Business

External Reserves Fall By $427m In One Month – CBN

Published

3 years ago

February 21, 2023

The country’s external reserves fell by $427.14m in one month, figures obtained from the Central Bank of Nigeria revealed on Monday.

This is as the crisis in the country’s currency worsened over the scarcity of the new naira notes.

Figures obtained from the CBN on the movement of foreign reserves showed that the reserves, which stood at $37.21bn as of January 18, fell to $36.79bn as of the end of February 16, 2023.

Last year, the CBN Governor, Godwin Emefiele, after announcing the plan to redesign the naira notes, said one of the objectives of the policy was to mop up currency outside the bank vaults.

He urged Nigerians to make use of alternative payment channels that would drive the digital payment systems in the country.

But due to the scarcity of the new naira notes after the deadline, the President, Major General Muhammadu Buhari (retd.), directed that the old N200 note should be re-circulated, adding that it would remain legal tender until April 10, 2023.

The Deposit Money Banks also commenced the collection of old N500 and N1,000 on Friday, this was even without giving the depositors new naira notes in return.

Due to the hardship ocassioned by the scarcity, pockets of protests triggered in the country which had led to the loss of lives and property.

The Nigeria Employers’ Consultative Association had said in a statement that, “In the last few weeks, with the cash squeeze and the purchasing ability of Nigerians greatly impaired by the shameless implementation of the policy, the economy has witnessed a significant bashing with a report stating that the real sector witnessed about 40 per cent drop in productive activities. As the cash crush continues, thousands of productive hours are lost daily on queues by employees and many cannot even get to work.”

The Governor, CBN, Godwin Emefiele, in 2022, launched the ‘RT200 FX Programme’ to boost forex supply in the country through the non-oil sector in the next three to five years.

“The RT200 FX Programme is a set of policies, plans and programmes for non-oil exports that will enable us to attain our lofty yet attainable goal of $200bn in FX repatriation, exclusively from non-oil exports, over the next three to five years,” he said.

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

2 days ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.

Business

Tinubu Approves 15% Import Duty On Petrol, Diesel

Published

2 weeks ago

October 30, 2025

Editor

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.

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.

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

Published

1 month ago

October 13, 2025

Editor

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.

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.