Business
New Notes: CBN Establishes LGA Cash Swap Centres

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.”
Business
Dangote Hits Out At PENGASSAN, Says Union ‘Serial Saboteurs, Serving Oligarchs’
The management of Dangote Petroleum Refinery has berated the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), accusing the union of decades-long sabotage of Nigeria’s oil and gas sector and serving the interests of its leaders rather than ordinary Nigerians.
In a statement issued at the weekend, the refinery described PENGASSAN’s latest directive to cut crude oil and gas supplies to the facility as another act of economic sabotage designed to inflict untold hardship on Nigerians.
“Indeed, over time, the Association has consistently proved itself as serving interests other than those of Nigerians and Nigerian workers,” the statement declared.
Dangote recalled that in 2007, when the Federal Government sold its moribund Port Harcourt and Kaduna refineries to Blue Star Consortium, led by the Dangote Group, for $750 million, it was PENGASSAN and its ally, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), that sabotaged the deal. “It is now obvious to everyone that the FGN’s decision at the time was the right one and that PENGASSAN and NUPENG ignominiously wrote their names on the wrong pages of history,” the company said.
READ ALSO:Dangote Fuel Sells Cheaper In Togo Than In Nigeria – Falana Laments
The refinery also faulted the union’s role in the much-publicised rehabilitation of the Port Harcourt Refinery, describing it as a “ruse” which PENGASSAN “knowingly celebrated despite being a scam on Nigerians.” The statement further accused the union of opposing amendments to the Petroleum Industry Act (PIA) that would have freed up federal liquidity and attracted private-sector funding into Nigeria’s upstream oil ventures.
Beyond policy obstruction, Dangote Refinery accused the association of mismanaging billions of naira in annual check-off dues to allegedly bankroll the “lavish lifestyles” of its leaders, without accountability to members. By contrast, the refinery highlighted its own record of economic contributions within a short period, citing road construction, worker training, the creation of thousands of Nigerian jobs, and a compensation structure that “outdistances the best in the Nigerian oil and gas industry.”
“The Dangote Group is the highest employer of labor in Nigeria and the highest contributor to the tax revenues of Nigeria and its sub-nationals. What comparable social responsibility has PENGASSAN, with its billions of Naira in annual check-off dues and subscriptions, lived up to?” the statement queried, challenging the union to publish its audited accounts for the past ten years. “Can it publish publicly its account for the last 10 years and list out its corporate responsibility activities within that timeframe?”
READ ALSO:Dangote Refinery Reduces Fuel Price Nationwide, Provides Update On Petrol Distribution
The refinery insisted that PENGASSAN’s recent directive to withdraw services and cut off essential fuel supplies, including but not limited to petrol, diesel, kerosene, cooking gas and aviation fuel was reckless, lawless and dangerous. It said the order is not about protecting Nigerian workers, but it is about a cabal of oligarchs weaponising hardship against over 230 million Nigerians.
“In the process, it (PENGASSAN) cares little if at all about the unbearable hardship and terror it would thereby inflict on all Nigerians, including but not limited to the provision of essential services in our hospitals and medical facilities, schools (nursery and right up to tertiary and research institutions), emergency services, communications facilities, transportation systems, etc,” it said.
Dangote Refinery called on the Federal Government and security agencies to step in immediately to protect the facility and the nation’s energy security, stressing that the union must not be allowed to “bully Nigerians into chaos and economic sabotage.”
According to Tribune Online, the federal government has announced readiness to broker peace between Dangote Refinery and PENGASSAN, inviting both to a meeting scheduled for Monday.
Business
Fuel Scarcity Looms As PENGASSAN Stops Gas, Crude Supply To Dangote Refinery
The industrial dispute between the Dangote Petroleum Refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria took a dramatic turn on Saturday as the union ordered seven branches to cut off crude oil and gas supplies to the $20bn facility.
In a letter dated September 26 and signed by its General Secretary, Lumumba Okugbawa, the union accused the refinery’s management of sacking its members in retaliation for exercising their constitutional right to join the union.
The union’s move marks an escalation in the standoff, with PENGASSAN accusing the refinery of anti-labour practices and the unlawful sack of its members.
