Connect with us

Business

Naira Redesign: Mixed Reactions Trail Buhari’s Directive On N200 Old Note Validity

Published

on

On Thursday, some residents of the Kano metropolis differed in their reactions to President Muhammadu Buhari’s approval of the continued use of the old N200 note as legal tender.

According to the News Agency of Nigeria, some residents applauded the Federal Government for extending the use of the old N200 notes by 60 days as a legal tender while others said the number of days for the extension was still inadequate.

Advertisement

The respondents called on the Central Bank of Nigeria (CBN) to allow the newly redesigned N1000, N500 and N200 notes to be in circulation.

READ ALSO: Naira Redesign: 2.1trn Hoarded Banknotes Retrieved – Buhari

A petty trader, Malam Bala Shehu said extending the time for the continued use of the old N200 was a welcome development.

Advertisement

Shehu added that the February 10 deadline in which the naira denomination ceased to be legal tenders and the scarcity of the new notes had affected his business.

He said many small businesses would survive with the President’s approval to continue using the old N200 notes.

Also, Malam Garba Gezawa, a commercial tricycle operator, commended the decision of the FG, adding that the scarcity of lower denominations made most of their members suspend their operations.

Advertisement

According to him, the N200 note is the most sought denomination by students, market women and petty traders.

He called on the Federal Government to also extend the deadline for the old N500 and N1000 notes.

Speaking in the same vein, Mamman Suraj, a civil servant, tasked the CBN to make the new naira notes available and immediately put the old N200 notes back in circulation to ease the current suffering of Nigerians.

Advertisement

Malam Ali Bakari, an economist, advised the CBN to make the redesigned naira notes available by printing more, or if printing would be complex, the apex bank should allow the continued use of the old notes until April 10.

However, Mrs Agnes George, a hairdresser, urged residents to take advantage of President Buhari’s pronouncement by depositing all old N1000 and N500 notes at the CBN and other designated points.

READ ALSO: New Naira: 10 Takeaways From Buhari’s Nationwide Address

Advertisement

George, who lauded the President for allowing the continued use of the old N200 notes as legal tender for another 60 days, also appealed for the extension of such a gesture to other old notes.

She explained that the deadline extension would reduce ATM queues and panic and uncertainty among small business owners and other residents.

Earlier, DAILY POST reported that Buhari announced the extension of N200 old note validity.

Advertisement

Business

NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment

Published

on

The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.

It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.

Advertisement

This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.

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

The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.

Advertisement

It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.

This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.

The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.

Advertisement

 

Advertisement
Continue Reading

Business

Dangote Refinery Reduces Fuel Price

Published

on

Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.

This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.

Advertisement

The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.

READ ALSO:Dangote Refinery Gets New CEO

In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 CNG-powered trucks for fuel distribution across Nigeria, effective August 15, 2025,” said Chijiena.

Advertisement

The announcement comes as the refinery prepares to commence direct fuel distribution nationwide. The development is expected to lead petroleum product marketers to reduce their pump prices in the coming days.

In Abuja, the retail fuel price stood between N885 and N970 per litre as of Tuesday evening.

Advertisement
Continue Reading

Business

Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US

Published

on

India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.

This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.

Advertisement

According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.

Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.

READ ALSO:‘My Eyes Dey Your Body’: Drama As Portable Professes Love For Regina Daniels

Advertisement

The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.

Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.

Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.

Advertisement

According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.

READ ALSO:

Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.

Advertisement

On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.

In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.

“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.

Advertisement

 

Advertisement
Continue Reading

Trending