Business

Naira Redesign in Overall Interest of Nigerians, Economy – CBN

Published

4 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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Sanwo-Olu Joins Dangote as Historic N2.15tn Refinery IPO Opens on Nigerian Exchange

Published

5 hours ago

September 15, 2026

Trends Admin

L-R: President, Aliko Dangote Group, Alhaji Aliko Dangote; Managing Director/CEO, Nigerian Exchange Group, NGX, Mr Temi Popoola; Governor of Lagos State, Mr. Babajide Sanwo-Olu and Executive Director, Commercial Operations, Dangote Group, Fatima Dangote, during the opening of Dangote Petroleum Refinery Initial Public Offer (IPO) at the NGX building, Marina, Lagos, on Monday, September 14, 2026.

Sanwo-Olu Joins Dangote as Historic N2.15tn Refinery IPO Opens on Nigerian Exchange

Lagos State Governor, Babajide Sanwo-Olu, on Monday joined business leaders, investors and capital-market stakeholders as the Initial Public Offering of the Dangote Petroleum Refinery and Petrochemicals formally opened on the Nigerian Exchange, NGX, in Lagos.

The landmark transaction, which could raise about N2.15 trillion, marks one of the biggest capital-market transactions in Nigeria’s history and gives Nigerians and other investors an opportunity to acquire a stake in Africa’s largest oil refinery.

Sanwo-Olu attended the opening ceremony at the NGX Group building in Marina, Lagos, where Dangote Industries President and Chief Executive Officer, Aliko Dangote, sounded the gong to formally commence the public offer.

The IPO comprises 4.1 billion ordinary shares priced at N525 each, with investors allowed to subscribe for a minimum of 10 shares, valued at N5,250. The offer will remain open until October 13, 2026.

The development represents a major milestone for Nigeria’s capital market, as the Dangote Refinery becomes the first refinery to be offered for public subscription on the Nigerian stock market in the 66-year history of the NGX.

The ceremony attracted an array of prominent figures from government, business and the financial sector, including NGX Group Chairman Umaru Kwairanga, NGX Group Managing Director and Chief Executive Officer Temi Popoola, Zenith Bank founder Jim Ovia, Coronation Group Chairman Aigboje Aig-Imoukhuede and Ooni of Ife, Oba Adeyeye Ogunwusi.

Also present were senior executives of Dangote Industries and representatives of the capital-market community.

Dangote described the offer as a “people’s IPO”, stressing that its primary objective was to broaden ownership of the refinery and allow ordinary Nigerians and investors across the world to participate in the wealth created by the massive industrial project.

According to him, the public offer was not primarily about raising funds for the Dangote Group, which he said already had substantial capital available for its expansion plans, but about democratising wealth creation.

The refinery is currently designed to process 700,000 barrels of crude oil per day, while Dangote Industries plans to expand its capacity to 1.4 million barrels per day over the coming years. Proceeds from the IPO are expected to support the refinery’s expansion and strengthen its capacity for future growth.

The public offer follows a $2.5 billion private placement earlier in the year, which attracted strong institutional interest. Reuters reported that the refinery is valued at about $47.6 billion, making the IPO one of the most significant equity offerings ever undertaken in Africa.

The refinery has increasingly become a strategic component of Nigeria’s energy security drive, reducing the country’s dependence on imported refined petroleum products while positioning Nigeria as a potential major exporter of refined products.

The opening of the IPO also comes at a time when the Dangote refinery has reported a sharp improvement in its financial performance. Reuters reported that the company recorded a $1.82 billion net profit in the first half of 2026, alongside revenue of more than $13 billion.

Dangote has also sought to make the offer accessible to ordinary Nigerians, with subscriptions available through digital investment platforms and other authorised channels. The minimum subscription of 10 shares means an investor can enter the offer with N5,250.

The NGX has described the transaction as an important development for the Nigerian capital market, particularly in broadening retail participation and deepening the investment culture.

For Lagos, where the refinery is located and where the historic IPO was formally launched, the development further reinforces the state’s position as Nigeria’s dominant commercial and financial centre.

With the offer running until October 13, investors will now determine whether the historic transaction achieves its N2.15 trillion target and establishes a new benchmark for public participation in Nigeria’s industrial sector.

Auto

X90 Plus Leads Jetour’s Abuja Drive for Bigger SUV Market Share

Published

2 days ago

September 13, 2026

Trends Admin

X90 Plus Leads Jetour’s Abuja Drive for Bigger SUV Market Share

Jetour Nigeria is taking its premium SUV battle to Abuja, with the seven-seater X90 Plus set to headline the Jetour Experience Abuja from September 22 to 24, as the automaker moves to capture a larger share of Nigeria’s fast-growing high-end family SUV market.

The three-day motoring showcase will give prospective buyers, families and auto enthusiasts in the Federal Capital Territory and neighbouring states an opportunity to experience the X90 Plus and other models in the Jetour range through test drives and hands-on demonstrations.

The Abuja showcase follows the success of the brand’s earlier Jetour Experience in Lagos, where strong customer interest, inquiries and sales momentum reportedly encouraged the company to take the initiative to the Federal Capital Territory.

Jetour Nigeria said growing demand from customers in Abuja and neighbouring states was a major factor behind the decision to expand the experience to the northern market.

Positioned as a full-sized family SUV, the X90 Plus is designed for executives and families seeking a combination of space, technology, performance and comfort without the price tag associated with some luxury SUVs.

The model is offered with 1.6-litre and 2.0-litre turbocharged engines paired with a seven-speed dual-clutch transmission. The powertrain produces up to 254 horsepower and 390Nm of torque.

