Economy
Currency Swap Deadline Extension Shows Emefiele Misled Buhari—Doguwa
By Dipo Olowookere
The Majority Leader of the House of Representatives, Mr Alhassan Ado Doguwa, has accused the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, of misleading President Muhammadu Buhari on the Naira redesign policy.
On October 26, 2022, Mr Emefiele announced that the bank would change the look of the N200, N500, and N1,000 currency notes. The president unveiled the new notes a month later before hitting circulation last month.
During the announcement, the CBN chief said the old banknotes would cease to be legal tender in Nigeria from January 31, 2023, but last Sunday, Mr Buhari approved an extension of 10 additional days.
While speaking on Channels Television’s Politics Today on Monday, Mr Ado Doguwa said the lower chamber of the National Assembly would not accept the 10-day extension because it violates the laws of the land.
The green chamber had asked the central bank Governor to extend the deadline by six months to July 31, 2023, to allow more Nigerians to return their old notes, especially because the new currency notes were still very scarce.
At the programme monitored by Business Post, the lawmaker accused Mr Emefiele of misleading President Buhari on the policy, emphasising that this was why he approved the 10-day extension.
“You see, Mr President may have been presented with a misleading briefing [on the policy], which may have made him act in the wrong direction by approving it.
“It (the extension) goes to confirm to you that if the President were actually briefed ab initio of the implications of the Naira redesign, he would not have come now to extend the deadline by 10 days, which means there is an issue.
“If the President were initially given the correct information of the policy with a specified deadline, certainly, he would not have made a U-turn to extend it. We are even saying the 10-day extension is not the position of the law and is not acceptable to the parliament because it contradicts the law.
“The CBN Act says when there is a redesign of the Naira notes, the old and the new currency notes are allowed to operate side-by-side until the old notes naturally vanish from circulation,” the lawmaker stated.
“I am sure Mr President will be one humble leader to understand when he is misled, and he should be able to come now to look at the right thing and take the right decision like he is doing now,” Mr Doguwa, who doubles as the Chairman of the House Adhoc Committee, added.
He further said the CBN did not consult with the National Assembly before redesigning the currency banknotes.
“The constitution of Nigeria says the central bank, being an institution of the land, must, at all times when it wants to embark on a new policy, must consult relevant committees or the leadership of the National Assembly.
“They did in the case of the cashless policy. You remember we invited them, the Governor was not able to attend, he sent the deputy governor to explain everything to us.
“But I want to tell you that for the Naira redesign, we were not consulted. It was purely their business and we believe this policy will affect the economy, the security of the nation and the forthcoming general elections. In fact, why change the Naira just some days before the election,” he said.
When asked if he suspects the election is being scuttled with the policy, he responded, “Yes, for someone who wanted to partake in the (APC) presidential primary. So, I won’t be surprised that he is doing all these to scuttle the polls.
“You don’t limit the amount of cash with politicians about 30 days to an election. Even INEC, and security officials will need cash for logistics and others. Their allowances are also paid in cash. So, I wonder how you create this problem at a critical period. I believe this move is political.”
By Dipo Olowookere
The bulls regained control of the Nigerian Exchange (NGX) Limited on Friday after surrendering power to the bears a day earlier as a result of mild selling pressure.
Yesterday, the Nigerian bourse rebounded by 0.54 per cent, mainly due to the gains recorded by First Holdco and others.
Data harvested by Business Post indicated that the industrial goods and energy sectors were flat, while the banking index chalked up 3.13 per cent. The insurance space expanded by 1.08 per cent, and the consumer goods counter rose by 0.21 per cent.
Consequently, the All-Share Index (ASI) went up by 1,316.52 points to 243,462.13 points from 242,145.61 points, and the market capitalisation grew by N850 billion to N157.057 trillion from N156.207 trillion.
The market breadth index was bullish during the last trading session of this week, printing 31 appreciating stocks and 23 depreciating stocks, representing strong investor sentiment.
First Holdco led the advancers’ log after it climbed 9.97 per cent to N95.95, Haldane McCall appreciated by 9.94 per cent to N3.65, LivingTrust Mortgage Bank soared by 9.73 per cent to N3.72, LASACO Assurance jumped by 5.26 per cent to N2.00, and Thomas Wyatt gained 5.10 per cent to quote at N3.09.
On the flip side, Red Star Express declined by 9.50 per cent to N20.00, Omatek slipped by 6.08 per cent to N1.70, C&I Leasing shrank by 5.93 per cent to N5.55, Jaiz Bank crashed by 5.03 per cent to N8.50, and Livestock Feed fell by 3.89 per cent to N8.65.
As for the activity chart, market participants bought and sold 685.9 million equities for N42.7 billion in 44,134 deals on Friday versus the 498.5 million equities worth N34.9 billion traded in 39,484 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 37.59 per cent, 22.35 per cent, and 11.78 per cent, respectively.
