Business

CBN To Unify Payments, Begins National Domestic Scheme Implementation

Published

3 years ago

January 14, 2023

The much-touted National Domestic Card Scheme announced by the Central Bank of Nigeria (CBN) is billed to start on January 16, 2023.

The CBN, in partnership with the Nigeria Inter-bank Settlement System (NIBBS), said the scheme is to unify payments in Nigeria and bring in the unbanked population.

The card scheme is also expected to rival big industry players industry such as Mastercard and Visa.

According to NIBBS, the card will become effective on January 16, 2023.

A statement by CBN’s Director of Corporate Communications, Osita Nwanisiobi in October 2022, said that due to the size of Nigeria as Africa’s largest and most vibrant economy and speed of digitisation and innovation including the expansion of mobile access and proactive policy initiatives of the apex bank, it is important to accelerate the adoption of digital financial services.

Nwanisiobi said: “Considering the strength and breadth of its banking sector and the rapid growth and transformation of its payments system over the last decade, Nigeria is ideally positioned to successfully launch a national card scheme.

“Domesticating our card scheme also enhances data sovereignty, enabling the development of locally relevant products and services and reduces demands on foreign exchange.”

CBN lists functions of the card.

The CBN spokesman also said the card could also be used as a platform to disseminate government-to-person payments and other social initiatives to enhance financial access and support the growth of a strong and inclusive digital economy, according to reports.

The card would be delivered via NIBBS, the country’s central switch system in partnership with the Bankers Committee and other industry players.

“It will foster innovation within the Nigerian domestic market, while enabling African and international interoperability, allowing banks and other institutions to offer a variety of solutions including debit, credit, virtual, loyalty and tokenized cards amongst others,” he said.

Part of the plan for the card is to reduce dependence on cash transactions, improve fraud management and better dispute management around card operating systems, Premium Times said.

The CBN added that the card will incorporate products such as debit cards, credit cards and non-interest cards, among others.

Business

Fuel Scarcity Looms As PENGASSAN Stops Gas, Crude Supply To Dangote Refinery

Published

16 hours ago

September 27, 2025

Editor

The industrial dispute between the Dangote Petroleum Refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria took a dramatic turn on Saturday as the union ordered seven branches to cut off crude oil and gas supplies to the $20bn facility.

In a letter dated September 26 and signed by its General Secretary, Lumumba Okugbawa, the union accused the refinery’s management of sacking its members in retaliation for exercising their constitutional right to join the union.

The union’s move marks an escalation in the standoff, with PENGASSAN accusing the refinery of anti-labour practices and the unlawful sack of its members.

In the directive issued to its branch chairmen, PENGASSAN instructed its branch chairmen in key upstream and midstream oil companies, including TotalEnergies, Chevron, Seplat, Shell Nigeria Gas, Oando, and Nigerian Gas Infrastructure Company, to immediately cut off all crude oil and gas supplies to the refinery.

The directive comes after PENGASSAN alleged that Nigerian workers were sacked by Dangote Refinery after joining the union, claiming that management also withdrew staff buses and denied entry to locals while allowing expatriates access.

The union threatened to picket the refinery if the situation was not addressed.

In a statement on Friday, the refinery clarified that only a small number of workers were affected by what it described as a reorganisation aimed at preventing acts of sabotage within the facility. It said over 3,000 Nigerians remain in employment, rejecting claims of mass layoffs.

Dangote maintained that the restructuring was necessary after what it described as recurring acts of sabotage in different units of the refinery, which posed serious risks to human lives and operations.

As a result, PENGASSAN instructed its branches in TotalEnergies, Seplat, Chevron, Oando, Shell Nigeria Gas, Renaissance, and NGIC to cut gas supply to the refinery immediately.

The union described the move as “illegitimate” and accused the refinery of spreading misinformation instead of addressing the matter through dialogue.

“As you are aware, the Management of Dangote Petroleum Refinery has disengaged our members in reaction to the exercise of their constitutional right to being unionized.

“They have gone further on a mission of misinformation and propaganda to justify this illegitimacy rather than engaging meaningfully with us to right the wrong.

“Consequent to these, you are hereby directed to cut off gas supply to NGIC effective immediately. All crude oil supply valves to the Refinery should be shut. The loading operation for vessel headed there should be halted immediately,” the directive read.

The union further mandated the NGIC Chairman to ensure strict compliance with the order and told all branch chairmen to give regular updates on the action taken.

“NGIC Chairman, ensure that gas supply to the Refinery is cut off effective immediately. All chairmen on this summons are to report promptly the progress of the directive. Kindly accept the assurances of our highest esteem. Thank you,” the statement read.

Reaffirming its solidarity, PENGASSAN ended the directive with its slogan: “Injury to one! Injury to all!”

On Thursday, the company announced it would suspend petrol sales in naira from September 28 following the exhaustion of its crude-for-naira allocations.

Business

Fuel Price Hike Looms As Dangote Refinery Stops Petrol Sales In Naira

Published

1 day ago

September 27, 2025

Editor

The Dangote Petroleum Refinery has announced the suspension of petrol sales in naira, unsettling marketers and raising fresh concerns over fuel pricing and foreign exchange pressure.

In an email sent to customers at 6:42 p.m. on Friday, the refinery said the decision would take effect from Sunday, September 28, 2025, citing the exhaustion of its crude-for-naira allocation as the reason.

The notice, titled “Suspension of DPRP PMS Naira Sales – Effective 28th September 2025” and signed by the Group Commercial Operations of Dangote Petroleum Refinery & Petrochemicals, also asked customers with ongoing naira-based transactions to formally request refunds.

“We write to inform you that Dangote Petroleum Refinery & Petrochemicals has been selling petroleum products in excess of our Naira-Crude allocations and, consequently, we are unable to sustain PMS sales in Naira going forward,” the statement read.

“Kindly note that this suspension of Naira sales for PMS will be effective from Sunday, 28th of September, 2025. We will provide further updates regarding the resumption of supply once the situation has been resolved.

“All customers with PMS transactions in Naira who would like a refund of their current payments should formally request the processing of their refund.”

The move comes amid a raging dispute between the refinery and labour unions over the alleged mass sack of more than 800 Nigerian workers. This controversy has drawn public outrage and calls for government intervention.

This is the second time the refinery has halted local currency transactions. In March 2025, it briefly suspended sales of refined products in naira, blaming inadequate allocations under the crude-for-naira programme.

Business

Naira Appreciates Massively Against US Dollar In The Black Market, Highest In 15 Months

Published

3 days ago

September 25, 2025

Editor

The naira appreciated massively against the United States dollar at the parallel foreign exchange market.

Abubakar Alhasan, a Bureau De Change operator in Wuse Zone, Abuja, told DAILY POST that the Naira strengthened significantly to N1,490 per dollar on Wednesday, up from N1,520 on Tuesday.

“We buy at N1480 and sell at N1490 on Wednesday due to lower FX demand,” Alhasan confirmed to newsmen.

This means that the Naira gained N30 against the dollar on a day-to-day basis.

The last time they were exchanged at this level in the black market was in June 2024.

Meanwhile, at the official market, it dropped marginally by N1.19 to N1,488.56 per dollar on Wednesday, down from N1,487.37, according to data from the Central Bank of Nigeria.

Analysing the trend at both markets, the difference between official and parallel markets has shrunk to 1.44.

Recall that on Tuesday, the Naira appreciated across official and parallel foreign exchange markets upon an interest rate cut by the apex bank by 50 basis points to 27 per cent.