Economy
CBN Extends Naira for Dollar Promo Deadline
By Dipo Olowookere
The deadline for the promo introduced by the Central Bank of Nigeria (CBN) to boost diaspora remittances in the country has been extended.
The initiative tagged Naira 4 Dollar allows beneficiaries of foreign fund transfers through any of the accredited International Money Transfer Operators (IMTOs) to earn N5 for every $1, which could be cashed out over-the-counter or transferred into the beneficiary’s bank account.
The promo started on March 8, 2021, and was supposed to end on May 8, 2021, but the apex bank has now extended the deadline indefinitely.
In a circular issued by A.S. Jibrin for the Director of Trade and Exchange Department of the CBN, it was stated that the promo will continue till further notice.
“Further to the CBN circular referenced TED/FEM/PUB/FPC/01/003 dated March 5, 2021, on the above subject matter, we hereby announce the continuation of the scheme until further notice.
“All aspects of the operationalization of the programme remain the same.
“Please take note and ensure compliance,” the circular stated.
Business Post reports that the CBN introduced the Naira for Dollar promo to increase the flow of Dollars into the country, especially at a time the country was experiencing a shortage in FX earnings from crude oil sales.
The apex bank had said the promo would help Nigeria “to make the process of sending remittance through formal bank channels cheaper and more convenient for Nigerians in the diaspora.”
It had also said the scheme would “ensure that remittance flows and diaspora investments become a significant source of external financing” for the nation.
The Governor of the CBN, Mr Godwin Emefiele, had explained that the models had been applied in Pakistan and Bangladesh. He said both South Asian countries had introduced reimbursement schemes to support inflows.
In the CBN chief’s words, “In Pakistan, the scheme, which is known as free send, has enabled record amount of inflows of over $2 billion a month even during the COVID-19 pandemic.
“Bangladesh introduced its own scheme in June 2019, which is a two per cent rebate on remittance inflows. Following this action, they have also seen a 20 per cent boost in remittance inflows.”
A respected Economist, Mr Bismarck Rewane, while speaking on the likely implications of the currency promo during a chat with Business Morning on Channels TV in March, said it was designed to increase the country’s awareness and the inflows of Nigeria’s diaspora into the country’s financial system.
However, he noted that it was rare for the government to use such promotional schemes to promote inflows into the country.
“What is challenging here is that it is very unusual for policies to be tied around promos or gimmicks. Usually, promos and gimmicks are used by manufacturers to launch or push products, or airlines when they have low sales.
“So, they tie this kind of promo to buy one get one free or to revamp stagnant sales. So, it’s very unusual and peculiar for governments to engage in gimmicks or promos,” he noted.
But he warned that there are a lot of risks associated with the policy because some people will round trip the policy using arbitrage. Arbitrage is the simultaneous purchase and sale of the same asset in different markets in order to profit from tiny differences in the asset’s listed price.
“So, people will try to use arbitrage on the system. But the fact is that Nigeria is number six in the world in terms of diaspora and workers remittances. It is estimated at about $20 to $25 billion [annually].
“The current pandemic and unemployment rates in the US, Canada, the European Union and the United Kingdom are also going to affect the ability of Nigeria to remit money in.
“These two trends have actually dropped sharply because of vaccination certificates and all sorts of the pandemic effect. So, basically, in the end, I think it’s a gimmick. It is a promo, the central bank will fully understand in the end that there’s no other way of managing an exchange rate than converging them, having one rate so that people don’t stop exploiting it.
“In any case, you collect cash, and you take it to the parallel market or autonomous sources to sell the Naira, and then come back and you get the N5. What could happen is that you could turn $1,000 back again to your brother, who will bring it back.
“So, what could happen is that there could be what I call playing with neurons, the same money turning around the velocity of separation increasing, whilst the quantity supplied into the market will not increase.
By Adedapo Adesanya
The supply of Premium Motor Spirit (PMS), also known as petrol, increased by 55.4 per cent on a month-on-month basis to 71.5 million litres per day in November 2025 from 46 million litres per day in October.
This was contained in the November 2025 fact sheet of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Monday.
The data showed that the nation’s consumption also increased by 44.5 per cent or 37.4 million litres to 52.1 million litres per day in November 2025, against 28.9 million litres in October.
The significant increase in petrol supply last month was on account of the imports by the Nigerian National Petroleum Company (NNPC) Limited into the Nigerian market from both the domestic and the international market.
Domestic refineries supplied in the period stood at 17.1 million litres per day, while the average daily consumption of PMS for the month was 52.9 million litres per day.
The NMDPRA noted that no production activities were recorded in all the state-owned refineries, which included Port Harcourt, Warri, and Kaduna refineries, in the period, as the refineries remained shut down.
According to the report, the imports were aimed at building inventory and further guaranteeing supply during the peak demand period.
