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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 Reduces Fuel Price After Dangote Refinery’s Adjustment

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The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.

It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.

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This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.

READ ALSO:N5bn Damage: NNPCL Secures Appeal Court Victory Against Ararume

The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.

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It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.

This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.

The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.

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Dangote Refinery Reduces Fuel Price

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Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.

This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.

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The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.

READ ALSO:Dangote Refinery Gets New CEO

In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 CNG-powered trucks for fuel distribution across Nigeria, effective August 15, 2025,” said Chijiena.

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The announcement comes as the refinery prepares to commence direct fuel distribution nationwide. The development is expected to lead petroleum product marketers to reduce their pump prices in the coming days.

In Abuja, the retail fuel price stood between N885 and N970 per litre as of Tuesday evening.

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Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US

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India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.

This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.

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According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.

Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.

READ ALSO:‘My Eyes Dey Your Body’: Drama As Portable Professes Love For Regina Daniels

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The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.

Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.

Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.

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According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.

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Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.

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On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.

In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.

“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.

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