Business

Group Knocks CBN Over New Withdrawal Limits, Says New Policy Can’t Work

Published

3 years ago

December 7, 2022

Editor

Human Rights Writers Association of Nigeria (HURIWA), on Wednesday, criticised the Central Bank of Nigeria over its weekly cash withdrawal limits, saying the measure cannot help the worsening depreciation of the naira.

HURIWA’s National Coordinator, Emmanuel Onwubiko, in a statement, said the CBN Governor, Godwin Emefiele is chasing shadows having crippled Nigeria’s economy with poor fiscal policies in his about 10-year regime at the apex bank.

The group said rather than coming up with experimental and needless policies like the redesigning of the naira, cash withdrawal limits, amongst others, the apex bank and the Federal Government should cut down foreign loans and reduce Nigeria’s worsening external debt burden which has been said by experts to be the dominant cause of naira depreciation against the United States dollar.

HURIWA further said the daily maximum withdrawals via point of sale (PoS) terminal of N20,000 will force thousands of Nigerians who are PoS operators out of jobs, when the policy takes effect nationwide from January 9, 2023.

The group faulted the policy as bad for a country with 21.09% inflation rate, 133 million people in multidimensional poverty, and unemployment rate of over 33% meaning over 23 million employable Nigerians are jobless.

The CBN on Tuesday directed Deposit Money Banks and other financial institutions to ensure that weekly over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively. The apex bank also pegged the maximum cash withdrawal per day via PoS terminals and Automatic Teller Machine (ATM) at N20,000, saying that only the N200 denomination will be loaded into the ATMs.

The CBN noted that the new policy is sequel to the launch of the redesigned N200, N500 and N1,000 notes by President Muhammadu Buhari on November 23, 2022.

Commenting, HURIWA’s Onwubiko said, “The CBN under its current governor, Godwin Emefiele has gone bananas. The apex bank can’t boost the value of the naira, it can’t remit over $550m trapped funds belonging to foreign airlines, forcing many of them to stop flight operations to the country. Manufacturers are also groaning and many dying or relocating from Nigeria because of inaccessibility to forex.

“It banned the supply of forex to Bureau de Change, among others and now, it has introduced limits for withdrawals that makes Nigeria look like a communist economy. Yet, the naira continues to plunge unprecedently against the dollar. Emefiele should be dismissed, he has exhausted his shallow experimental yet resultless policies.

“It is on record that the value of naira to dollar fell from N196.92 in June 2015 to N414.72 in June 2022, worsening Nigeria’s foreign debt burden. Under President Buhari and Emefiele, the naira depreciated by 52.52 per cent against the US dollar, even as the country’s total external debt rose from $10.32bn as of June 30, 2015, to $40.06bn as of June 30, 2022, a whopping increase of 288.18 per cent in seven years!

“The next CBN governor after Emefiele’s sack should borrow the wisdom of the World Bank which advised that to achieve price stabilisation of the naira, the local currency should be allowed to respond to real pressures, and not be bottled up by the CBN.

“Emefiele’s successor should also advise the Federal Government to heed experts’ advice to move away from reliance on foreign assistance to finance developmental projects in the region as means to strengthen the naira.”

Business

Naira Appreciates At Official Market

Published

2 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

3 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

3 weeks ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.