Business

Naira Note Swap: Why CBN Bowed To Pressure On Deadline Revealed

Published

3 years ago

January 30, 2023

The Central Bank of Nigeria, CBN, finally bowed to pressure on Sunday after vowing not to extend the January 31 deadline for the swap of the old naira notes.

CBN Governor, Godwin Emefiele, last Tuesday, at a meeting of the Monetary Policy Committee in Abuja, ruled out the postponement.

“Unfortunately, I don’t have good news for those who say we should shift the deadline. We do not see any reason to begin to talk about a shift. We believe 100 days is more than adequate,” Emefiele had said.

It was gathered on Sunday that security reports indicated that Nigerians were increasingly furious over the non-availability of the new naira notes.

The anger grew as people in the informal sector which has the highest population of workers – market men and women, traders, artisans, farmers, transporters, hawkers, etc, complained of slow sales and patronage.

A source said the Federal Government and the CBN had no choice than to bow to the masses who may decide to revolt.

“I don’t know why they delayed the shift till now, it should have been before the weekend. See how everyone was panicking about the cash shortage.

“On Friday, Muslims were complaining that the government was starving them of money. Today, some Pastors openly expressed frustration that people are getting stranded.

“So religious leaders, their followers, and others are not happy with the CBN. Look at all the pressure and criticisms from all corners. Security reports favoured an extension,” he disclosed.

A survey in Lagos by DAILY POST confirmed the challenges people had to bear in the past week in efforts to withdraw from Automated Teller Machines, ATMs.

It was discovered that many banks across the State limited the withdrawal limit for cards owned by other banks to as low as N4,000.

Residents living on the Mainland and Island confirmed the adjustment, with one narrating the stress he went through before he was able to get money which was insufficient.

“I live in Lekki but the places to withdraw cash were few on Friday night. The branches available had only one ATM working with very long queues.

“I drove to VI and could only withdraw N4,000 from a Heritage Bank branch. They said that’s the limit for other banks. Since I use Zenith Bank, I went to their ATM Gallery on Ajose Adeogun.

“There you can withdraw up to N30,000 with their card but the limit for other banks is N5,000. I stayed in the queue but when it was almost my turn, there was no money left. Everyone left disappointed”, said Kingsley, a company staff.

The currency scarcity is compounded by the fact that Point of Sale, PoS, operators also do not have enough cash to cater for demands.

But the naira scarcity took another dimension when the All Progressives Congress (APC) presidential candidate, Bola Tinubu declared that the situation was planned to reduce his electoral chances.

“Hide the petrol, hide the naira, we will still vote! We will win,” the former Lagos governor said last week at a campaign rally in Abeokuta, capital of Ogun.

“Even if you change the ink on naira notes, what you want will not happen. We will win. That umbrella party will lose. We will take this government from them, saboteurs that are dragging power with us.”

Despite saying “this government”, Tinubu later rubbished comments by the Peoples Democratic Party, PDP, and its presidential candidate, Atiku Abubakar that the outburst was targeted at President Muhammadu Buhari and his administration.
DAILY POST

Business

Tinubu Approves 15% Import Duty On Petrol, Diesel

Published

6 days 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

3 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.

Business

CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

Published

4 weeks ago

October 11, 2025

Editor

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.

The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”

The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.

Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.

For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.

“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.

In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.

Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.

According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.

The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.

To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.

Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.

ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.

Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.

The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.

The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”

Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.

The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.