Business

Falling Naira: Hold Emeﬁele Accountable, NYCN Tells Nigerians

Published

3 years ago

July 31, 2022

Editor

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

JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000

Published

3 days ago

December 3, 2025

Editor

The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000.

The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department.

Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns.

According to her, it will also curb money laundering risks associated with heavy reliance on cash.

She said that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.

“However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary,” she said.

She said that with effect from Jan. 1, 2026, the cumulative deposit limit would be removed and the fee previously charged on excess deposits would no longer apply.

The director said that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and five million Naira for corporates.

“Withdrawals above these thresholds will attract excess withdrawal charges as specified,” she said. “The special monthly authorisation that allowed individuals to withdraw five million Naira and corporates N10 million once a month has been abolished.”

She said that for Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly.

She said that this formed part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.

Sike said that excess withdrawals above the stipulated limits would attract three per cent for individuals and five per cent for corporate customers.

According to her, this will be shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.

She directed banks to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.

Sike said that such withdrawals would be counted as part of the cumulative weekly limit.

The director said that banks were also required to render monthly returns to the relevant supervisory departments.

She listed the departments to include the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.

Sike said that revenue-generating accounts of federal, state, and local governments were exempted from the new withdrawal rules.

She said that accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks are also exempted from the new rules.

She, however, said that the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies had been removed.

Business

Naira Records Depreciation Against US Dollar Across Official, Black Markets

Published

4 days ago

December 2, 2025

Editor

The naira depreciated against the dollar at the official and parallel foreign exchange markets on Monday to begin the new month on a bearish note.

Central Bank of Nigeria’s data showed that the Naira weakened to N1,448.44 on Monday, down from N1,446.74 traded on Friday last week.

This means that the naira dropped by N1.7 against the dollar on Monday when compared to Friday.

Similarly, at the black market, the Naira declined by N5 to N1,475 on Monday from N1,470 at the close of work last week.

The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27th, 2025.

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

7 days ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.