Business

JUST IN: CBN Gov, Emefiele Explains Features Of New Naira Notes

Published

3 years ago

November 23, 2022

The Central Bank of Nigeria Governor, Godwin Emefiele has explained the features of the redesigned notes.

Emefiele told State House Correspondents that it was in line with global best practices, noting that it was mandatory for the naira to be redesigned and re-issued every five to eight years.

According to him, it is regrettable that the naira has not been redesigned for the past 19 years owing to lack of political will from previous administrations.

“In the past, I have to confess that attempts by the CBN to redesign and re-issue the naira notes have been resisted. It is only President Muhammadu Buhari that has exhibited the courage to do so,” he stated.

Emefiele said it was the mandate of the CBN, to redesign and re-issue the notes, stressing that the exercise would become a regular trend after five to eight years.

His words,”After today, the CBN will begin to redesign and reissue the naira for every five to eight years”

The CBN governor said that Nigeria has gone cashless and that security agencies would monitor people making withdrawal at the counter to know how much withdrawn and also monitor the usage of the money.

He debunked insinuations that the policy was targeted at anyone, especially the political class.

He said that the CBN was determined in ensuring that the provision of the law on volume of money one should carry is followed.

“The world has moved to cashless economy and the CBN has moved to cashless economy. We will restrain the volume of cash someone will withdraw over the counter. We will follow up with the person’s data to know the reason for such withdrawal,” he said.

Commenting on calls for extension of time for the usage of old notes, the CBN boss said, “we will not go with people that want extension of time. From today, this currency that was reissued will become a legal tender.”

Emefiele also said there is no local government area in the country where there is no bank agent, insisting that there is over one million points across the country that people should go and deposit the old notes.

The CBN boss also boasted that the new naira notes cannot be counterfeited because of the features in them.

Business

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

Published

2 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.

Business

NNPCL Reveals Reason Behind N5.4trn Profit After Tax

Published

2 days ago

November 29, 2025

Editor

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.

Business

CBN Directs Nigerian Banks To Withdraw Misleading Advertisement

Published

3 days ago

November 28, 2025

Editor

The Central Bank of Nigeria (CBN) has directed Nigerian banks, payment service banks and other financial institutions to immediately withdraw all advertisements that violate consumer-protection rules.

The directive, issued in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN’s compliance department, followed a review of marketing practices in the financial sector.

The apex bank said the assessment revealed inconsistencies in how institutions apply disclosure, transparency and fair-marketing requirements.

The CBN ordered the removal of all non-compliant adverts and warned that future promotional materials must be factual, balanced and transparent.

It banned misleading claims, exaggerated benefits, incomplete information, unaudited financial results and comparative language that could de-market competitors.
The regulator of Nigeria’s financial sector also prohibited chance-based promotional inducements such as lotteries, prize draws and lucky dips.

Accordingly, institutions submitting adverts for prior notification must now include campaign timelines, creative materials, target audience details and written confirmation of internal legal and compliance clearance, along with proof that the underlying product has CBN approval.

The bank clarified that such notifications are only for monitoring and do not amount to approval.
All affected institutions must file a compliance attestation within 30 days, signed by the chief executive and compliance leads.

The CBN added that beginning January 2026, it will conduct a follow-up review and apply sanctions for violations under BOFIA 2020 and the Consumer Protection Regulations.