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Naira Redesign in Overall Interest of Nigerians, Economy – CBN

Published

3 years ago

October 30, 2022

Trends Admin

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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“A 90-day window will have been better, but one can understand the need to avoid interfering with the elections,” he added.

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.

Thisday

Related Topics:CBN Economy Naira Nigerians Redesign

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Lagos LIRS Extends 2026 Individual Tax Return Deadline

Published

4 hours ago

March 31, 2026

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Lagos LIRS Extends 2026 Individual Tax Return Deadline

The Lagos State Internal Revenue Service (LIRS) has extended the deadline for filing individual annual income tax returns to April 14, 2026, giving taxpayers in Lagos State extra time to comply with the 2026 year of assessment. The original filing deadline was March 31, but the extension aims to ensure residents can submit accurate tax returns without errors.

LIRS Executive Chairman, Dr. Ayodele Subair, emphasized that tax compliance is a civic duty, urging residents to submit their returns promptly even with the extended deadline. “The extension is meant to make filing easier and ensure accuracy, but taxpayers should not delay unnecessarily,” he said.

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The authority reiterated that electronic filing via the LIRS eTax portal is now the only approved method, as manual submissions have been fully phased out. The platform is secure, user-friendly, and accessible 24/7, allowing taxpayers to file their returns conveniently from anywhere.

Taxpayers are also advised to enter their Tax Identification Number (TaxID) correctly during submission to avoid processing delays or errors. LIRS further encouraged individuals who require assistance to visit any of its offices or reach out through official communication channels, including their customer care hotline and social media platforms.

This extension follows LIRS’ ongoing efforts to strengthen digital tax compliance and make filing processes more efficient, reflecting broader reforms aimed at improving revenue collection while easing administrative burdens on taxpayers.

Authorities warned that missing the April 14 deadline could attract penalties and interest on late filings, reinforcing the importance of meeting the revised timeline.

Lagos LIRS Extends 2026 Individual Tax Return Deadline

Business

FG Raises Gas Price to $2.18/MMBtu, Signals Fresh Economic Pressure for Nigerians

Published

5 hours ago

March 31, 2026

Trends Admin

FG Raises Gas Price to $2.18/MMBtu, Signals Fresh Economic Pressure for Nigerians

Nigerians may face renewed economic strain following a fresh increase in domestic gas prices, a move expected to impact electricity tariffs, manufacturing costs, and the overall cost of living.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Tuesday announced that the Domestic Base Price of natural gas has been raised to $2.18 per MMBtu, effective April 1, 2026, up from $2.13/MMBtu in 2025.

Although the increase represents a modest rise of about 2.35 per cent, experts warn that even slight adjustments in gas pricing often trigger wider economic consequences across key sectors.

The regulator said the review aligns with provisions of the Petroleum Industry Act, existing gas pricing frameworks, and prevailing market realities, including rising production costs and the need to sustain investment in the gas sector.

Gas remains the backbone of Nigeria’s power generation, accounting for over 70 per cent of electricity supply. As a result, the price hike is expected to increase the cost of power generation, which may ultimately be passed on to consumers through higher electricity tariffs.

For households already grappling with rising utility bills, the development signals the likelihood of increased financial pressure in the months ahead.

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Beyond the power sector, industries heavily dependent on gas—including manufacturing, cement production, and food processing—are also expected to experience higher operating costs. Analysts say this could lead to further increases in the prices of goods and services, worsening inflationary trends.

In addition, the NMDPRA announced an upward review of gas prices for commercial users, now set at $2.68/MMBtu, up from $2.63/MMBtu in 2025. This adjustment is expected to directly impact businesses, many of which may transfer the added costs to consumers.

According to the regulator, the new pricing structure is necessary to ensure sustainable gas supply, attract investment, and support infrastructure development in Nigeria’s gas value chain.

However, stakeholders have raised concerns about the timing, noting that the increase comes amid persistent inflation, high energy costs, and declining purchasing power.

The Domestic Base Price serves as a benchmark for gas pricing across Nigeria’s domestic market, influencing contracts between gas producers, power generation companies, and industrial users.

The latest adjustment also reflects broader global energy trends, where gas prices have remained volatile due to supply constraints, geopolitical tensions, and fluctuating crude oil prices.

In recent months, Nigeria has implemented a series of economic reforms aimed at stabilising the economy and attracting foreign investment. These include adjustments in fuel pricing, electricity tariffs, and foreign exchange policies.

While the government maintains that such reforms are necessary for long-term economic stability, many Nigerians continue to feel the immediate impact through higher living costs and reduced purchasing power.

For households and small businesses, the gas price hike reinforces concerns that while reforms may yield future benefits, the short-term burden remains significant and widespread.

FG Raises Gas Price to $2.18/MMBtu, Signals Fresh Economic Pressure for Nigerians

Business

Bottles of Death: SWAN rallies media to combat ₦472bn illicit alcohol crisis

Published

9 hours ago

March 31, 2026

Trends Admin

Bottles of Death: SWAN rallies media to combat ₦472bn illicit alcohol crisis

The fight against Nigeria’s surging illicit alcohol trade took centre stage recently as Mr. Tony Okwoju, Director-General of the Spirits and Wine Association of Nigeria (SWAN), called on the media to help dismantle a criminal industry that is quite literally killing its customers.

Speaking at a Brand Journalists Association of Nigeria (BJAN) roundtable, Okwoju highlighted a grim reality: counterfeiters are no longer just cutting corners on quality; they are substituting ethanol with methanol—a toxic industrial chemical that causes permanent blindness, organ failure, and death.

The economic toll is equally devastating. Citing data from a Deloitte report, Okwoju revealed that Nigeria hemorrhages an estimated ₦472 billion annually to illicit trade.

This underground economy now commands a staggering 40% of the total market share, effectively starving the government of tax revenue and threatening billions of naira in legitimate private sector investments.

The SWAN boss described this as a “tripartite threat” that undermines public health, national security, and economic stability all at once.

One of the most insidious tactics used by these criminal syndicates, according to him, involves scavenging high-end bars and dumpsters for empty, branded glass bottles.

These authentic containers are then refilled with cheap, poisonous mixtures and resealed to look like the real thing.

To combat this, Okwoju noted that major manufacturers have been forced to adopt expensive countermeasures, including deploying specialized teams to nightclubs to retrieve and crush their own empty bottles.

By destroying the packaging, the industry hopes to starve counterfeiters of the primary tools they need to deceive the public.

Looking ahead, SWAN is preparing for a high-stakes stakeholder workshop scheduled for April 22, 2026.

The forum is designed to bring enforcement agencies and government regulators under one roof to forge a unified front against the counterfeiters.

Okwoju emphasized that without more stringent enforcement and a massive boost in public awareness, these dangerous commercial hubs will continue to thrive at the expense of Nigerian lives.

Supporting the call for action, BJAN Chairman Daniel Obi emphasized the media’s commitment to promoting responsibility within the beverage industry.

He noted that through collaborative storytelling and accurate reporting, journalists can amplify the dangers of illicit consumption and help protect consumers.

As the April stakeholder forum approaches, the message from the industry is clear: the era of silence regarding counterfeit spirits is over, as the cost of the trade is now being measured in both lost billions and lost lives.