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Cash withdrawal: CBN Governor Insists On Limits.

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Godwin Emefiele, Governor of the Central Bank of Nigeria, stated on Thursday that the Nigerian economy was ripe for a cashless transition since the Federal Government had invested significantly in the necessary payment system infrastructure to make the shift simple.

....KINDLY READ THE FULL STORY HERE▶

Emefiele made the remarks immediately after meeting President Muhammadu Buhari (retd.) in his hometown of Daura, Katsina State.

The CBN’s latest policy, which limits daily cash withdrawals to N20,000 and weekly withdrawals to N100,000 for individuals, has sparked controversy.
However, Emefiele defended the CBN’s mandate, saying, “I think it’s crucial for me to say that the cashless strategy began in 2012.”
However, we had to scale back the strategy on three or four occasions because we believed there was a need for us to prepare ourselves and expand our payment system infrastructure in Nigeria.

“We expect that a lot of electronic channels hasbeen put in place between 2012 and 2022, almost 10 years, to help consumers undertake banking and financial service transactions in Nigeria.”
“And we believe that Nigeria, as Africa’s largest economy, ought to jump into a cashless economy.”
We cannot continue to allow more than 85% of the currency in circulation to be held outside of banks.
“As countries embrace digitalization, an increasing number of them have gone cashless.”

In response to the National Assembly’s criticism of the policy, Emefiele stated that the withdrawal limits were not set in stone and will be revised upwards over time.
He contended that the CBN’s goal was not to make life difficult for Nigerians, but rather to improve the economy.

“We will be examining how this is working on a regular basis because I cannot say we will be rigid.”
But that is not to suggest we will reverse, or modify the timetable, but rather whether it is about tweaking some amount to be a little bit higher or a little bit lower, and all the rest of them.”

He also stated that the CBN would publicize the names of all 1.4 million super agents in order to facilitate the repatriation of old funds in unbanked communities.

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Nigerian Government and Dangote Refinery Continue Talks on Naira-for-Crude Policy Renewal

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The future of Nigeria’s Naira-for-Crude policy remains in limbo as negotiations continue between the Nigerian government and Dangote Refinery. The six-month agreement between the Nigerian National Petroleum Corporation (NNPCL) and Dangote Refinery expired on March 31, 2025, without a renewal, leading to the suspension of the refinery’s sale of refined petroleum products in Naira. However, the refinery has continued processing approximately 400,000 barrels of crude oil daily, with 35% of the crude sourced from international markets, particularly Brazil and Equatorial Guinea.....KINDLY READ THE FULL STORY HERE▶

Although the policy’s future is still under review, sources suggest that its economic implications, especially concerning fuel prices and foreign exchange rates, make it crucial to the national economy. Despite challenges in crude supply from NNPC, Dangote Refinery has expanded its global sourcing and is currently sourcing crude from Brazil’s Petrobras and Equatorial Guinea.

No official agreement has been reached yet to extend the Naira-for-Crude deal. The Nigerian government’s committee in charge of the policy is waiting for recommendations from the Nigeria Upstream Petroleum Regulatory Commission before proceeding. Meanwhile, the refinery’s management has expressed uncertainty regarding the renewal of the deal, citing concerns over the financial strain and volatility of exchange rates. The future of the policy remains unclear, with NNPC expected to supply crude oil to Dangote Refinery in April, but payment terms are yet to be finalized.

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Cement Prices Surge: Dangote, BUA, and Lafarge Rates This Week

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The price of cement, a vital resource for Nigeria’s construction industry, has witnessed significant changes recently, with rates fluctuating depending on brand, location, and market factors. Here is an overview of the current prices for some leading cement brands:....KINDLY READ THE FULL STORY HERE▶

  1. Dangote Cement: The cost of a 50kg bag of Dangote Cement ranges between ₦8,000 and ₦10,300. Known for its high quality, Dangote Cement remains a preferred choice in various construction projects. Prices are generally lower in areas near production plants but tend to rise in regions requiring extensive distribution.

  2. BUA Cement: Priced between ₦8,000 and ₦8,500 per 50kg bag, BUA Cement is popular among builders due to its competitive pricing and stability. Prices may vary slightly depending on proximity to manufacturing sites.

  3. Lafarge Water Shield Cement: Priced at ₦20,000 per 50kg bag, this cement variant is specifically formulated for durability and resistance to moisture, making it ideal for projects in damp environments.

  4. Waterproof Cement JK: Available at ₦15,000 per 50kg bag, Waterproof Cement JK is engineered to offer exceptional protection against water ingress, particularly useful for wet construction sites.

Over the past year, cement prices in Nigeria have surged significantly. At the start of 2024, a 50kg bag cost around ₦4,500. By November 2024, the price rose to about ₦8,500, reflecting an increase of approximately 89%. This upward trend is attributed to factors such as rising production costs, increased demand, and logistical challenges.

Marketers predict a potential further increase in cement prices, emphasizing the need for stakeholders in the construction sector to stay informed and plan accordingly.

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Cooking Gas Prices Drop Significantly Across Nigeria: Relief for Households and Businesses

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A recent survey conducted by Naija News has revealed a notable decrease in the price of cooking gas in Nigeria, offering much-needed relief to households and small businesses. According to the survey, the cost of refilling cooking gas per kilogram has reduced significantly from ₦1,350 to ₦1,020.....KINDLY READ THE FULL STORY HERE▶

This positive development is expected to ease the financial burden on Nigerian families and small enterprises, especially those that heavily depend on cooking gas as a primary energy source. The survey, encompassing gas stations and vendors from various parts of the country, shows that the reduced price may help lower the overall cost of living.

The revised price breakdown is as follows:

  • 1 kg of Cooking Gas: ₦1,020

  • 3 kg of Cooking Gas: ₦3,060

  • 5 kg of Cooking Gas: ₦5,100

  • 10 kg of Cooking Gas: ₦10,200

  • 12.5 kg of Cooking Gas: ₦12,750

This decline marks a significant shift from the previous upward trend in gas prices and is likely to positively impact the economy, particularly the food and hospitality sectors. Businesses that rely on cooking gas will experience reduced operational costs, ultimately boosting their profit margins.

Experts attribute the drop in cooking gas prices to several factors, including fluctuations in global energy costs and adjustments within local supply chains. Despite recent variations in crude oil and natural gas prices, the reduction is perceived as a welcome development for Nigerian consumers.

By spending less on cooking gas, households and small businesses will now see some financial relief in their monthly budgets, especially during these economically challenging times.

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