Investors’ darling for the day was First Holdco, with a turnover of 225.9 billion units valued at N21.0 billion, Guinea Insurance sold 53.4 million units for N45.2 million, Zenith Bank traded 41.5 million units worth N4.7 billion, Access Holdings exchanged 29.1 million units valued at N720.6 million, and UBA exchanged 27.5 million units for N1.2 billion.
By Modupe Gbadeyanka
The Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has appealed to the Nigeria Customs Service (NCS) to deepen its sensitisation on the newly introduced Green Tax Surcharge Policy.
The chairman of APFFLON, Mr Akeem Ayobiojo, made this plea on behalf of his colleagues on Tuesday, July 14, 2026, at the Customs House in Abuja, during a stakeholders’ engagement with the agency.
He also called for improvements in the administration of Pre-Arrival Assessment Reports and Post Clearance Audit and the African Continental Free Trade Area (AfCFTA).
Mr Ayobiojo stated that freight forwarders were happy to work with the customs, commending the organisation for implementing Chapter 99, describing it as a major relief for manufacturers.
He, however, emphasised that a deeper understanding of the new tax was necessary for his members, saying more predictable procedures would reduce delays and unexpected costs for importers and freight forwarders.
In his remarks, the Comptroller-General of Customs, Mr Adewale Adeniyi, assured manufacturers, freight forwarders and other players in the nation’s trade sector that the NCS would continue to engage them on fiscal policies affecting their businesses, saying sustained dialogue remains key to resolving implementation challenges and improving the country’s trading environment.
He also promised them the service’s resolve to enhance and facilitate trade, acknowledging that, “Your feedback is important because it helps us understand what is happening in the field, and where necessary, we will take your concerns to the Federal Ministry of Finance and other relevant government institutions.”
Speaking about Authorised Economic Operator (AEO), Mr Adeniyi further explained that Nigeria would not lower the standards required under the Authorised Economic Operator Programme as the initiative is guided by global benchmarks established by the World Customs Organisation (WCO).
On her part, the Deputy Comptroller-General of Customs for Tariff and Trade, Ms Caroline Niagwan, clarified that electric vehicles can be imported without payment of duty only by holders of Import Duty Exemption Certificate (IDEC) issued by the Federal Ministry of Finance.
She also urged importers facing classification disputes to take advantage of the Advance Ruling system, noting, “Once an Advance Ruling is issued based on genuine documentation, importers have certainty on classification, valuation or origin before the goods arrive, thereby reducing unnecessary disputes during clearance.”
By Adedapo Adesanya
The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, July 17, by N1.35 or 0.07 per cent to N1,380.18/$1 from N1,381.53/$1.
It also improved its value against the Pound Sterling in the same market segment during the session by N11.75 to trade at N1,854.42/£1 compared with the previous day’s N1,866.17/£1, and gained N5.69 against the Euro to sell at N1,576.99/€1 versus Thursday’s closing price of N1,582.68/€1.
In the same vein, the Naira chalked up N1 against the United States currency yesterday at the GTBank forex desk to quote at N1,388/$1, in contrast to the preceding day’s N1,389/$1, but closed flat at the black market at N1,405/$1.
The appreciation of the Nigerian currency on Friday came amid fresh signals that Nigeria is building its external reserves for protection against shocks and excessive currency volatility.
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, said the country’s gross reserves had risen above approximately $52 billion by 15 July, while net reserves had increased from about $3 billion when the current CBN leadership took office to more than $40 billion.
Mr Cardoso linked the increase in reserves to reforms that had restored greater confidence in the foreign exchange system. He also pointed to efforts to diversify foreign currency inflows, including policies designed to increase remittances through official channels.
He noted that monthly diaspora remittances had risen above $600 million and the CBN expected them to reach approximately $1 billion by the end of 2026. The target is part of a broader effort to grow reserves through recurring inflows rather than temporary measures.
The improvement, he argued, had strengthened Nigeria’s capacity to respond when unexpected events threatened market stability.
The apex bank has also launched a new digital platform that will track every foreign exchange transaction involving Bureau De Change (BDC) operators, marking a major step in its efforts to improve transparency and strengthen oversight of Nigeria’s retail forex market.
As for the crypto market, prices were up as markets overlooked geopolitical developments and macro forces weighing on the whole market ecosystem rather than anything crypto-specific, with Cardano (ADA) up by 4.6 per cent to $0.1661.
Bitcoin (BTC) jumped by 1.8 per cent to $63,968.32, Ethereum (ETH) improved by 0.9 per cent to $1,843.88, Dogecoin (DOGE) also rose by 0.9 per cent to $0.0723, Solana (SOL) soared by 0.6 per cent to $74.90, Ripple (XRP) also appreciated by 0.6 per cent to $1.08, and Binance Coin (BNB) advanced by 0.1 per cent to $567.32.
However, TRON (TRX) depreciated by 0.2 per cent to close at $0.3218, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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