Business
Governors to meet Buhari on naira withdrawal limit
- Say CBN’s policy will hurt rural dwellers
State governors have rejected the N100,000 cash withdrawal limit prt week imposed by the Central Bank of Nigeria (CBN) on bank custobers.
They feel the new policy will hurt the economy and rural dwellers in particular.
They also fear that the CBN action may set the masses against the administration of President Muhammadu Buhari.
They have therefore resolved to send a delegation to the President to direct the CBN to review the policy, according to an investigation by The Nation.
The Nigeria Governors Forum (NGF) met on Thursday in Abuja to deliberate on the matter and take appropriate decision. A source at the session said the governors also resolved to appeal to Buhari to retain the prevailing cash withdrawal limits in the country and extend the January 30th, 2023 deadline for the phasing out of the redesigned Naira notes.
“Our decision was across party lines. We were all united that the policy will adversely affect the poor in the rural areas which Buhari administration seeks to protect,” the source said.
He also said, “With likely job losses of about 1.4million by POS operators, there is no way the rural populace can survive this policy. It is like bringing down the ceiling on the economy.
“It is becoming ridiculous that some banks now issue out as low as N2,000 to a customer. Also, no matter how influential you are, banks may only give N200, 000 new notes under the table.
“As governors, we are closer to the grassroots more than the President. This policy may set the masses against Buhari. It is not a good exit package from a President who has enjoyed the confidence of the masses.”
Another governor also said, “We agreed to beg the President to have a rethink and retain the status quo cash limits to save the economy.
“Having tried his best to salvage this economy, no individual should ruin Buhari’s achievements with a stroke of the pen.
“The CBN policy is unpopular but those profiting from it do not want him to see the other side of the coin.”
A governor from the North-East said: “The NGF opted to send a delegation to the President to tell him our feelings and the implications of the CBN policy on the economy.
“For instance, we also recommended that the new notes should be in operation side by side with the old notes for about six months.
“There is too much confusion at the grassroots. It is just unfortunate that the CBN has led us to this level.
“In a country with low access to banks in rural areas and high illiteracy, how do you implement a cashless policy? Already, the middle class is gone and now some people somewhere are out to neutralise the poor class.
“The implication is that crime rate will be higher. Can we afford this? No.
“We want audience with the President. If possible, let the CBN Governor be there. We will lay all the cards on the table and what the nation should do to save the economy from collapse.”
Asked if the governors chose to gang up against the CBN because of lack of access to illicit funds for campaign, the source responded, “Not at all. Governors from all the parties opposed the policy at our meeting.
“We are talking of the survival of a country; you are attributing our position to the 2023 poll which will come and go.
“After the 2023 poll, the political class can effect changes in the CBN. So, at any point, those in charge of the apex bank cannot have the last laugh. There will be life after the elections.
“We believe that they have not told the truth to the President. The CBN’s action is anti-people but the President is pro-people. This is an indication that something is wrong somewhere.”
Some other Nigerians and institutions including the two chambers of the National Assembly had earlier asked the CBN to review the cash withdrawal limit policy immediately, citing the danger it portends for the economy and the generality of Nigerians.
On Friday the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) sent a petition to President Buhari calling for the suspension of the policy to save 1.4million bank agents from losing their means of livelihood.
On the same day the Arewa Consultative Forum (ACF) said in a statement that the CBN’s insistence on implementing the policy would lead to a catastrophic collapse of the informal sector of the economy.
The forum said while the CBN might mean well for the country with the policy, it “evidently failed to consider the unintended consequences of implementing it in the way they have planned; consequences that may be extremely grave.”
It said: “If the CBN insists on implementing this wholly unrealistic policy of restricting individual’s cash withdrawal from the banks to N20,000 per day and N100,000 for a week or N500,000 in the case of corporate bodies, it won’t be long before we suffer a catastrophic collapse of the informal sector of the economy. More than anyone, CBN knows that transactions in commodity markets especially in the rural areas are entirely cash based.
“The villager that brings to the market his chickens, beans, onions, goat or cows does not typically have a bank account or internet skills. Cash remains the overwhelming medium of exchange for much of the country particularly in the North. This should surprise no one as bank offices are largely unavailable even for people who are keen and have the skills to use them.
“Even by the CBN’s reports, over 38 million adults in Nigeria do not currently have access to banking services with “women, rural dwellers, Micro-Small and Medium-Sized Enterprises and Northern Nigeria” being among the most disproportionately excluded. And despite its pious pretensions, it is on record that the CBN under the present management, apparently out of desire to safeguard the interests of the commercial banks, has done much to undermine and stifle the progress of financial inclusion in Nigeria.
-The Nation (excluding headline and minimal editing}
Business
Naira Could Trade Below ₦1,000/$ With Dangote Refinery at Full Capacity — Otedola
Naira Could Trade Below ₦1,000/$ With Dangote Refinery at Full Capacity — Otedola
Billionaire businessman Femi Otedola has projected that the naira could strengthen to trade below ₦1,000 per US dollar as the Dangote Petroleum Refinery achieves full operational capacity. The prediction comes as Nigeria anticipates a major boost in domestic fuel production, potentially reducing import dependence and easing pressure on the foreign exchange market.
Otedola made the projection in a post on X, congratulating Aliko Dangote on the refinery reaching its designed processing capacity of 650,000 barrels per day (bpd). He described the milestone as a historic moment for Nigeria’s energy sector, saying it could positively impact the naira exchange rate, foreign reserves, and overall economic stability.
According to Otedola, the refinery’s capacity to produce up to 75 million litres of Premium Motor Spirit (PMS) daily positions Nigeria to meet domestic fuel demand and even generate surplus for export. He highlighted that this would reduce the country’s reliance on imported petroleum products, which historically exerted heavy pressure on the naira and foreign exchange resources.
