Business
Crude Oil Buyers Should Pay Nigeria In Naira, Not Dollar – Falana
Human rights lawyer, Femi Falana, SAN, has condemned what he described as the dollarisation of the Nigerian economy, adding that the country has no business selling crude oil in dollars.
He said he has led a campaign against the dollarisation of the economy to the leadership of the Central Bank of Nigeria who have promised to address the situation but have been unable to do so.
Falana, who was a guest on Channels Television’s Politics Today on Monday, also questioned the position of Nigeria amid the quest by the BRICS countries and others to introduce an international currency to challenge the dollar.
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“Along our campaign (against dollarization of the economy), the world is moving. The BRICS is now campaigning that it is going to have an international currency to challenge the dollar. About 24 countries have applied to join the body in their next summit that will take place in South Africa. I am simply asking, what is the position of Nigeria?
“Have we reduced ourselves to the footnote of history as far as international affairs are concerned? When you look at section 19 E of the Constitution, provides that it shall be the duty of the government of Nigeria to promote a new international economic order and that is and that is the world before us.
“We have no business selling our oil, gas, and other products in dollars, we are supposed to ask the buyers to pay in naira so that you can shore up your currency. And that is what Russia is doing currently, China is doing the same, India is doing that,” Falana said.
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He condemned the central bank for taking advice from the IMF and the World Bank as these bodies believe that the naira is overvalued. Falana also lamented that house rent and school fees are now paid in dollars in some parts of the country.
Business
CBN Retains Interest Rate At 27%
The Monetary Policy Committee of the Central Bank of Nigeria has voted to retain the benchmark interest rate at 27 per cent.
CBN Governor, Olayemi Cardoso, announced the decision on Tuesday following the apex bank’s 303rd MPC meeting in Abuja.
Cardoso stated that the committee also resolved to keep all other monetary policy indicators unchanged.
READ ALSO:CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
He noted that the Cash Reserve Ratio (CRR) remains at 45 per cent for commercial banks and 16 per cent for merchant banks, while the 75 per cent CRR on non-TSA public sector deposits was equally maintained.
Cardoso added that the Liquidity Ratio was retained at 30 per cent, and the Standing Facilities Corridor was adjusted to +50/-450 basis points around the Monetary Policy Rate.
The decision comes as Nigeria records its seventh consecutive month of declining inflation, which eased to 16.05 per cent in September 2025.
Business
CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
The Central Bank of Nigeria, CBN, has issued a definitive directive detailing how financial holding companies should calculate their minimum paid-up capital, following weeks of confusion that delayed the release of some banks’ half-year and nine-month financial statements.
In a circular dated November 14, 2025, the apex bank acknowledged “divergent interpretations” of the term minimum paid-up capital as stated in Section 7.1 of the 2014 Guidelines for Licensing and Regulation of Financial Holding Companies.
To eliminate ambiguity, the CBN ruled that minimum paid-up capital must be computed strictly as the par value of issued shares plus any share premium arising from their issuance.
READ ALSO:CBN Sets POS Maximum Transactions In Fresh Guidelines
“All Financial Holding Companies are required to apply this definition in computing their minimum capital requirement—without exception for subsidiaries,” the circular stated.
The regulator added that the directive takes immediate effect, noting that any previous interpretation that does not align with the new clarification “should be discontinued forthwith.”
The move is expected to calm market anxiety and provide clarity for lenders navigating ongoing regulatory capital requirements.
Business
Naira Records Massive Week-on-week Depreciation Against US Dollar
The Nigerian Naira recorded massive week-on-week losses against the United States dollar at the official foreign exchange market.
The Central Bank of Nigeria’s exchange rate showed that the Naira dipped significantly to end the week at N1,456.73 on Friday, November 21, 2025, down from N1,442.43 traded on November 14.
This means that on a weekly basis, the Naira shed N14.06 against the dollar at the official market.
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However, at the black market, currently battling with low patronage, it remained stable at N1,465, the same rate traded last week.
The development comes despite Nigeria’s foreign reserves rising by 1.25 per cent to $43.64 billion in the last week.
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