Business
Experts Divided Over Interest Rate Hike Ahead Of MPC Meeting

Ahead of the two-day Monetary Policy Committee meeting of the Central Bank of Nigeria commencing on Monday, financial experts have expressed uncertainties over possible interest rate hike.
As part of its event calendar for 2023, the CBN disclosed that it would hold its 289th meeting in Abuja.
Speaking on the prospective outcome of the MPC meeting, a professor of Capital Market and Chairman of Chartered Institute of Bankers of Nigeria, Abuja Branch, Prof Uche Uwaleke, explained that the Committee would likely keep all the monetary policy parameters.
He said, “Plethora of historical evidence suggests that the MPC rarely adjusts policy rates in January due to the need to allow the markets to stabilise in the New Year.
“Also, inflationary pressure is beginning to reduce, as seen in headline inflation numbers for December 2022.
“I do not advise a further hike in MPR, as doing so beyond the current high rate of 16.5 per cent can jeopardise economic growth.”
READ ALSO: 2023: Insecurity, Erratic Electricity, Fuel Scarcity Persist As APC Seeks Fresh Mandate
However, researchers at Cordros Securities expect a rate hike after the meeting.
In a report, the group of experts explained that MPC might toe the line of their global counterpart to introduce a small interest rate hike.
“Looking elsewhere, the prospect of global Central Banks embarking on smaller interest rate hikes could also influence the MPC’s decision to toe the same line amid concerns about the domestic economy”, they stated.
Business
Tinubu Approves 15% Import Duty On Petrol, Diesel

President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), also known as petrol.
This was announced in a letter dated October 21, 2025, where the private secretary to the president, Damilotun Aderemi, conveyed Tinubu’s approval to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Tinubu gave his approval, following a request by the FIRS to apply the 15 percent duty on the cost, insurance and freight (CIF) to align import costs to domestic realities.
READ ALSO:UPDATED: Tinubu Reverses Maryam Sanda’s Pardon, Convict To Spend Six Years In Jail
With the approval, the implementation of the import duty will increase a litre of petrol by an estimated N99.72 kobo.
The latest development has led to the Nigerian National Petroleum Company Limited (NNPCL) announcing that it has begun a detailed review of the country’s three petroleum refineries, with a view to bringing them back online.
NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, made the announcement in a post on his official X handle on Wednesday night.
READ ALSO:JUST IN: Tinubu Bows To Pressure, Reviews Pardon For Kidnapping, Drug-related Offences
According to Ojulari, one of the options being explored by the NNPCL is to search for technical equity partners to ‘high-grade or repurpose’ the facilities.
Tagged: “Update on Our Refineries”, Ojulari said: “The NNPCL continues to remain optimistic that the refineries will operate efficiently, despite current setbacks.”
It can be recalled that despite spending about $3 billion on revamping the refineries, only the 60,000 barrels per day portion of the facility worked skeletally for just a few months before packing up.
The Warri refinery has remained ineffective weeks after it was gleefully announced to have returned to production, while the one situated in Kaduna State never took off at all.
Business
NNPCL Raises Fuel Price

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .
As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.
During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.
READ ALSO:JUST IN: NNPC, NUPRC, NMDPRA Shut As PENGASSAN Begins Strike
At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.
However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.
Most of the NNPC stations were not dispensing fuel.
Business
CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.
The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”
The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.
Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.
READ ALSO:CBN Sets POS Maximum Transactions In Fresh Guidelines
For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.
“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.
In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.
Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.
READ ALSO:FG Records N7.34tn Fiscal Deficit In 11 Months – Report
According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.
The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.
To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.
Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.
READ ALSO:CBN, UBA, Others In Benin Given Ultimatum To Remove Their Buildings Or Be Demolished
ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.
Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.
The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.
READ ALSO:Nigeria’s External Reserves Increase As CBN Releases 2024 Financial Results
The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”
Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.
The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.
   News4 days ago News4 days ago- Six Countries With Highest Number Of Billionaires In 2025 
   News3 days ago News3 days ago- Edo Gives Ex-deputy Gov One Week To Return State Assets 
   News3 days ago News3 days ago- Anambra, Lagos, Others Top 2025 Fiscal Performance Rankings, As C’Rivers Dropped from 5th to 30th 
   News2 days ago News2 days ago- JUST IN: Tinubu Bows To Pressure, Reviews Pardon For Kidnapping, Drug-related Offences 
   News2 days ago News2 days ago- JUST IN: Tinubu Reverses Maryam Sanda’s Pardon, Convict To Spend Six Years In Jail 
   News5 days ago News5 days ago- Ex-soldiers Fume Over Lifetime Benefits For Sacked Service Chiefs 
   Metro5 days ago Metro5 days ago- Soldiers Kill 80 Bandits In Kebbi Border Clash 
   Headline5 days ago Headline5 days ago- US: Trump Raises Tariffs On Canada 10% After ‘Negative Ad’ 
   News2 days ago News2 days ago- JUST IN: Senate Clears Oluyede As Chief Of Defence Staff 
   News5 days ago News5 days ago- Resident Doctors Declare Nationwide Strike 


 
										
 
										
 
										
 
										
 
										
 
										
 
										
 
										
 
										
 
										