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“With domestic refining now firmly underway after decades of reliance on imports, pressure on the foreign exchange market should ease significantly, potentially pushing the naira below ₦1,000/$ before year-end,” Otedola said. He also noted that the EFCC and monetary authorities’ support in maintaining a conducive economic environment would complement these gains.
The Dangote Refinery, located in the Lekki Free Zone, Lagos, is Africa’s largest single-train refinery. Experts say that reaching full production will conserve billions of dollars previously spent on importing refined petroleum products and strengthen Nigeria’s foreign exchange reserves. Plans are also underway to expand refining capacity to 1.4 million bpd, with increased production of petrochemicals like polypropylene and linear alkyl benzene, further reducing industrial import dependence.
Economic analysts have welcomed the refinery’s milestone but caution that naira stability will still depend on broader macroeconomic reforms, oil prices, foreign capital inflows, and Central Bank of Nigeria (CBN) policies. Nevertheless, Otedola’s projection reflects renewed optimism that domestic refining capacity could be a turning point for the Nigerian economy, energy security, and the foreign exchange market.
Naira Could Trade Below ₦1,000/$ With Dangote Refinery at Full Capacity — Otedola
Business
Dangote Refinery Slashes Petrol Price to ₦774, Ends PMS Bonus Window
Dangote Refinery Slashes Petrol Price to ₦774, Ends PMS Bonus Window
Dangote Petroleum Refinery and Petrochemicals FZE has announced a reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, by ₦25 per litre, lowering the ex-depot rate from ₦799 to ₦774 per litre. The new pricing took immediate effect on Tuesday, 10 February 2026.
The refinery notified petroleum marketers through its Group Commercial Operations Department, stating:
“This is to notify you of a change in our PMS gantry price from ₦799 per litre to ₦774 per litre.”
Industry checks on platforms like petroleumprice.ng confirmed that the revised price has already been updated across petroleum pricing systems, ensuring transparency for downstream operators and consumers.
In the same notice, Dangote Refinery announced the end of its PMS lifting incentive programme, which had offered marketers bonuses for purchasing within specific volume thresholds. The refinery stated that credits for volumes loaded from 2 to 10 February 2026 would be posted to marketers’ accounts.
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Analysts say the simultaneous price cut and closure of the bonus window signals a shift from volume-driven incentives to a more stable and predictable pricing framework, as the refinery consolidates its domestic market share.
The move comes amid continued volatility in PMS prices following the full deregulation of Nigeria’s downstream petroleum sector and the removal of fuel subsidies. In 2025, ex-depot prices fluctuated between ₦700 and over ₦800 per litre, driven by exchange rate pressures, global crude oil prices, and reliance on imported fuel, which in turn pushed pump prices higher nationwide.
With a production capacity of 650,000 barrels per day, Dangote Refinery — Africa’s largest single-train refinery — has become a key reference point for domestic fuel pricing. Its operations have helped moderate petrol prices, especially in southern and coastal distribution corridors, and reduce Nigeria’s dependence on imported fuel.
Industry observers note that the latest price reduction reflects easing production costs, improved operational efficiency, and increased competition from imported cargoes and modular refineries. As the refinery continues to expand, its pricing decisions are expected to influence national petrol rates, transportation costs, and inflationary pressures.
Dangote Refinery Slashes Petrol Price to ₦774, Ends PMS Bonus Window
Business
Fuel Self-Sufficiency: Dangote Refinery Counters Misinformation on Petrol Imports
Fuel Self-Sufficiency: Dangote Refinery Counters Misinformation on Petrol Imports
The Dangote Petroleum Refinery & Petrochemicals has clarified that there is no importation of finished Premium Motor Spirit (PMS) — commonly known as petrol — into Nigeria, countering recent reports suggesting otherwise. The company stated that locally refined petrol from the Dangote Refinery now meets a significant portion of Nigeria’s domestic demand, marking a major milestone in the country’s journey toward fuel self-sufficiency.
In a statement, the refinery dismissed claims that it imports finished PMS as false and misleading, stressing that such reports misrepresent its operations and could undermine public confidence in Nigeria’s local refining sector. The company also indicated that it has identified individuals behind these claims and warned that legal action may be pursued against parties spreading misinformation.
Oil marketers and industry observers confirm that the refinery has consistently supplied petrol to the Nigerian market, reducing reliance on imported fuel. The move has been welcomed by stakeholders, including the Independent Petroleum Marketers Association of Nigeria (IPMAN), which advised its members to prioritize purchasing petrol from Dangote’s facility to support domestic refining and strengthen local fuel supply chains.
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This announcement comes amid broader efforts to revamp Nigeria’s state-owned refineries. Talks are ongoing between the Nigerian National Petroleum Company (NNPC) and technical partners to enhance capacity at existing refineries, aiming to further reduce the country’s dependence on imported petroleum products.
Analysts say that the rise of local refining through Dangote’s facility is poised to have several benefits for Nigeria, including stabilizing fuel supply, saving foreign exchange, and potentially moderating fuel prices. As the refinery ramps up production, Nigerians can expect more reliable access to locally refined petrol, signaling a shift from historical dependency on imported fuel toward greater energy self-reliance.
The Dangote Refinery, now one of the largest in Africa, continues to deliver substantial volumes of petrol and other refined products across Nigeria, underlining its central role in the country’s energy infrastructure and the nation’s ambition to achieve self-sufficiency in petroleum products.
Fuel Self-Sufficiency: Dangote Refinery Counters Misinformation on Petrol Imports
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