Business
New Notes: CBN Establishes LGA Cash Swap Centres
Published
3 years agoon
By
Editor
The Central Bank of Nigeria ( CBN) has established Cash Swap Centres across the 774 Local Government Ares of the federation.
This was contained in a circular issued by the apex bank at the weekend.
Signed by Haruna Mustafa an Musa Jimoh, Directors of Banking Supervision and Payments Systems , respectively and dated January 20, 2023, the circular indicated that the Cash Centres would commence operations tomorrow..
READ ALSO: CBN Gives Update On Deadline On Old Naira Notes Deposit
Addressed to Deposit Money Banks (DMBs), Mobile Money Operators , Super Agents and Agents, the circular said that the exercise would enable rural dwellers to seamlessly change their old Naira Notes for the redesigned ones.
It reads in part::
“In furtherance of its Naira Redesign policy, the Central Bank of Nigeria (CBN) has sustained its nationwide awareness/sensitization programmes, enforced speedy collection of the new notes at CBN branches by the Deposit Money Banks (DMBs) and mandated issuance of the new notes through Automated Teller Machines (ATMs) to ensure distribution is fair, transparent and evenly spread across the country.
“In addition to these measures and in recognition of the need to maximise the channels through which underserved and rural communities can exchange their Naira, the Bank is launching a cash swap programme in partnership with Super Agents & DMBs. The programme enables citizens in rural areas or those with limited access to formal financial services to exchange old Naira notes for redesigned notes.
“The initiative takes effect from Monday, January 23, 2023 as follows:
*The old N1000, N500, N200 notes can be exchanged for the newly redesigned notes and/or the existing lower denominations (N100, N50 and N20, etc) which remain legal tender.
*The agent shall exchange a maximum of N10,000 per person. Amounts above N10,000 may be treated as cash-in deposit into wallets or bank accounts in line with the cashless policy. BVN, NIN, or Voter’s card details of the customers should be captured as much as possible.
*To promote financial inclusion, this service is also available to anybody without a bank account. Agents may, on request instantly open a wallet or account, leveraging the CBN Tiered KYC Framework. This will ensure that this category of the populace are able to exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost.
*Agents shall sensitize customers on opening wallets/ bank accounts and the various channels for conducting electronic transactions.
*Designated agents are eligible to collect the redesigned notes from DMBs in line with the Revised Cash Withdrawal Limit policy. Agents are also permitted to charge cash- out fees for the cash swap transactions but prohibited from charging any further commissions to customers for this service.
READ ALSO: Locals Reject Old Naira, As Scarcity Of New Notes Hits Kaduna
*Agents shall render weekly returns to their designated banks regarding the cash swap transactions. DMBs shall in turn render same to the CBN on a weekly basis.
*Principals (Super Agents, MMOs, DMBs) shall be held accountable for their agents’ adherence to the above guidelines.
*Cash Swap agents will be readily identifiable in all local governments, particularly those in the rural areas.
*The CBN will continue to monitor implementation of the programme and provide further guidance as may be necessary.”
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Business
NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment
Published
2 weeks agoon
August 14, 2025By
Editor
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.
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.
“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.

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.
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.
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.
Business
Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US
Published
3 weeks agoon
August 11, 2025By
Editor
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.
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.
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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.
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.
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.
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