Naira Redesign: What You Need To Know, Do

Published

3 years ago

November 12, 2022

President Muhammadu Buhari has said his administration will not go back on the plan of the Central Bank of Nigeria (CBN) to redesign the nation’s highest currency notes of N1,000, N500, and N200.

Buhari said this on Wednesday evening in London, UK, shortly after meeting with King Charles III at Buckingham palace.

The president said the naira redesign policy announced last month by the CBN governor, Godwin Emefiele, will be implemented.

As the government backs CBN on the naira redesign policy, there are things all Nigerians should know about the programme.

According to the various information from the CBN and the Chartered Institute of Bankers of Nigeria (CIBN), here are things to know.

Reasons for new banknotes

This will help in controlling currency in circulation and tighten the money supply to address the issue of rising inflation which hit a 17-year high in September 2022.

It will address the hoarding of banknotes by members of the public with over 80% of currency in circulation outside the vaults of commercial banks.

It is designed to take care of the worsening shortage of clean and fit banknotes.

It is also meant to tackle the issue of counterfeiting of Naira notes proved by several reports.

Also, it is to minimise the incidence of terrorism and kidnapping as access to large sums of cash used for ransom will be reduced.

It is created to develop CBN’s drive to entrench a cashless economy and financial inclusion (Banking the unbanked)

Finally, it is an economic mechanism to strengthen the naira.

What you need to know

CBN will change the current N200, N500 and N1000 currency denominations to new currency notes.

The new currency notes will go into circulation on December 15, 2022.

The old Naira notes will cease to be legal tender by January 31, 2023.

Banks have been advised to keep all their deposit centres open from Monday to Saturday going forward for collections.

There are no restrictions to how much individuals or corporate entities can deposit and no bank customer shall bear any charges for cash returned/paid into their accounts during the implementation.

New cashless policy to be announced in January 2023.

What you need to do

Visit your nearest bank branch to deposit all old banknotes (N200, N500 and N1000)

If you do not have a bank account, visit the nearest bank branch of your choice to open one and deposit all old banknotes (N200, N500 and N1000).

Perform normal bank transactions with your bank app or USSD.

Source: CBN, CIBN

Naira Appreciates At Official Market

Published

3 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

4 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

1 month ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.