Business

[UPDATED] New Naira: 10 States Ask Supreme Court To Void Buhari’s Directive

Published

2 years ago

February 18, 2023

Supreme court

Ten states have asked the supreme court to declare the new directive of President Muhammadu Buhari reintroducing the old N200 notes and declaring old N500 and N1,000 notes as unconstitutional.

On Thursday, Buhari said he directed the Central Bank of Nigeria to recirculate only the old N200 notes.

This is after the apex court did not vacate the order that the old N200, N500, and N1000 notes are still legal tender.

The plaintiffs, which comprise the 10 states in the ongoing suit, are Kaduna, Kogi, Zamfara, Ekiti, Ondo, Katsina, Ogun, Cross River, Lagos and Sokoto states.

They stated that by varying the order of the supreme court, the president has caused an “embarrassing dilemma as to which directives and order should be complied with between the order of the Supreme Court and the counter-directive of the first defendant, which was issued later in time.”

In the motion on notice, the states are praying the court for an order setting aside the directive in the special and presidential media broadcast, delivered on Thursday, February 16, 2023, by the president of the Federal Republic of Nigeria ( the substantive defendant in the suit) for being an unconstitutional overreach and usurpation of the judicial power of this court and a matter constituting the subject matter of the pending suit herein; and in respect whereof there subsists an order of interim injunction, binding on all parties, inclusive of the president, who is a party through the named nominal defendant in person of the first defendant as the chief legal officer of the Federation”.

The plaintiffs referenced that the substantive suit which commenced on February 8th is currently before the court with an interim injunction to the effect that the old N200, N500, N1,000 notes remained legal tender in Nigeria pending the determination of the motion on notice.

The plaintiffs further stated that the interim order of the Supreme Court was reaffirmed on February 15, 2023.

“Contrary to the order of this honourable court, the substantive first defendant through the president of the Federation and its agent, the Central Bank of Nigeri have repeatedly released statements that the old naira notes are no longer legal tender, hence resulting in misleading the general public on what the status quo to be complied with, pendente lite should be”.

“…the first defendant decided to openly flout the orders of the Honorable court on Thursday, the 16th of February 2023 when the President delivered a special and presidential media broadcast, during which the President openly and publicly varied the order of the court by directing that all the old Naira notes excluding the old N200 were no longer legal tender and same would not be accepted except by the Central Bank of Nigeria, at its branches or designated points”.

Related Topics:CBN FX Naira Notes Naira Redesign

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Business

Naira Depreciates Against Dollar

Published

2 days ago

July 4, 2025

Editor

The Naira experienced a slight depreciation on Friday at the official market, trading at N1,528.56 to the dollar.

Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira lost N2.73.

This represents a 0.17 percent loss compared to the N1,525.82 recorded on Thursday.

The Naira, which opened the week on Monday with a gain of N9.52 against the dollar, held steady gains until Thursday.

On Wednesday, the local currency gained N3.42 against the dollar and received commendation from the International Monetary Fund (IMF).

The IMF, in its 2025 Article IV Consultation report on Nigeria, commended the CBN for its reforms to the foreign exchange market, which supported price discovery and liquidity.

Business

JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price

Published

2 weeks ago

June 20, 2025

Editor

Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit to N880 per litre, raising fresh concerns over fuel affordability and price volatility in the downstream sector.

Checks on petroleumprice.ng, a platform tracking daily product prices, and a Pro Forma Invoice seen by The PUNCH confirmed the hike, representing a N55 increase from the previous rate of N825 per litre.

The increment would ripple across the entire fuel distribution chain, likely pushing pump prices above N900/litre in some parts of the country, especially in areas far from the distribution hubs.

The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.

The refinery has increased its reliance on imported U.S. crude and operational costs amid exchange rate instability, which adds to its pricing pressure.

On Thursday, the President of the Dangote Group, Aliko Dangote, said his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.

This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.

Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.

On Monday, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, accused oil marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of PMS should range between N700 and N750 per litre.

He criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.

“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre.”

He asserted that if Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.

His forecast of increased costs now appears spot on, considering the latest developments.

Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead.

Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.

Business

Naira Appreciates At Official Market

Published

1 month 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.