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Naira: CBN Has No Reason To Disobey Court Orders — Presidency

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The Presidency yesterday said that President Muhammadu Buhari did not instruct or direct the Attorney General of the Federation, AGF, and Minister of Justice, Abubakar Malami and the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele to disobey the Supreme Court order on the Naira swap deadline.

The Presidency also said that the CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President

A statement issued by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu stated that President Buhari has never interfered in the activities of the judiciary and has no reason to do that now he has few months to exit from office.

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Shehu in the statement said, “The Presidency wishes to react to some public concerns that President Muhammadu Buhari did not react to the Supreme Court judgement on the issue of the N500 and N1,000 old currency notes, and states here plainly and clearly that at no time did he instruct the Attorney General and the CBN Governor to disobey any court orders involving the government and other parties.

READ ALSO: Naira: Malami, Emefiele On Their Own On S’Court Judgement – Presidency

“Since the President was sworn into office in 2015, he has never directed anybody to defy court orders, in the strong belief that we can’t practise democracy without the rule of law and the commitment of his administration to this principle has not changed.

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“Following the ongoing intense debate about the compliance concerning the legality of the old currency notes, the Presidency therefore wishes to state clearly that President Buhari has not done anything knowingly and deliberately to interfere with or obstruct the administration of justice.

“The President is not a micromanager and will not, therefore, stop the Attorney General and the CBN Governor from performing the details of their duties in accordance with the law. In any case. it is debatable at this time if there is proof of willful denial by the two of them on the orders of the apex court.

“The directive of the President, following the meeting of the Council of State. is that the Bank must make available for circulation all the money that is needed and nothing has happened to change the position.

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READ ALSO: BREAKING: Old Naira Notes Legal Tender Till December – Supreme Court

“It is an established fact that the President is an absolute respecter of judicial process and the authority of the courts.”

Continuing the Presidency said, “He has done nothing in the last eight or so years to act in any way to obstruct the administration of justice, cause lack of confidence in the administration of justice, or otherwise interfere or corrupt the courts and there is no reason whatsoever that he should do so now when he is getting ready to leave office.

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“The negative campaign and personalised attacks against the President by the opposition and all manner of commentators is unfair and unjust, as no court order at any level has been issued or directed at him.

“As for the cashless system the CBN is determined to put in place, it is a known fact that many of the country’s citizens who bear the brunt of the sufferings, surprisingly support the policy as they believe that the action would cut corruption, fight terrorism, build an environment of honesty and reinforce the incorruptible leadership of the President.

READ ALSO: Naira Scarcity: Disobedience To Supreme Court Ruling May Cause Breakdown Of Law, Order – ACF

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“It is therefore wide off the mark to blame the President for the current controversy over the cash scarcity, despite the Supreme Court judgement. The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President.

“President Buhari has also rejected the impression that he lacks compassion, saying that “no government in our recent history has introduced policies to help economically marginalised and vulnerable groups like the present administration.”

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Naira Records Second Consecutive Depreciation Against US Dollar

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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.

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

READ ALSO:Naira Records First Appreciation Against US Dollar At Official Market

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

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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.

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Tinubu Approves 15% Import Duty On Petrol, Diesel

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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.

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READ ALSO:UPDATED: Tinubu Reverses Maryam Sanda’s Pardon, Convict To Spend Six Years In Jail

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.

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

READ ALSO:JUST IN: Tinubu Bows To Pressure, Reviews Pardon For Kidnapping, Drug-related Offences

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.

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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.

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NNPCL Raises Fuel Price

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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.

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READ ALSO:JUST IN: NNPC, NUPRC, NMDPRA Shut As PENGASSAN Begins Strike

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.

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Most of the NNPC stations were not dispensing fuel.

 

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