Business

CBN Threatens To Sanction Banks Hoarding New Naira Notes

Published

3 years ago

January 12, 2023

CBN Governor, Mr Godwin Emefiele
The Central Bank of Nigeria, CBN has vowed to sanction any commercial bank hoarding the new naira notes from the public.

According to CBN, from Thursday (today), monitoring of commercial banks will commence, in order to know those who are not giving the new naira notes to customers.

The branch Controller of Awka CBN, Anambra State, Mr. Benedict Maduagwu, disclose this during a sensitization programme to traders at the main market, Onitsha, Anambra State on Thursday.

He said, “As from today, the CBN will be sanctioning any commercial bank that is not dispensing new notes to the public.

“We will be visiting commercial banks to ensure that they give out the new naira notes to the public to do their business.

“We will make sure that the new notes made available to banks are not diverted to politicians only.”

He also stated that the new redesign was targeted at safeguarding the nation’s currency from hoarding by individuals who stock naira in their houses.

He said, “The hoarding of banknotes by members of the public, with statistics, shows that 84.71 per cent of the currency in circulation are outside the vaults of commercial banks, with only 15.29 per cent in the Central Bank and commercial banks,”

He said the CBN also redesigned the currency because of worsening shortage of clean and fit banknotes and the increasing case of counterfeiting notes by criminals.

He, however, urged the traders to embrace the new notes, adding that it would help to control inflation and bring the hoarded currency into the banking system.

According to him, the policy would help to get more accurate data on money supply and monetary aggregates.

He also stated that the currency redesign would assist in the fight against corruption as the exercise would rein in the higher denomination used for corruption, noting that the movement of such funds from the banking system could be tracked easily.
VANGUARD

Business

Naira Records Depreciation Against US Dollar Across Official, Black Markets

Published

14 hours ago

December 2, 2025

Editor

The naira depreciated against the dollar at the official and parallel foreign exchange markets on Monday to begin the new month on a bearish note.

Central Bank of Nigeria’s data showed that the Naira weakened to N1,448.44 on Monday, down from N1,446.74 traded on Friday last week.

This means that the naira dropped by N1.7 against the dollar on Monday when compared to Friday.

Similarly, at the black market, the Naira declined by N5 to N1,475 on Monday from N1,470 at the close of work last week.

The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27th, 2025.

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

4 days ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

Business

NNPCL Reveals Reason Behind N5.4trn Profit After Tax

Published

4 days ago

November 29, 2025

Editor

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.