Other reasons for the increase, according to the NMDPRA, were due to “low supply recorded in September and October 2025, below the national demand threshold; the need for boosting national stock level to meet the peak demand period of end of year festivities, and twelve vessels programmed to discharge into October, which spilled into November.”
On gas, the average daily gas supply climbed to 4.684 billion standard cubic feet per day in November 2025, from the 3.94 bscf/d average processing level recorded in October.
The Nigeria LNG Trains 1-6 also maintained a stable processing output of 3.5 bscf/d in November 2025, but utilisation improved slightly to 73.7 per cent compared with 71.68 per cent in October.
The increase, according to the report, was driven by higher plant utilisation across processing hubs and steady export volumes from the Nigeria LNG plant in Bonny.
“As of November 2025, Nigeria’s major gas processing facilities recorded improved output and utilisation levels, with the Nigeria LNG Trains 1-6 processing 3.50 billion standard cubic feet per day at a utilisation rate of 73.70 per cent.
“Gbaran Ubie Gas Plant processed 1.250 bscf per day, operating at 71.21 per cent utilisation, while the MPNU Bonny River Terminal recorded a throughput of 0.690 bscf per day during the period. Processing activities at the Escravos Gas Plant stood at 0.680 bscf per day, representing a 62 per cent utilisation rate, whereas the Soku Gas Plant emerged as the top performer, processing 0.600 bscf per day at 96.84 per cent utilisation,” it stated.
By Aduragbemi Omiyale
The proposed share reconstruction of a local gaming firm, Secure Electronic Technology (SET), has been suspended.
The Lagos-based company decided to shelve the exercise after negotiations with potential investors crumbled like a house of cards.
Secure Electronic Technology was earlier in talks with some foreign investors interested in the organisation.
Plans were underway to restructure the shares of the company, which are listed on the Nigerian Exchange (NGX) Limited.
However, things did not go as planned as the potential investors pulled out, leaving the board to consider others ways to move the firm forward.
Confirming this development, the company secretary, Ms Irene Attoe, in a statement, said the board would explore other means to keep the company running to deliver value to shareholders.
“This is to notify the NGX and the investing public that a meeting of the board of SET held on Tuesday, December 16, 2025, as scheduled, to consider the status of the proposed share reconstruction and recapitalisation as approved by the members at the Extraordinary General Meeting (EGM) held on April 16, 2025.
“After due deliberations, the board wishes to announce that the proposed share reconstruction will not take place as anticipated due to the inability of the parties to reach a convergence on the best and mutually viable terms.
“Thus, following an impasse in the negotiations, and the investors’ withdrawal from the transaction, the board has, in the interest of all members, decided to accept these outcomes and move ahead in the overall interest of the business.
“The board is committed to driving the strategic objectives of SEC and to seeking viable opportunities for sustainable growth of the company,” the disclosure stated.
Business Post reports that the share price of SET crashed by 3.85 per cent on Tuesday on Customs Street on Tuesday to 75 Kobo. Its 52-week high remains N1.33 and its one-year low is 45 Kobo. Today, investors transacted 39,331,958 units.
By Adedapo Adesanya
Clea, a blockchain-powered platform that allows African importers to pay international suppliers in USD while settling locally, has officially launched.
During its pilot phase, Clea processed more than $4 million in cross-border transactions, demonstrating strong early demand from businesses navigating the complexities of global trade.
Clea addresses persistent challenges that African importers have long struggled with, including limited FX access, unpredictable exchange rates, high bank charges, fraudulent intermediaries, and payment delays that slow or halt shipments. The continent also faces a trade-finance gap estimated at over $120 billion annually, limiting importers’ ability to access the FX and financial infrastructure needed for timely international payments by offering fast, transparent, and direct USD settlements, completed without intermediaries or banking bottlenecks.
Founded by Mr Sheriff Adedokun, Mr Iyiola Osuagwu, and Mr Sidney Egwuatu, Clea was created from the team’s own experiences dealing with unreliable international payments. The platform currently serves Nigerian importers trading with suppliers in the United States, China, and the UAE, with plans to expand into additional trade corridors.
The platform will allow local payments in Naira with instant access to Dollars as well as instant, same-day, or next-day settlement options and transparent, traceable transactions that reduce fraud risk.
Speaking on the launch, Mr Adedokun said, “Importers face unnecessary stress when payments are delayed or rejected. Clea eliminates that uncertainty by offering reliable, secure, and traceable payments completed in the importer’s own name, strengthening supplier confidence from day one.”
Mr Osuagwu, co-founder & CTO, added, “Our goal is to make global trade feel as seamless as a local transfer. By connecting local currencies to global transactions through blockchain technology, we are removing long-standing barriers that have limited African importers for years.”
According to a statement shared with Business Post, Clea is already working with shipping operators who refer merchants to the platform and is also engaging trade associations and logistics networks in key import hubs. The company remains fully bootstrapped but is open to strategic investors aligned with its mission to build a trusted global payment network for African businesses.
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