Business
Banks Break Silence On ‘Hoarding New Naira Notes’ After CBN Policy
Nigerian banks on Monday denied allegations of fuelling the scarcity of the redesigned naira notes across the country.
The Association of Corporate Affairs Managers of Banks, ACAMB, empathized with the public on the hardships consequent upon the rollout of the new notes and reviewed cashless policy.
The President, Rasheed Bolarinwa, in a statement made available to DAILY POST, said the banks could not be the clog in the wheel of progress when they had already invested about N100 billion in the system.
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Bolarinwa said the fund was used in setting up and maintaining cutting-edge electronic channels in recent years as part of the ongoing commitment to seamless customer experience and real-time digital financial transactions.
He noted that from internet banking to mobile apps, Automated Teller Machines, ATMs; Point of Sales, PoS, merchants, mobile wallets, Unstructured Supplementary Service Data, USSD, codes, agents and digital franchise, 80 per cent of Nigerians now enjoy digital/cashless services.
ACAMB said the commitments have seen Nigeria rising steadily and recognised as having arguably Africa’s most advanced digital financial services industry and one of the world’s top 10 real-time payment markets.
The financial institutions declared their full support for the enhanced cashless policy championed by the Central Bank of Nigeria, CBN.
Bolarinwa said they were collaborating with the regulator and other stakeholders to urgently address constraints in the implementation and ensure citizens suffer no untoward pains in the transition process.
“ACAMB affirms without any equivocation that Banks are not in any way hoarding or holding back naira notes or engaging in any act inimical to our avowed commitment to exciting customer experience.”
Bolarinwa said ATMs are being loaded daily while cash is being disbursed under the supervision of CBN Inspectors and anti-graft agencies.
The banks listed additional measures as the deployment of extra technical support for online payments, additional security at ATMs for all-clock usage, technological back-up to reduce online downtime, additional staff deployment to attend to cash transactions and timely interbank and inter-branch networking.
The statement expressed confidence that the measures, in addition to efforts of the CBN, “will result in greater ease of access and cash liquidity”.
READ ALSO: New Naira: Kaduna, Kogi, Zamfara Govts Drag FG To Supreme Court
ACAMB, however, appealed to customers to exercise patience and not resort to violence against any bank, its employees or banking facilities.
It reminded them that many banks are public companies owned by millions of Nigerians and provide employment to tens of thousands of staff who work to ensure reliable and secured services.
Business
Naira Records Massive Appreciation Against US Dollar Into Christmas Holidays
The Naira gained massively against the United States dollar in the last three days at the official foreign exchange as trading ended for the Christmas holidays.
Central Bank of Nigeria data showed that the Naira strengthened further on Wednesday to N1,443.37 per dollar, up from N1,449.99 on Tuesday.
This means that since Monday this week, the Naira has recorded a significant N13.18 gain against the dollar, according to the apex bank data.
READ ALSO:Naira Records Depreciation Against US Dollar Across Official, Black Markets
Similarly, at the black market, the Naira traded on Wednesday at N1,490 per dollar, an appreciation from the N1,500 exchanged on Monday but the same rate as on Tuesday.
The uptrend comes amid the rise in the country’s external reserves to $45.24 as of December 23rd, 2025.
DAILY POST reports that the Naira gained against the dollar at the official market on Monday and Tuesday.
Business
Report Any MRS Filling Stations Selling Fuel Above N739 Per Liter — Dangote Refinery To Nigerians
Dangote Refinery has urged Nigerians to report any MRS filling station outlets nationwide selling fuel above the N739 per liter announced price.
The company disclosed this in a statement on Sunday.
The refinery insisted that its petrol being at retail outlets remain N739 per liter while the gantry price is N699.
It further called on other filling station owners to patronize its refined petroleum products at the N699 rate.
“We also call on other petrol station operators to patronize our products so that the benefits of this price reduction can be passed on to Nigerians across all outlets, ensuring broad-based relief and a more stable downstream market.”
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Recall that Aliko Dangote, the president of Dangote Refinery, had pegged the retail price of his petrol at a maximum of N740.
DAILY POST reports that MRS filling and other filling stations had reduced fuel prices to between N739 and N912 per liter in Abuja.
However, reports emerged that some MRS filling stations were selling above the N739 per liter announced price benchmark.
Business
Naira Records Significant Appreciation Against US Dollar
The Naira recorded significant appreciation against the United States dollar on Monday at the official foreign exchange market to begin the week ahead of Yuletide on a good note.
The Central Bank of Nigeria’s data showed that the Naira strengthened to N1,456.56 per dollar on Monday, up from N1,464.49 traded on Friday last week, 19th December 2025.
This means that the Naira gained N7.93 against the dollar when compared with the N1,464.49 was exchanged as of Friday, December 19, 2025. DAILY POST reports that Monday’s gain at the official FX market is the first since December 15th.
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Meanwhile, at the black market, the Naira remained stable at N1500 per dollar on Monday, according to multiple Bureau De Change operators in Wuse Zone 4, Abuja.
The development comes as the country’s external reserves stood at $44.66 billion as of last week Friday.
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