Nigeria News (Standard)
CBN Governor Cardoso Flags ₦5.19trn Cash Hoarding Despite Push for Digital Payments
Currency held outside banks rises by ₦109bn in May as over 91% of naira circulation remains informal
Currency held outside banks rises by ₦109bn in May as over 91% of naira circulation remains informal
Currency hoarding outside Nigeria’s banking sector has reached a new high of ₦5.19 trillion as at May, according to latest data released by the Central Bank of Nigeria (CBN). The figures, announced by CBN Governor Olayemi Cardoso in Abuja on Monday, highlight a growing challenge for financial authorities pushing to shift economic activity onto digital platforms.
CBN’s updated Money and Credit Statistics revealed that the amount of cash held outside banks rose by ₦109.34 billion from April’s level of ₦5.08 trillion. Compared to May last year, this represents an increase of ₦559.16 billion, up from ₦4.63 trillion previously recorded. The apex bank stated that 91.27 percent of all currency in circulation was now outside the formal banking system, up from 90.03 percent a month earlier.
This trend comes at a time when government and financial institutions are intensifying efforts to promote cashless transactions through bank transfers, mobile money, agent banking and fintech platforms. However, the bulk of Nigeria’s naira supply continues to circulate within households, businesses and informal markets rather than being deposited in banks or channelled through digital payment systems.
Experts say persistent cash hoarding could undermine policy initiatives aimed at curbing inflation and improving transparency in financial transactions. The CBN has repeatedly urged Nigerians to embrace electronic payment options to reduce reliance on physical currency, citing benefits such as improved security and efficiency in commerce.
While the CBN continues its advocacy for a cashless economy, analysts note that building trust in digital payments and expanding access—especially in rural communities—remain critical to reducing high levels of cash held outside banks.
Nigeria News (Standard)
Dangote Refinery Dismisses Claims of Fuel Export-Reimport as ‘Illogical’
Management in Lagos says allegations of exporting refined products for re-importation lack basis and economic sense
Management in Lagos says allegations of exporting refined products for re-importation lack basis and economic sense
Dangote Petroleum Refinery has refuted circulating reports suggesting that the company exports its refined petroleum products abroad only to re-import them into Nigeria, describing such claims as baseless and not grounded in operational reality. The management made this clarification on Wednesday during a statement issued at its Lagos headquarters.
The refinery’s response followed widespread speculation and online commentary alleging that Dangote was engaging in a practice that would see locally refined products shipped out of the country, only to be brought back for sale to Nigerians. The company stated that this claim is both illogical and contrary to the principles guiding its business operations.
This development comes at a time when Nigerians are closely watching activities within the oil and gas sector, especially since the Dangote Refinery commenced operations earlier this year with promises of reducing dependence on imported fuel. Many stakeholders have raised questions about how quickly the refinery can impact pump prices and fuel availability, given ongoing concerns about foreign exchange rates and supply chains.
In its official position, Dangote Petroleum Refinery explained that all processes are geared towards supplying the Nigerian market directly. “There is no economic or operational rationale for us to export refined products only to re-import them for local consumption,” the management stated. The company added that it remains committed to meeting domestic demand efficiently and transparently.
Industry observers say that as Nigeria’s largest private refinery ramps up production, public scrutiny will likely intensify regarding pricing, supply chain decisions, and government regulatory oversight. The company assured Nigerians that it would continue to communicate developments transparently as it moves towards full-scale operations.
Nigeria News (Standard)
Tinubu Assures Mastercard of Nigeria’s Tech-Ready Workforce, Endorses Digital Skills for SMEs
President highlights federal support for technology training, says Nigerian youths and SMEs are primed for digital economy growth
President highlights federal support for technology training, says Nigerian youths and SMEs are primed for digital economy growth
President Bola Tinubu has assured global payment giant Mastercard that Nigeria possesses a robust, technology-ready workforce capable of driving the nation’s digital economy. Tinubu made this known in Abuja on Wednesday during a meeting with Mastercard executives, where he reaffirmed government’s commitment to boosting digital skills among Nigerian small and medium-scale enterprises (SMEs).
The president stated that Nigeria’s young population is increasingly embracing technology, and that government has prioritised initiatives aimed at equipping citizens with relevant digital competencies. According to Tinubu, this focus on skills development is key to attracting global investment and fostering innovation across critical sectors.
He further emphasised that supporting SMEs through targeted digital training would enhance productivity and empower businesses to compete globally. “We have a large pool of talented youths who are eager to learn and contribute to the economy,” Tinubu said. “By investing in digital education for our people, especially those running small businesses, we can unlock new opportunities and position Nigeria as a leader in Africa’s tech space.”
Mastercard representatives welcomed the president’s assurances, noting that Nigeria remains an important market for the company’s expansion plans in Africa. They highlighted ongoing collaborations with local partners aimed at promoting financial inclusion and technological advancement.
The presidency reiterated its resolve to work closely with international partners like Mastercard to deliver on its promise of job creation and economic diversification through technology. Further details on new programmes or investments were not disclosed at the meeting.
Nigeria News (Standard)
Enugu Tanker Crash Claims Three Lives, Destroys ₦900m Property Along Expressway
Federal Fire Service confirms accident caused by brake failure on Dangote truck; several injured, emergency response ongoing
Federal Fire Service confirms accident caused by brake failure on Dangote truck; several injured, emergency response ongoing
Three persons lost their lives and property valued at about ₦900 million was destroyed after a tanker fire broke out at the Ugwu Onyeama axis of the Enugu-Onitsha Expressway in Enugu State on Monday. The incident, which occurred in the early hours of June 22, was confirmed by Deputy Superintendent of Fire Maxwell Ucheagwu of the Federal Fire Service Command in Enugu.
According to Ucheagwu, the fire erupted following a collision between a Dangote truck carrying bags of cement and a tanker transporting Liquefied Natural Gas (LNG). “Preliminary investigation revealed that the accident was caused by brake failure on the Dangote truck, which rammed into the LNG tanker, damaging the tanker and causing a leakage of its contents,” he stated while briefing journalists.
Emergency responders from the Federal Fire Service received a distress call at around 3:28 a.m. and immediately deployed personnel and firefighting equipment to the scene. Despite efforts to contain the blaze, three fatalities were recorded and several others sustained injuries. The injured victims were taken to nearby hospitals for treatment.
The incident has raised concerns among residents and road users about safety standards along major expressways, especially as heavy-duty trucks and tankers continue to ply Nigerian roads despite recurring accidents. Authorities have repeatedly called for stricter enforcement of vehicle maintenance regulations and improved driver training.
Ucheagwu added that investigations are ongoing to determine further causes and recommend measures to prevent similar tragedies. As at press time, clean-up operations were still underway, with security agencies securing the affected area to forestall any secondary incidents.
Source: https://guardian.ng/news/nigeria/metro/three-killed-n900m-property-destroyed-in-enugu-tanker-fire/
Dangote Refinery Dismisses Claims of Fuel Export-Reimport as ‘Illogical’
Tinubu Assures Mastercard of Nigeria’s Tech-Ready Workforce, Endorses Digital Skills for SMEs
Enugu Tanker Crash Claims Three Lives, Destroys ₦900m Property Along Expressway
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