infrastructure and warranty commitments into accessible, consistent and responsive services for Nigerian customers.

Ultimately, winning the confidence of Nigerian motorists will require more than impressive vehicles and international performance records. It will depend on the brands’ ability to support customers throughout the entire ownership journey, from the first showroom visit to routine servicing and eventual replacement of parts.

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Why Toyota RAV4 Remains Attractive Choice for Nigeria’s SUV Buyers

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Why Toyota RAV4 Remains Attractive Choice for Nigeria’s SUV Buyers

 

As Nigerian motorists increasingly look for vehicles that deliver comfort, dependable performance, fuel economy and versatility, the Toyota RAV4 continues to offer an appealing proposition in the country’s competitive sport utility vehicle market.

Combining a distinctive exterior design with a thoughtfully crafted interior, practical luggage accommodation and performance engineered for everyday driving, the RAV4 is designed to meet the expectations of individuals and families seeking a vehicle that balances functionality with driving pleasure.

Toyota (Nigeria) Limited (TNL) presents the RAV4 as an SUV that combines refined engineering, comfort and practicality, making it a consideration for motorists navigating the country’s diverse driving conditions.

Comfort and convenience for everyday motoring

One of the RAV4’s major attractions is its emphasis on passenger comfort and convenience.

According to Toyota Nigeria Limited, the vehicle features an automatic air-conditioning system with independent temperature controls for the left and right sides of the cabin. This enables occupants to enjoy a more comfortable interior environment, particularly during Nigeria’s hot weather.

The steering wheel is equipped with conveniently positioned audio control switches, allowing drivers to operate the entertainment system without taking their hands away from the steering wheel.

The interior design also prioritises passenger accommodation, providing generous seating space and flexibility for different transportation needs.

For motorists who regularly travel with family members or require additional luggage capacity, the rear seats can be folded to create more room for carrying larger items.

This practical arrangement makes the RAV4 suitable for everyday commuting, family outings, shopping trips and longer journeys.

Performance that balances acceleration and fuel economy

Performance is another important consideration for Nigerian motorists, particularly those who combine daily urban commuting with occasional interstate journeys.

Toyota Nigeria Limited describes the RAV4’s engine as delivering excellent acceleration from low speeds, while maintaining fuel economy, clean emissions and quiet operation.

This combination is particularly relevant in Nigerian cities, where motorists frequently encounter stop-and-go traffic, congested roads and varying driving conditions.

The emphasis on responsive acceleration and quieter operation also contributes to a more comfortable driving experience.

Fuel economy remains an important consideration for prospective vehicle owners, especially in a market where the cost of running and maintaining a vehicle influences purchasing decisions.

Toyota notes that fuel consumption varies according to fuel quality, environmental conditions and individual driving habits.

## Designed with practicality in mind

Beyond its performance and comfort, the RAV4 offers the versatility expected of a modern SUV.

Its flexible luggage arrangement allows owners to accommodate different cargo requirements by folding the rear seats when additional loading space is needed.

This feature is particularly useful for families, business professionals and motorists who require a vehicle capable of handling both passenger transportation and occasional cargo duties.

The SUV’s interior layout also reflects Toyota’s attention to functional design, with controls positioned to make everyday operation more convenient.

The advantage of buying through Toyota Nigeria Limited

For prospective buyers, the decision to purchase an SUV should go beyond the vehicle’s appearance, performance and convenience features.

The availability of genuine spare parts, professional maintenance services and manufacturer-backed warranty protection is equally important.

Toyota Nigeria operates through seven accredited dealers: Elizade Nigeria Limited, R.T. Briscoe (Nig.) Plc, Omoregie Motors, Germaine Auto Centre, Kojo Motors, Mandilas Motors and Metropolitan Motors Limited.

According to the company, vehicles purchased through its accredited dealers enjoy a three-year or 100,000-kilometre warranty, whichever comes first.

TNL also explains that its vehicles are selected and supplied with specifications approved for the Nigerian operating environment.

An important component of this approach is the Severe User Package, which includes reinforced suspension, heavy-duty shock absorbers and engine under-guards, among other features designed to help vehicles withstand demanding road and terrain conditions.

This consideration is particularly relevant in Nigeria, where road conditions can vary considerably between urban centres, highways and rural communities.

The company’s accredited dealers also provide access to genuine Toyota spare parts and authorised servicing facilities.

Toyota further states that genuine spare parts purchased through its accredited dealers carry a 12-month or 20,000-kilometre warranty, subject to applicable terms and conditions.

A practical option for Nigerian motorists

For Nigerian buyers considering an SUV, the Toyota RAV4 presents a combination of passenger comfort, flexible luggage accommodation, responsive engine performance and practical everyday features.

Its automatic climate control, steering-mounted audio switches and adaptable rear seating arrangement address important aspects of everyday vehicle ownership.

Combined with Toyota Nigeria’s emphasis on specifications suitable for Nigerian conditions, warranty protection and access to genuine spare parts, the RAV4 offers prospective customers additional considerations beyond the initial purchase.

For individuals and families seeking an SUV that combines everyday practicality with the established Toyota ownership proposition, the RAV4 deserves consideration.

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