Business
Nigerians Buy One Million Air Conditioners Annually, Says UN

Nigeria must not be dumping ground, FG Warns
Nigeria must not be a dumping ground for air conditioners and refrigerators with energy efficiency ratio that are below internationally acceptable minimum energy performance standard, the Federal Government declared on Thursday.
This came as the United Nations says Nigerians purchase about one million air conditioners every year.
Meanwhile, the Federal Government told the Nigeria Customs Service, Standard Organisation of Nigeria, and other relevant agencies, to be alive to their responsibilities, stressing that the influx of substandard cooling appliances posed danger to the climatic conditions across the country.
This came as the United Nations Environment Programme announced that over one million air conditioners were sold annually in Nigeria, adding that this was eating deep into the finances of Nigerians with respect to energy bills.
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Speaking at the National Stakeholders’ Consultative Workshop on Energy Efficient and Climate-Friendly Cooling in Nigeria, the Minister of Science, Technology and Innovation, Adeleke Momara, said the enforcement of laws should be intensified.
After listening to a presentation by the UNEP Programme Management Officer, Brian Holuj, on the magnitude of pollution caused by the influx of substandard cooling devices imported into Nigeria, Mamora charged the NCS and SON to be alive to their duties.
“I listened to your presentation and certain issues were raised in it. There is the issue of monitoring and enforcement of protocols. Often times, we have beautiful policies and laws, but it is not the beauty of the policy, guideline or law that matters. It is the zeal for implementation that is most important.
“You mentioned this issue of Minimum Energy Performance Standard. What I think is that you have a minimum standard, but if there is no compliance with that, then we cannot get results. And if we must get results, it means the enforcement agencies must be alive to their responsibilities.
“The customs, Standard Organisation of Nigeria, and other relevant agencies need to be alive to their responsibilities and ensure that Nigeria does not become a dumping ground, where you just bring in all sorts of products that are not in line with what we expect by way of standards,” the minister stated.
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He said the workshop, which was organised by the Energy Commission of Nigeria and UNEP, was aimed at promoting energy efficiency best practices in the cooling sector in Nigeria.
Momara said UNEP officials flew into Nigeria to support the country’s transition from inefficient cooling appliances to the most efficient ones in line with Nigeria’s commitment to mitigating climate change challenges.
He said, “It is a fact that Nigeria is the largest market in Africa, and this also applies to the cooling sector. With the current growing population, combined with improving lifestyle, urbanisation and rising global warming, Nigeria will continue to experience growing demand for air conditioners, refrigerators and other cooling devices.
“Thus becoming one of the fastest growing air conditioners and refrigerators market in the world. Unfortunately, most of the air conditioners utilised in the country have an energy efficiency ratio below internationally acceptable minimum energy performance standard.”
Business
CBN Retains Interest Rate At 27%

The Monetary Policy Committee of the Central Bank of Nigeria has voted to retain the benchmark interest rate at 27 per cent.
CBN Governor, Olayemi Cardoso, announced the decision on Tuesday following the apex bank’s 303rd MPC meeting in Abuja.
Cardoso stated that the committee also resolved to keep all other monetary policy indicators unchanged.
READ ALSO:CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
He noted that the Cash Reserve Ratio (CRR) remains at 45 per cent for commercial banks and 16 per cent for merchant banks, while the 75 per cent CRR on non-TSA public sector deposits was equally maintained.
Cardoso added that the Liquidity Ratio was retained at 30 per cent, and the Standing Facilities Corridor was adjusted to +50/-450 basis points around the Monetary Policy Rate.
The decision comes as Nigeria records its seventh consecutive month of declining inflation, which eased to 16.05 per cent in September 2025.
Business
CBN Issues Directive Clarifying Holding Companies’ Minimum Capital

The Central Bank of Nigeria, CBN, has issued a definitive directive detailing how financial holding companies should calculate their minimum paid-up capital, following weeks of confusion that delayed the release of some banks’ half-year and nine-month financial statements.
In a circular dated November 14, 2025, the apex bank acknowledged “divergent interpretations” of the term minimum paid-up capital as stated in Section 7.1 of the 2014 Guidelines for Licensing and Regulation of Financial Holding Companies.
To eliminate ambiguity, the CBN ruled that minimum paid-up capital must be computed strictly as the par value of issued shares plus any share premium arising from their issuance.
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“All Financial Holding Companies are required to apply this definition in computing their minimum capital requirement—without exception for subsidiaries,” the circular stated.
The regulator added that the directive takes immediate effect, noting that any previous interpretation that does not align with the new clarification “should be discontinued forthwith.”
The move is expected to calm market anxiety and provide clarity for lenders navigating ongoing regulatory capital requirements.
Business
Naira Records Massive Week-on-week Depreciation Against US Dollar

The Nigerian Naira recorded massive week-on-week losses against the United States dollar at the official foreign exchange market.
The Central Bank of Nigeria’s exchange rate showed that the Naira dipped significantly to end the week at N1,456.73 on Friday, November 21, 2025, down from N1,442.43 traded on November 14.
This means that on a weekly basis, the Naira shed N14.06 against the dollar at the official market.
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However, at the black market, currently battling with low patronage, it remained stable at N1,465, the same rate traded last week.
The development comes despite Nigeria’s foreign reserves rising by 1.25 per cent to $43.64 billion in the last week.
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