Inside the cabin, the X90 Plus features a 12.3-inch LCD touchscreen infotainment system, panoramic sunroof, Sony premium audio system and wireless charging.

Its safety and driver-assistance features include a 360-degree panoramic camera, Forward Collision Warning, Lane Departure Warning and electronic stability systems.

Jetour’s growing profile in Nigeria has also earned the brand recognition from the Nigeria Auto Journalists Association (NAJA), which named it Fastest Growing Auto Brand, while it was also recognised as Auto Brand of the Year at the Nigeria Transport Lecture.

To support its expanding customer base, Jetour Nigeria, the sole authorised distributor, operates through seven accredited dealer partners across the country: Elizade Nigeria Limited, Mandilas Autos, R.T. Briscoe Motors, Germaine Auto Centre, Kojo Motors, Tab Autos Limited and New Era Auto Vehicle Services Limited.

The Abuja Experience is expected to provide Jetour with another platform to engage potential customers and reinforce its position in Nigeria’s increasingly competitive SUV market.

Business

Dangote raises petrol price 6.7% to N1,350/litre

Published

3 days ago

September 12, 2026

Trends Admin

Dangote raises petrol price 6.7% to N1,350/litre

The Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS), popularly known as petrol, gantry price by 6.7 per cent, raising it from N1,265 to N1,350 per litre, with the new price taking effect from September 12, 2026.

The latest adjustment represents an N85 increase per litre and is the fourth upward review of Dangote Refinery’s petrol price since August 21, further raising concerns about the possible impact on petrol pump prices, transportation costs and the wider cost of living.

The refinery also increased its coastal price from N1,669,543 to N1,783,530 per metric tonne, representing an increase of N113,987, or about 6.8 per cent.

In a memo to customers, Dangote Petroleum Refinery announced the revised prices and directed customers with existing loading arrangements to return their Authority to Collect (ATC) documents for repricing.

The refinery said new volume contracts would subsequently be issued to allow loading to resume under the revised prices.

The latest increase means Dangote’s petrol price has risen by N185 per litre, or about 15.9 per cent, in 22 days.

The refinery had increased its gantry price from N1,165 to N1,185 per litre on August 21. It subsequently raised the price to N1,200 on August 26 and then to N1,265 on August 29, before the latest increase to N1,350.

The development comes amid renewed pressure in the international crude oil market, with Brent crude recently trading above $100 per barrel as geopolitical tensions and disruptions to oil supplies in the Middle East continue to affect global energy markets.

The pressure on global fuel markets is also being felt by refiners and petroleum traders as disruptions to Middle Eastern refining capacity and shipping routes create concerns over the availability of crude and refined petroleum products.

Dangote Refinery’s management recently said global fuel shortages could persist beyond the current Iran conflict because of damage to refining infrastructure, high refinery utilisation rates and the need to rebuild fuel inventories.

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For Nigeria, the increase comes as the downstream petroleum market continues to operate under deregulation, meaning petrol prices are largely determined by market conditions rather than a fixed government-controlled price.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) recently identified crude oil sourcing, refinery delivery timelines, imported cargoes, transportation, logistics and taxes among the factors influencing movements in petrol prices.

NMDPRA Head of Public Affairs George Ene-Ita said petrol prices are fully deregulated and therefore exposed to fluctuations across the supply chain.

Consequently, the new Dangote price does not necessarily mean motorists across Nigeria will immediately pay exactly N1,350 per litre at filling stations.

The price consumers pay will depend on the cost at which individual marketers obtain their supplies, transportation and distribution expenses, depot charges, operating costs, location, competition and profit margins.

However, the increase in the refinery’s gantry price is expected to put additional pressure on marketers who source petrol from Dangote Refinery, particularly as they replenish existing stocks.

Recent reports indicate that petrol prices in several parts of the country had already moved higher, with pump prices in some locations reaching the N1,310-N1,350 per litre range before the latest Dangote adjustment.

The latest price review could therefore trigger another round of adjustments by petroleum marketers, especially if the higher wholesale acquisition cost persists.

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The development is also significant because Dangote Refinery has become an increasingly important source of locally refined petrol as Nigeria seeks to reduce its dependence on imported petroleum products.

The refinery has secured at least 16 million barrels of Nigerian crude for October delivery, equivalent to roughly 520,000 barrels per day, according to Reuters. The purchases represent a substantial portion of the refinery’s current 700,000-barrel-per-day capacity and underline its growing role in Nigeria’s domestic fuel supply.

Despite the increase in petrol prices, Dangote Refinery is pursuing plans to expand its capacity significantly. The company announced a $14.3 billion expansion programme that is expected to increase its processing capacity from about 700,000 barrels per day to 1.4 million barrels per day by 2029.

The refinery is also preparing for a major initial public offering (IPO) aimed at raising about N2.15 trillion, with the offer scheduled to run from September 14 to October 13.

For consumers and businesses, the immediate concern remains the potential effect of the latest petrol price increase on transportation, logistics and the cost of goods and services.

Petrol remains a major input for transportation and commercial activities in Nigeria. Any sustained increase in its price can raise the cost of moving people and goods and increase operating expenses for businesses that depend on petrol-powered vehicles and equipment.

The extent of the impact of the new N1,350 per litre Dangote petrol price, however, will depend on how marketers respond and whether international crude prices remain elevated.

For now, the latest adjustment establishes a higher wholesale benchmark for customers buying petrol from Dangote Refinery, while the retail market is expected to respond according to prevailing supply, distribution and competitive conditions.