In the directive issued to its branch chairmen, PENGASSAN instructed its branch chairmen in key upstream and midstream oil companies, including TotalEnergies, Chevron, Seplat, Shell Nigeria Gas, Oando, and Nigerian Gas Infrastructure Company, to immediately cut off all crude oil and gas supplies to the refinery.
READ ALSO:NUPENG Accuses Dangote Of Breaching Agreement, Says Nationwide Strike Inevitable
The directive comes after PENGASSAN alleged that Nigerian workers were sacked by Dangote Refinery after joining the union, claiming that management also withdrew staff buses and denied entry to locals while allowing expatriates access.
The union threatened to picket the refinery if the situation was not addressed.
In a statement on Friday, the refinery clarified that only a small number of workers were affected by what it described as a reorganisation aimed at preventing acts of sabotage within the facility. It said over 3,000 Nigerians remain in employment, rejecting claims of mass layoffs.
Dangote maintained that the restructuring was necessary after what it described as recurring acts of sabotage in different units of the refinery, which posed serious risks to human lives and operations.
READ ALSO:Fuel Scarcity Imminent As NUPENG, Dangote Face-off Festers Business
As a result, PENGASSAN instructed its branches in TotalEnergies, Seplat, Chevron, Oando, Shell Nigeria Gas, Renaissance, and NGIC to cut gas supply to the refinery immediately.
The union described the move as “illegitimate” and accused the refinery of spreading misinformation instead of addressing the matter through dialogue.
“As you are aware, the Management of Dangote Petroleum Refinery has disengaged our members in reaction to the exercise of their constitutional right to being unionized.
“They have gone further on a mission of misinformation and propaganda to justify this illegitimacy rather than engaging meaningfully with us to right the wrong.
READ ALSO:Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US
“Consequent to these, you are hereby directed to cut off gas supply to NGIC effective immediately. All crude oil supply valves to the Refinery should be shut. The loading operation for vessel headed there should be halted immediately,” the directive read.
The union further mandated the NGIC Chairman to ensure strict compliance with the order and told all branch chairmen to give regular updates on the action taken.
“NGIC Chairman, ensure that gas supply to the Refinery is cut off effective immediately. All chairmen on this summons are to report promptly the progress of the directive. Kindly accept the assurances of our highest esteem. Thank you,” the statement read.
Reaffirming its solidarity, PENGASSAN ended the directive with its slogan: “Injury to one! Injury to all!”
On Thursday, the company announced it would suspend petrol sales in naira from September 28 following the exhaustion of its crude-for-naira allocations.
Business
Fuel Price Hike Looms As Dangote Refinery Stops Petrol Sales In Naira
The Dangote Petroleum Refinery has announced the suspension of petrol sales in naira, unsettling marketers and raising fresh concerns over fuel pricing and foreign exchange pressure.
In an email sent to customers at 6:42 p.m. on Friday, the refinery said the decision would take effect from Sunday, September 28, 2025, citing the exhaustion of its crude-for-naira allocation as the reason.
The notice, titled “Suspension of DPRP PMS Naira Sales – Effective 28th September 2025” and signed by the Group Commercial Operations of Dangote Petroleum Refinery & Petrochemicals, also asked customers with ongoing naira-based transactions to formally request refunds.
READ ALSO:‘We Like Greek Gifts,’ Nigerians Blast NUPENG Over Dangote’s Fuel Price Reduction
“We write to inform you that Dangote Petroleum Refinery & Petrochemicals has been selling petroleum products in excess of our Naira-Crude allocations and, consequently, we are unable to sustain PMS sales in Naira going forward,” the statement read.
“Kindly note that this suspension of Naira sales for PMS will be effective from Sunday, 28th of September, 2025. We will provide further updates regarding the resumption of supply once the situation has been resolved.
“All customers with PMS transactions in Naira who would like a refund of their current payments should formally request the processing of their refund.”
READ ALSO:JUST IN: Dangote Refinery Reacts To Alleged Mass Sack Of Workforce
The move comes amid a raging dispute between the refinery and labour unions over the alleged mass sack of more than 800 Nigerian workers. This controversy has drawn public outrage and calls for government intervention.
This is the second time the refinery has halted local currency transactions. In March 2025, it briefly suspended sales of refined products in naira, blaming inadequate allocations under the crude-for-naira programme.
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