Nigeria’s currency in circulation increased by 72.4 per cent between 2021 and 2025, reaching N5.73 trillion, even as the Central Bank of Nigeria (CBN) continues to promote electronic payments and a cashless economy. CBN data cited in a recent analysis showed that currency in circulation rose from N3.325 trillion in 2021 to N5.733 trillion in 2025. The figure fell to N3.011 trillion in 2022 before rising to N3.653 trillion in 2023, N5.441 trillion in 2024 and N5.733 trillion in 2025. The CBN attributed the increase largely to expanding economic activity and rising demand for cash. It also approved a currency…
Author: Abdoulaye Kay
Strong investor demand for Nigerian Treasury bills drove yields lower at the Central Bank of Nigeria’s (CBN) latest primary market auction, with the one-year bill rate dropping to 17.15 per cent despite the apex bank offering a larger volume of securities. The CBN offered a total of N700 billion across the 91-day, 182-day and 364-day tenors during the auction, but demand significantly outpaced supply as investors submitted bids worth about N1.5 trillion. The heavy oversubscription prompted the bank to reduce stop rates on the longer-dated instruments. The 364-day Treasury bill recorded the strongest interest from investors, attracting the bulk of…
Four residents of Gorau community in Goronyo Local Government Area of Sokoto State have been killed, while seven others sustained gunshot injuries after armed bandits attacked the community. The assailants also abducted four residents during the attack, which occurred on Wednesday, throwing the community into panic and forcing residents to flee for safety. According to residents, the attackers invaded the community and opened fire, killing four people and leaving seven others wounded. The injured victims were subsequently taken to hospital for medical treatment. The bandits also took four residents away before fleeing the community with their captives. The latest attack…
Benue State Governor Hyacinth Alia has declared that no ranching project will be established in the state without the consent of the people and his administration. Alia made the position known on Monday during a town hall meeting with stakeholders from Katsina-Ala, Ukum and Logo Local Government Areas, which make up the Sankera political bloc. The governor, who is currently on a statewide tour following his emergence as the All Progressives Congress (APC) candidate for the 2027 governorship election, said his administration would not permit the takeover of ancestral lands under the guise of ranching. “Nobody will force us to…
Human rights lawyer and Senior Advocate of Nigeria (SAN), Femi Falana, has criticised the Nigerian Bar Association (NBA) for inviting former Liberian President George Weah to address its annual conference. Falana accused the former Liberian administration of undermining judicial independence and questioned the decision to give Weah a platform to speak to Nigerian lawyers about democracy and the rule of law. He made the remarks on Monday, a day after Weah delivered the keynote address at the opening of the NBA’s 66th Annual General Conference in Port Harcourt, Rivers State. Falana urged the NBA to reconsider its practice of inviting…
The Nigerian naira traded at N1,838 to the British pound at the start of Wednesday’s official foreign exchange session, as currency traders monitored developments in global markets ahead of key United States inflation data. The rate, recorded on the Nigerian Foreign Exchange Market (NFEM) and calculated through the dollar cross rate, represents a slight movement from N1,839 per pound recorded before the holiday break. The pound’s performance against the naira came as sterling strengthened in international markets, supported by relatively robust UK economic data and broader global uncertainty. The naira, however, continues to receive support from the monetary and structural…
Money market rates have started easing as Nigerian banks increasingly place excess liquidity with the Central Bank of Nigeria (CBN) rather than borrow from the apex bank. Data on the CBN’s liquidity operations showed that banks cumulatively placed N33.03 trillion through the Standing Deposit Facility (SDF) between August 12 and 21, highlighting the relatively strong liquidity position across the banking system. The development comes shortly after the CBN removed restrictions that had previously limited banks’ access to its Standing Lending Facility (SLF), also known as the Discount Window. Under the revised framework announced on August 12, banks can now access…
The Dangote Petroleum Refinery and Petrochemicals has expanded its free petroleum products delivery initiative to Kano, Imo, Anambra and Nasarawa states, in a move aimed at reducing distribution costs for independent petroleum marketers and creating room for lower petrol prices. The initiative, which initially covered Lagos, Ogun, Rivers, Kaduna, Abuja and Delta, is designed to bring petroleum products closer to marketers and retailers by eliminating the cost of transporting products over long distances from the refinery to different parts of the country. By absorbing delivery costs, the refinery is seeking to remove a significant expense from the downstream distribution chain…
The Central Bank of Nigeria (CBN), on behalf of the Debt Management Office (DMO), is offering N700 billion worth of Nigerian Treasury Bills (NTBs) in its second and final auction for August 2026. The auction, scheduled for Wednesday, August 26, covers 91-day, 182-day and 364-day Treasury Bills, with the longest-dated instrument accounting for the bulk of the offer. The offer comprises N100 billion for the 91-day bill, N100 billion for the 182-day bill and N500 billion for the 364-day bill. The auction is being conducted through the Dutch auction system, with money market dealers required to submit bids through the…
The United States Energy Information Administration (EIA) has identified the Dangote Petroleum Refinery as a major driver of the sevenfold increase in Nigeria’s seaborne petroleum product exports since 2023. The EIA, in its latest report, said Nigeria’s seaborne petroleum product shipments averaged 561,000 barrels per day (bpd) in the second quarter of 2026, compared with an annual average of 79,000 bpd recorded in 2023. The agency attributed the surge largely to the commencement of operations at the Dangote Petroleum Refinery in January 2024, saying increased refinery output had boosted domestic supply, reduced imports and expanded Nigeria’s presence in international petroleum…