Business
Naira Redesign in Overall Interest of Nigerians, Economy – CBN
*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.
“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
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Auto
Omoda, Jaecoo bet on warranty, after-sales support to win Nigerian car buyers
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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Auto
Why Toyota RAV4 Remains Attractive Choice for Nigeria’s SUV Buyers
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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Auto
Nigeria’s Auto Dealers Face New Challenge as After-Sales Service Takes Centre Stage
Nigeria’s Auto Dealers Face New Challenge as After-Sales Service Takes Centre Stage
Nigeria’s automotive industry may need to rethink the way it competes for customers, with industry stakeholders urged to place greater emphasis on after-sales service, warranty protection and customer satisfaction rather than focusing largely on vehicle prices, designs and technology.
As competition intensifies and new vehicle brands enter the Nigerian market, the ability of distributors and dealers to provide reliable support long after a vehicle has been purchased could become a major factor in determining customer loyalty and market leadership.
For many vehicle owners, the real test of a brand does not end at the showroom. It begins when the vehicle requires routine servicing, develops a fault, needs replacement parts or requires warranty attention.
The quality of the response at such moments can determine whether a customer remains loyal to a brand or begins looking elsewhere.
Against this background, the industry is being challenged to embrace a new form of competition centred on dependable, transparent and accessible after-sales support.
Traditionally, automotive competition has revolved around pricing, vehicle performance, design, technological innovations, fuel efficiency and the introduction of new models. While these factors remain important, they do not necessarily guarantee a satisfactory ownership experience.
For Nigerian motorists, the availability of genuine spare parts, qualified technicians, affordable maintenance, prompt repairs and effective warranty administration can be just as important as the vehicle’s initial purchase price.
This is particularly significant in Nigeria, where vehicles play critical roles in household mobility and business operations. A private car may be indispensable for commuting, school runs and medical appointments, while commercial vehicles are essential to deliveries, logistics and other economic activities.
Consequently, prolonged vehicle downtime arising from poor maintenance support or delays in obtaining replacement parts can impose significant financial and operational costs on owners.
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Beyond selling vehicles
The growing emphasis on after-sales service reflects a broader understanding that selling a vehicle should mark the beginning, rather than the end, of a relationship between an automotive company and its customer.
When customers receive clear information, timely repairs and reliable technical support, they are more likely to develop confidence in the brand and return for future purchases.
Conversely, poorly explained warranty conditions, inadequate service facilities, delays in repairs and difficulties accessing genuine parts can undermine customer confidence, regardless of how attractive or technologically advanced a vehicle may be.
The industry is therefore being encouraged to compete through stronger technical capacity, effective spare parts management, transparent warranty arrangements, efficient communication and credible repair processes.
Some automotive distributors are already introducing structured programmes designed to strengthen their ownership support propositions.
One example is Carloha’s CarlohaCare 6-6-7 programme, which combines a six-year warranty, six years of free servicing and a seven-day repair promise, subject to applicable terms and conditions.
The company has also introduced CarlohaCare Rescue, extending its customer support proposition through roadside assistance under specified service arrangements.
Such initiatives provide examples of how automotive companies can package after-sales services into identifiable commitments that customers can evaluate before making purchasing decisions.
However, the emergence of such programmes should also encourage healthy competition, independent scrutiny and comparisons across the industry.
Other distributors, including established automotive companies and emerging vehicle brands, should equally be encouraged to strengthen their service networks, improve spare parts availability and introduce more effective customer complaint-resolution mechanisms.
Ultimately, customers stand to benefit when companies compete to deliver better ownership experiences rather than relying exclusively on aggressive sales campaigns.
The need for accountability
However, industry observers caution that attractive after-sales promises must be backed by operational capacity and measurable results.
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A warranty programme, for instance, is only as valuable as the company’s willingness and ability to honour its obligations when customers encounter problems.
Automotive distributors should therefore provide clear written explanations of warranty coverage, exclusions, servicing schedules and the conditions attached to special customer support programmes.
Their performance should also be assessed using measurable indicators, including repair turnaround time, spare parts availability, technical competence, customer complaint resolution and the effectiveness of warranty administration.
Customers should have accessible channels through which they can report complaints, obtain updates on repairs and seek clarification when service commitments are not met.
The media also has an important role to play in promoting accountability and raising the standard of industry conversations.
The Nigeria Auto Journalists Association (NAJA), for instance, can contribute through independent editorial coverage, industry analysis, interviews and platforms that bring automotive companies and consumers together to examine the quality of vehicle ownership in Nigeria.
Its responsibility should be to encourage informed public debate, investigate industry claims and highlight measurable improvements in customer service, rather than endorse promotional claims that have not been independently established.
Buyers must ask the right questions
Beyond the responsibilities of distributors, consumers also have a role in changing the dynamics of competition in the automotive market.
For too long, vehicle purchase decisions have often been influenced primarily by acquisition costs, appearance, brand reputation and technical specifications.
While these considerations remain legitimate, prospective buyers need to pay greater attention to what happens after they drive their vehicles out of the showroom.
Questions about warranty coverage, servicing costs, the availability of genuine replacement parts, roadside assistance and access to authorised service centres should form part of every serious vehicle purchase decision.
Corporate organisations and fleet operators should go further by incorporating after-sales capacity, maintenance costs and expected vehicle downtime into their procurement decisions.
Such an approach would compel automotive distributors to recognise that customers are not simply purchasing vehicles; they are investing in years of mobility, convenience and operational reliability.
A new measure of industry leadership
As Nigeria’s automotive market evolves, the companies best positioned to earn lasting customer loyalty may not necessarily be those selling the cheapest vehicles or introducing the most models.
Increasingly, the decisive advantage could lie with distributors that demonstrate a consistent ability to support customers throughout the ownership journey.
The industry must therefore move beyond measuring success primarily through sales volumes, market share and showroom performance.
It must also pay attention to customer satisfaction, service delivery, warranty compliance and the ability to minimise vehicle downtime.
The ultimate objective should not simply be to sell more vehicles, but to give buyers confidence that their investments will receive the technical attention, maintenance support and customer care required throughout their useful lives.
For Nigeria’s automotive industry, the next big competition may not be about who sells the most attractive vehicle or offers the lowest price.
It may ultimately be about who takes better care of the customer after the sale.
Nigeria’s Auto Dealers Face New Challenge as After-Sales Service Takes Centre Stage
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