Business

Falling Naira: Hold Emeﬁele Accountable, NYCN Tells Nigerians

Published

3 years ago

July 31, 2022

The National Youth Council of Nigeria has blamed the Governor of the Central Bank of Nigeria, Godwin Emeﬁele’s poor economic management policies for the recent free-fall of the Naira.

The Naira within the week depreciated to an all-time low of N730 to a U.S dollar at the parallel market.

Recall that operatives of the Economic and Financial Crimes Commission had on Friday raided the Wuse Zone 4 Bureau De Change hub of Abuja over the falling naira.

The PUNCH learnt the EFCC operatives are investigating claims that some individuals are mopping up and hoarding foreign currency thereby causing a scarcity that is driving up the value of the dollar.

But the NYCN in a statement on Sunday by its President, Comrade Solomon Adodo, faulted statements credited to the CBN governor alleging that the current free-fall of the Naira against other major currencies was as a result of the non-remittances of dollars to the foreign reserve by the NNPC Ltd.

He said the claims, “without highlighting the reality of the causative oil and non-oil related factors including a drop in Nigeria’s crude oil production, growing petrol subsidy, an unsustainable dual exchange rate system, reduction in foreign direct investments and growing dependence on importation across many sectors of the economy as disingenuous and unpatriotic”.

Adodo knocked Emeﬁele for “completely failing to concentrate on his core mandate of price stability as the apex bank’s governor”.

He pointed out that with inﬂation at about 19 percent and the exchange rate nearing N800 to a dollar, the CBN governor should be held responsible for “deepening poverty in the country as he continues to work at cross-purposes” at the President, Major General Muhammadu Buhari (retd.)’s objective of reducing poverty and growing the economy.

The statement read, “The NYCN is therefore shocked by the comment of the Governor associating the free-fall of the parallel market rates to NNPC, even though it is purely a monetary policy issue and outside the purview of the NNPC.

“As a youth group, we have noted that the inability of the CBN to promptly release Joint Venture (JV) cash call funding from the Treasury Single Account (TSA) even when the Nigeria National Petroleum Company (NNPC) Ltd had adequate cash cover, leading to the loss of JV Partners’ conﬁdence to restore production and reap the beneﬁts of today’s improved oil prices.

“We are in the know that for over three months now, dollar-denominated cash call payments amounting to over $400 million, properly processed, are yet to be paid by the CBN under Mr. Emeﬁele.

“The combined impact of CBN’s inability to promptly release JV cash call to restore production, the increasing losses due to crude oil theft, and production deferments has culminated in signiﬁcant crude oil output losses of over 600, 000 barrels per day.

“We are taken aback that Mr. Governor is feigning ignorance that the country’s rising petrol subsidy cost, as well as the rising cost of external debt servicing, are all obligations aﬀecting the economy. These aﬀect the NNPC’s remittances to the Federation Account.”

It added, “History shows that Mr. Emeﬁele is at sea on addressing monetary policy issues. We recall that in 2021, the CBN governor blamed Aboki FX for the depreciation of the Naira. He would later blame members of the Association Bureau De Change, which led to the stoppage of dollar sales to the group. At another time, he blamed the Naira’s depreciation on activities of money laundering, terrorism ﬁnancing as well as politicians.

“Furthermore, Nigerians are bearing the brunt of the inaction of the CBN Governor as the Emirates Airlines, the ﬂag carrier of the United Arab Emirates (UAE), has reduced its ﬂight operations to Nigeria over the inability of the CBN to repatriate about $85 million in revenue. Was the failure to repatriate Emirates funds also caused by the NNPC?

“From all indications since his failed presidential bid as well as his rejection by the All Progressives Congress, a partisan Emeﬁele has been doing all to rubbish the achievements of President Muhammadu Buhari and this should no longer be permitted.

