Business

JUST IN: Court Declines Suit To Stop CBN’s Cash Limit

Published

3 years ago

December 15, 2022

Justice Sylvanus Oriji of a High Court of the Federal Capital Territory in Abuja has declined to grant a motion seeking to stop the new cash withdrawal policy of the Central Bank of Nigeria.

The application was brought before the court by 10 named applicants for themselves and on behalf of 20 million Nigerian citizens who do not use banks.

The PUNCH reported that although the decision by the court was taken on Tuesday, the court processes were obtained by journalists in Abuja on Thursday.

President Muhammadu Buhari; Attorney-General of the Federation; Central Bank of Nigeria and the Governor of the Central Bank of Nigeria, Godwin Emefiele were listed as respondents.

The applicants prayed the court to grant injunctions restraining the respondents from proceeding with the January 31 2023 deadline of the use of the current N200, N500 and N1,000 notes as it affects the citizens without any real plans or workable guidelines to cover the over 20 million unbanked Nigerians who are vulnerable to information and the use of technologically driven platform without the possibility of financial inclusion.

They also prayed for an order restraining the CBN from implementation of the revised cash withdrawal limiting the maximum cash withdrawal over the counter by individuals and corporate organisations per week to N100, 000 and N500, 000 respectively which was a violation of the Money Laundering (Prevention and Prohibition Act, 2002 and which also constitutes a flagrant violation of the fundamental rights of the applicants as guaranteed under the 1999 Constitution as well as the African Charter on Human and Peoples Rights (Ratification and Enforcement) Act.

Furthermore, they asked the court to grant an order for accelerated hearing to the suit and also an order for substituted service on the parties while also praying for the order of court mandating the CBN to produce a detailed plan and guidelines covering the over 20 million unbanked citizens who are vulnerable to the use of telecommunication and technologically driven money platforms.

After listening to the counsel to the applicants, Justice Oriji declined the prayers for injunction but rather directed that all the respondents be put on notice to come and show cause why the order for injunction should not be granted against them.

The Judge thereafter adjourned the matter to January 10 2023 after granting orders for accelerated hearing and substituted service.

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

26 minutes ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.

Business

Tinubu Approves 15% Import Duty On Petrol, Diesel

Published

2 weeks ago

October 30, 2025

Editor

President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), also known as petrol.

This was announced in a letter dated October 21, 2025, where the private secretary to the president, Damilotun Aderemi, conveyed Tinubu’s approval to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Tinubu gave his approval, following a request by the FIRS to apply the 15 percent duty on the cost, insurance and freight (CIF) to align import costs to domestic realities.

With the approval, the implementation of the import duty will increase a litre of petrol by an estimated N99.72 kobo.

The latest development has led to the Nigerian National Petroleum Company Limited (NNPCL) announcing that it has begun a detailed review of the country’s three petroleum refineries, with a view to bringing them back online.

NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, made the announcement in a post on his official X handle on Wednesday night.

According to Ojulari, one of the options being explored by the NNPCL is to search for technical equity partners to ‘high-grade or repurpose’ the facilities.

Tagged: “Update on Our Refineries”, Ojulari said: “The NNPCL continues to remain optimistic that the refineries will operate efficiently, despite current setbacks.”

It can be recalled that despite spending about $3 billion on revamping the refineries, only the 60,000 barrels per day portion of the facility worked skeletally for just a few months before packing up.

The Warri refinery has remained ineffective weeks after it was gleefully announced to have returned to production, while the one situated in Kaduna State never took off at all.

Business

NNPCL Raises Fuel Price

Published

4 weeks ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.