Economy
Banks Ration New Naira Notes as Cash Shortage Hits Financial System
By Adedapo Adesanya
Days after the Central Bank of Nigeria (CBN) rolled out the new Naira notes, Business Post can independently verify that Nigerian banks are rationing the banknotes.
According to conversations with employees and customers of several banks in the country, the old notes would still be given out to customers alongside the new notes due to the limited supply of the redesigned N200, N500, and N1,000 from the CBN.
Recall that the central bank had announced limits on cash withdrawals via over-the-counter (OTC), Automated Teller Machines (ATMs), and other channels after it called on customers to deposit their old N200, N500, and N1,000 notes. This move was part of initiatives to increase the use of electronic transfers.
In a notice, the CBN said customers would no longer be able to withdraw more than N20,000 per day via the ATM and PoS terminals and N100,000 per week via the same channels.
“The maximum cash withdrawal per week via Automated Teller Machine (ATM)) shall be N100,000, subject to a maximum of N20,000 cash withdrawals per day. Only denominations of N200 and below shall be loaded into the ATMs,” the disclosure stated.
It also said, “the maximum cash withdrawal via point of sale (POS) terminal shall be N20,000 daily.”
As for cash withdrawals via OTC, the central bank stated that it would be N100,000 for individuals, with a 5 per cent processing fee for amounts above the cap, while for corporate organisations, the limit is N500,000 and 10 per cent charge for amounts above the limit.
The maximum cash withdrawal over-the-counter (OTC) by individuals and corporate organizations per week was pegged at N100,000 and N500,000, respectively, from January 9, 2023.
This newspaper confirmed that customers who opted for cash withdrawals were given a mix of the old and new N1,000 notes, which is not the usual practice when new notes are introduced into the financial system.
For instance, a customer who doesn’t want to be named said he went to a Wema Bank branch on Monday (December 19) for a N30,000 withdrawal via cheque and was given N20,000 in old N1,000 notes and N10,000 in the redesigned notes.
Another bank customer said the GTCO in her area gave her about 40 per cent of the new notes while the rest were the old notes. She, however, expressed that it would drive her to adopt electronic platforms rather than visit the ATMs.
Speaking with a staff of one of the commercial banks, who asked for anonymity, it was confirmed that they were instructed to ration the notes.
Another bank rep, who is familiar with banking operations, confirmed to this reporter that, “People get it at the branch. I hear it’s being rationed, yes.”
Meanwhile, Business Post gathered that some of the commercial banks are battling with cash shortages ahead of the January 9, 2023 commencement of the new cash withdrawal policy of the CBN. At one of the branches of a tier-one bank on Akonwonjo Road, Egbeda, Lagos, on Wednesday, customers who wanted to withdraw cash were asked to wait for customers to make cash deposits before they could be attended to.
Also, at the branch of another bank on Idimu Road in Egbeda, it was a similar situation, as a few customers with large cash withdrawals had to wait for a while to have their requests granted.
This has already frustrated some customers, who are beginning to doubt the efficacy of the new CBN policy.
One of them, who identified himself as Mr Raymond Ademola, said, “This policy is only meant to frustrate the masses. I don’t know why people would be restricted from taking their funds from banks. But I thought this policy is supposed to start next year; why is it difficult to withdraw cash?
By Adedapo Adesanya
Dangote Petroleum Refinery imported a total of $3.74 billion) worth of crude oil in 2025, to make up for shortfalls that threatened the plant’s 650,000-barrel-a-day operational capacity.
The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74 billion by Dangote Refinery” contributed to movements in the country’s current account position, as Nigeria imported crude oil worth N5.734 trillion between January and December 2025.
Last year, as the Nigerian National Petroleum Company (NNPC), which is the refinery’s main trade partner and minority stakeholder, faced its challenges, the company had to forge alternative supply links. This led to the importation of crude from Brazil, Equatorial Guinea, Angola, Algeria, and the US, among others.
For instance, in March 2025, the company said it now counts Brazil and Equatorial Guinea among its global oil suppliers, receiving up to 1 million barrels of the medium-sweet grade Tupi crude at the refinery on March 26 from Brazil’s Petrobras.
Meanwhile, crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.
The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”
Specifically, refined petroleum product imports fell sharply to $10.00 billion in 2025 from $14.06 billion in 2024, representing a 28.9 per cent decline, while total oil-related imports also eased.
However, this was offset by a rise in non-oil imports, which increased from $25.74 billion to $29.24 billion, up 13.6 per cent year-on-year, reflecting sustained demand for foreign goods.
At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.
Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023. The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining, according to the report.
Pressure on the current account came from higher external payments. Net outflows for services rose from $13.36 billion in 2024 to $14.58 billion in 2025, driven by increased spending on transport, travel, insurance, and other services.
Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09 billion, largely due to higher dividend and interest payments to foreign investors.
In contrast, secondary income inflows declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow, as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.
This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.
By Aduragbemi Omiyale
An application has been submitted by Sovereign Trust Insurance Plc for its proposed N5.0 billion rights issue.
The application was sent to the Nigerian Exchange (NGX) Limited, and it is for approval to list shares from the exercise when issued to qualifying shareholders.
A notice signed by the Head of Issuer Regulation Department of the exchange, Mr Godstime Iwenekhai, disclosed that the request was filed on behalf of the underwriting firm by its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities.
The company intends to raise about N5.022 billion from the rights issue to boost its capital base, as demanded by the National Insurance Commission (NAICOM) for insurers in the country.
Sovereign Trust Insurance plans to issue 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026.
“Trading license holders are hereby notified that Sovereign Trust Insurance has through its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026,” the notification read.
By Adedapo Adesanya
Food Concepts Plc, the parent company of fast food brands like Chicken Republic and PieXpress, has disclosed plans to pay 10 Kobo in interim dividend to new and existing shareholders for the 2026 financial year.
This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.
The notice indicated that the proposed interim dividend, which comes with no bonus, will be paid to those who hold the stocks of the company as of the qualification date for the dividend, which was Tuesday, March 24.
This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.
The shareholders of the company will be credited with the 10 Kobo dividend on Tuesday, March 31.
The notice noted that the closure of the company’s register will be on Wednesday, March 25, through Friday, March 27, 2026, both days inclusive.
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