“As Nigerians concerned about the future of this country and before Mr. President heeds our clarion call to send Mr. Eemeﬁele packing from the CBN, we advise that the CBN considers among other options the World Bank’s recommendation of adopting a single market-responsive sustainable exchange rate, improving access to forex through well-deﬁned periodic forex auctions, and signaling a renewed commitment to price stability as a primary goal of the apex bank.

“The NYCN further expresses the optimism that the NNPC’s transitioning into a limited liability entity in line with the provisions of the Petroleum Industry Act (PIA), and its regulation now in line with the provisions of the Companies and Allied Matters Act (CAMA) would help resolve cash call payments delays as the company is now exempted from TSA, among others.”

Business

Report Any MRS Filling Stations Selling Fuel Above N739 Per Liter — Dangote Refinery To Nigerians

Published

3 days ago

December 23, 2025

Editor

Dangote Refinery has urged Nigerians to report any MRS filling station outlets nationwide selling fuel above the N739 per liter announced price.

The company disclosed this in a statement on Sunday.

The refinery insisted that its petrol being at retail outlets remain N739 per liter while the gantry price is N699.

It further called on other filling station owners to patronize its refined petroleum products at the N699 rate.

“We also call on other petrol station operators to patronize our products so that the benefits of this price reduction can be passed on to Nigerians across all outlets, ensuring broad-based relief and a more stable downstream market.”

Recall that Aliko Dangote, the president of Dangote Refinery, had pegged the retail price of his petrol at a maximum of N740.

DAILY POST reports that MRS filling and other filling stations had reduced fuel prices to between N739 and N912 per liter in Abuja.

However, reports emerged that some MRS filling stations were selling above the N739 per liter announced price benchmark.

Business

Naira Records Significant Appreciation Against US Dollar

Published

3 days ago

December 23, 2025

Editor

The Naira recorded significant appreciation against the United States dollar on Monday at the official foreign exchange market to begin the week ahead of Yuletide on a good note.

The Central Bank of Nigeria’s data showed that the Naira strengthened to N1,456.56 per dollar on Monday, up from N1,464.49 traded on Friday last week, 19th December 2025.

This means that the Naira gained N7.93 against the dollar when compared with the N1,464.49 was exchanged as of Friday, December 19, 2025. DAILY POST reports that Monday’s gain at the official FX market is the first since December 15th.

Business

CBN Revokes Licences Of Aso Savings, Union Homes As NDIC Begins Deposit Payments

Published

1 week ago

December 16, 2025

Editor

The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent regulatory infractions and deepening financial distress in the two primary mortgage banks.

The revocation, which took effect on December 15, 2025, was carried out under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria, the CBN said in a statement issued on Tuesday.

According to the apex bank, the affected institutions failed to meet minimum paid-up share capital requirements, had insufficient assets to cover their liabilities, recorded capital adequacy ratios below prudential thresholds, and consistently breached regulatory directives.

“The CBN remains committed to its core mandate of ensuring financial system stability,” a statement, signed by the apex bank’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali said.

Following the licence revocation, the Nigeria Deposit Insurance Corporation (NDIC) was appointed liquidator of the defunct banks in line with the law.

The Corporation said it has commenced the liquidation process and begun verification and payment of insured deposits to customers.

Under the deposit insurance framework, depositors are entitled to receive up to two million naira per depositor, with payments made through BVN-linked alternate bank accounts.

Depositors with balances above the insured limit will receive the initial two million naira while the remaining sums will be paid as liquidation dividends after the realisation of the banks’ assets and recovery of outstanding loans.

The NDIC said depositors may submit claims either online or physically at designated branches of the closed banks, while creditors will be paid after all depositors have been fully settled, in accordance with statutory provisions.

The two mortgage banks have faced prolonged operational challenges, including depositor complaints, governance concerns, and delisting from the Nigerian Exchange (NGX) in 2024 for failure to submit audited financial statements for more than six years.

The CBN assured the public that the action was taken to strengthen the mortgage banking sub-sector and protect depositors, adding that banks whose licences have not been revoked remain safe and sound.

This means the two financial institutions can no longer operate as licensed financial institutions.