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Naira Crunch: CBN Monetary Policies Best For Nigeria Economy – Obaseki

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Despite criticism, pains and suffering in accessing the naira, Edo State governor, Godwin Obaseki, on Monday insisted that the Central Bank of Nigeria, monetary policies of Godwin Emefiele’s towards a cashless economy remain the right decision for the nation’s economy.

The Governor, however, called for more enlightenment and patience on the path of Nigerians, even as he urged the apex bank to ensure the availability of naira notes for the citizenry whom he said are going through pains in getting money to spend.

The Governor spoke shortly after he summoned a meeting with senior officials of the CBN and senior management staff of banks in Government House Benin on the difficulty of the people in accessing cash.

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He also appealed to the people to take advantage of ATMs, POS and bank wallets for transactions.

He said, “I had to invite the Central Bank and senior management of all the banks in Edo state to come and meet with me in the government house because government is very much concern about the plight and suffering of our people who are worried over the inability to get cash from the banking system in Edo state.

“Haven discussed extensively with the CBN and the bankers that the policy of moving the Nigeria economy to one of a cashless system should be encouraged. It is the best thing for our banking system so the Edo state government has no problem with the policy of the federal government to move our economy to a cashless one.

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“However, we want to ensure we do this as painlessly as possible; we have to improve on the communication with our people to reduce their fear. When people go to banks to collect cash because they want to spend it on something, we want to help to inform them that they don’t need to collect cash to spend cash.

“We actually have other means to spend cash without going to the bank to collect cash. From Phones, payment can be made to whomever. For those who don’t have sophisticated phones, with USSID codes you can pay for things as small as N500 without spending cash. So when you go to POS terminals, don’t ask for cash, let them do for you what you want to use the cash for via transfer”.

Director, Risk Management of Central Bank, Blaise Ijebor said they are in Edo to ensure there is supply of naira to everyone on Edo state.

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READ ALSO: Coalition Warns Buhari Over New Naira Policy

“We are also here to encourage people to use alternative means to make their payment. If you are able to use your card, app or USSID to pay, you can even go to an ATM that doesn’t have cash to do your transfer from them.

“We are aware a number of ATMs are not paying. We are going to make sure that there is supply in a day or two, we have supply available through your bank branches to give some cash to use.”

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He also added that there are monitoring teams going round working with EFCC and ICPC to check any illegal act or collusion with banks.

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Naira Records Depreciation Against US Dollar Across Official, Black Markets

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The naira depreciated against the dollar at the official and parallel foreign exchange markets on Monday to begin the new month on a bearish note.

Central Bank of Nigeria’s data showed that the Naira weakened to N1,448.44 on Monday, down from N1,446.74 traded on Friday last week.

READ ALSO:Naira Records First Depreciation Against US Dollar Across Official, Black FX Markets

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This means that the naira dropped by N1.7 against the dollar on Monday when compared to Friday.

Similarly, at the black market, the Naira declined by N5 to N1,475 on Monday from N1,470 at the close of work last week.

The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27th, 2025.

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

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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.

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READ ALSO:N5bn Damage: NNPCL Secures Appeal Court Victory Against Ararume

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.

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Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

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NNPCL Reveals Reason Behind N5.4trn Profit After Tax

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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.

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READ ALSO:N5bn Damage: NNPCL Secures Appeal Court Victory Against Ararume

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.”

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

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