Business

JUST IN: At Last, CBN Breaks Silence, Says Old Naira Notes Remain Legal Tender Till December

Published

2 years ago

March 13, 2023

The Central Bank of Nigeria has directed commercial banks to dispense and receive old naira notes as legal tender across the country.

The CBN gave the directive at a Bankers’ Committee meeting held on Sunday, according to a statement by the Acting Director, CBN Corporate Communications, Isa AbdulMumin, on Monday.

This is coming hours after the Presidency Monday evening said the CBN had no reason not to comply with the ruling of the Supreme Court on the naira redesign policy.

It stated that the President, Major General Muhammadu Buhari (retd.), did not instruct the CBN governor, Godwin Emefiele, and the Attorney-General of the Federation, Abubakar Malami, to disobey “any court orders involving the government and other parties.”

The PUNCH reports that over one week after the court handed down the order, the AGF and the CBN have kept mum over the verdict. Their silence has emboldened Nigerians and businesses to reject the old notes as legal tender.

Meanwhile, state governments, which sued the Federal Government on the naira redesign policy, have given the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, and the Central Bank of Nigeria Governor, Godwin Emefiele, till Tuesday to comply with the order of the Supreme Court on the currency.

The state governments threatened to file contempt charges against the two top officials on Tuesday should they fail to obey the apex court which ordered that the old N1,000, N500 and N200 should be in circulation alongside the new notes till December 31, 2023.

The PUNCH reports that the apex court had ordered that the old naira notes be allowed to circulate side by side the new notes until December 31, 2023.

A seven-man panel of the Supreme Court led by Justice John Okoro gave the judgment. Other justices that sat on the case are Emmanuel Agim, Amina Augie, Mohammed Garba, Ibrahim Saulawa, Adamu Jauro and Tijanni Abubakar.

In the judgment delivered by Justice Agim, the apex court held that Buhari breached the constitution in the manner he issued directives for the redesigning of the naira.

On the disobedience of the Supreme Court’s earlier order on the new notes, Justice Agim said Buhari’s broadcast of February 16, 2023 that only the N200 note should remain legal tender made the country’s democracy look like a mere pretension.

Justice Agim stated, “Let me consider the issue of the President’s disobedience of the 8-2-2023 interim order that the new and old versions of naira notes continue to circulate as legal tender until the determination of the pending application for interlocutory injunction. It is not in dispute that the 1st defendant refused to obey the said order.

“The President’s 16-2-2023 national broadcast reproduced here in pages 27-31 demonstrates this disobedience. In disobedience of the order, he directed that only the old N200 naira notes be re-circulated. Interestingly, there is nothing to show the implementation of even that directive. I agree with the 9th plaintiff that the 1st defendant is not entitled to be heard by this court when it has effused to respect the authority of this court and the authority of law from which the authority of the President and the government of Nigeria derives.

“The rule of law upon which our democratic governance is founded becomes illusory if the President of the country or any authority or person refuses to obey the orders of courts. The disobedience of orders of courts by the President in a constitutional democracy as ours is a sign of the failure of the constitution and that democratic governance has become a mere pretension and is now replaced by autocracy or dictatorship.”

Details later…

Business

Naira Appreciates At Official Market

Published

3 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

4 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.