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CBN Speaks On Phasing Out Old Naira Notes

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The Central Bank of Nigeria (CBN) has said the N200, N500 and N1,000 old naira notes are slowly being phased out with the redesigned ones.

Acting CBN Governor, Folashodun Shonubi, made this known on Tuesday after the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja.

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The CBN also increased the Monetary Policy Rate (MPR), which measures interest rate, from 18.5 per cent to 18.75%.

Fielding questions from reporters, Shonubi said, “When a currency is printed and sent out, it is expected that it will go through a number of cycles, and then over time, will become one and then be replaced. That’s what we’re doing.

“We had to put out or re-put out old notes. And as they’re coming in, they’re being processed and returned to us as not issuable. We are then bringing out and replacing them with the new notes.”

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READ ALSO: Naira Gains Against Dollar At Investors, Exporters Window

Shonubi said there is an “optimal level of currency” in circulation and what is being done at the moment is replacing worn-out notes with new ones.

“We believe that we have an optimal level of the currency out there and so much of what’s being done is a replacement to keep the level, rather than just putting money out there,” he said.

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“And that is seen by the fact that the banks, whenever they come to us for notes, we provide it to them. If it wasn’t enough, they will be asking us for more. If it was too much, they’ll be dumping that much more on us.

“So, we will slowly, and over time you will see the old notes replaced out of the system with the new notes that’ll be the norm.

“And that will be out of practice, not fanfare, you’ll just see it slowly morph from old to new.”

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Last October, now suspended CBN Governor, Godwin Emefiele, announced plans to redesign the three highest naira bills and asked Nigerians to deposit their old notes before January 31, 2023, when they would cease to be legal tender.

The naira crunch caused economic turmoil as many Nigerians suffered hardship, leading to riots in some states and the burning of some banks and Automated Teller Machines (ATMs).

The apex bank subsequently said then President Muhammadu Buhari had approved an extension of the deadline for the naira swap.

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Some then governors of the All Progressives Congress (APC) dragged the CBN and the Federal Government to the Supreme Court and the apex court ruled in March 2023 that the old N200, N500, and N1,000 notes would remain as legal tender until December 31, 2023.

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NNPCL Increases Fuel Price

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The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of premium motor spirit across its retail outlets.

It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.

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This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.

READ ALSO:Fuel Station Manager, Three Others Arrested For Robbery

Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.

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This means that the petrol pump price was increased by N65.

This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.

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Naira Appreciates Against Dollar As External Reserves Swell

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The naira appreciated against the dollar at the official foreign exchange market on Monday to begin the week on a bullish note amid swelling external reserves.

According to the Central Bank of Nigeria’s exchange data, the naira appreciated to N1,531.95 against the dollar on Monday from N1,533.74 traded last week Friday.

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READ ALSO:Naira Continues To Appreciate Against Dollar On Official Market

This showed that the Naira strengthened by N1.79 when compared to the N1,533.74 exchanged at the close of work last week.

Meanwhile, at the black market, the naira remained stable at N1560 per litre, the same exchange rate traded on Friday.

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The development comes as Nigeria’s external reserves had maintained a modest rise to $39.54 billion as of August 1st, 2025, up from $39.36 billion on July 30th.

 

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Naira Continues To Appreciate Against Dollar On Official Market

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The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.

Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.

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This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.

READ ALSO:Woman Arrested For Killing, Selling Pregnant Nurse’s Body Parts

Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.

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Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.

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