Banking
Nigeria Reps move to ban use of foreign currencies
…Says it’s wrong for dollars, others to be freely used in Nigeria
Why Excess Crude Account is not designated in dollars — CBN
MintS earned N2 billion in 2012
ABUJA —The House of Representatives, yesterday, moved to ban the use of foreign currencies in local and domestic transactions in Nigeria. This was sequel to a motion brought to the floor of the House by Hon Nadu Karibe, representing Bayelsa State.
Karibe who led the debate had argued that “every country has its currency which serves as a means of exchange, a symbol of identity, a source of pride and a sign of independence and economic stability.”
He also observed that “without equivocation, the Naira is the only means of exchange for local and domestic transactions in Nigeria. There is a growing trend in the use of foreign currencies, especially the US Dollar for payments of school fees, hotel bills, real estate, rent and purchase in bars, night clubs, luxury good shops, in Nigeria.”
He further argued that “this trend has led to the high demand of these foreign currencies, especially the US Dollars in Nigeria.”
Speaker of the House, Hon Aminu Tambuwal at this juncture asked members to make their contributions.
In his contribution, Hon Warman Ogoriba said: “I was in South Africa where I wanted to pay my hotel bills in dollars and it was rejected. Honestly I was pleasantly surprised because here Nigerians freely use the dollar. I urge members to support the motion and the CBN to ban the use of foreign currencies in local transactions”.
Speaking in the same vein, Hon Buba Jibrin representing Kogi State said: “In my opinion this motion is very timely. In foreign lands we are made to change dollars into local currencies using our passport as an identification mark. But here in Nigeria even in our shopping malls dollars are freely used and that is wrong. It is only the high and mighty that spends Dollars the way they like.”
Speaking against the motion, Hon Aminu Sulayman said: “I see this motion as a glorified one as only inconsequential number of Nigerians use the dollar in Nigeria. This matter should be left for the appropriate authority to handle or the motion should be thrown out through the window.”
The Speaker, Aminu Tambuwal quickly pointed out to Sulayman that there was no window in the chamber.
Also in his contribution, Hon Ali Madaki representing Kano said: “If Nigeria is really serious and wants investors, we need to use Dollars. If we look at Dubai today Dollars are openly used and just in the 1970s they came here to borrow money from us. They wanted to borrow $10 million but the then Obasanjo administration was told the place was a desert but look at Dubai today, is it not better than Nigeria? We need investors to grow our economy.”
*House of Representatives members in session
Hon 0gbuefi Ozomgbachi, however, in his contribution said: “There is an existing Act of Parliament that forbids Nigerians from using foreign currency for marketing purposes.”
But while rounding up the debate, Hon Karibe said: “This motion is not against the sale of foreign currencies what it is against is its usage in local and domestic transactions in Nigeria.”
This attracted a loud ovation from members and when the Speaker put it to a voice vote it was unanimously adopted.”
Why Excess Crude is not designated in dollars — CBN
Meanwhile, the Central Bank of Nigeria, CBN, yesterday gave an insight into why the bank does not designate Excess Crude account in dollars, saying it was constrained by the country’s constitution.
Answering questions, yesterday, when he appeared before Senator Bassey Otu-led Senate Committee on Banking, Insurance and other Financial Institutions, CBN Deputy Governor, Suleiman Barau, said the apex bank was still discussing the matter internally to ensure a well advised position. Mr Barau who appeared before the committee to be screened for another term, disclosed that the bank was making efforts to ensure that the banks were strong enough to support the real sector for national development.
Barau who told the Senate that the Revenue Mobilisation Allocation and Fiscal Commission advised the apex bank against designating the Excess Crude Account in dollars said: “This is a constitutional constraint. When it was first mooted, the Revenue Mobilisation Allocation and Fiscal Commission informed us that the Constitution only recognizes the naira as the unit of account.”
He also said that if the apex bank must perform effectively, it must be allowed to maintain its financial autonomy as against the proposed amendments to the CBN to subject its budget to the scrutiny of the National Assembly.
Barau argued that such autonomy was in line with the spirit of the law and international best practices, saying, “we believe that the National Assembly can make inputs in our budget through oversight. You can tell us what to do and what not to do.”
Responding to a question on interest rates, Barau stressed that the lending rates by banks were still high because of the adverse consequences that lower rates would cause to the rate of inflation at the moment.
On allegation that CBN does not patronize NSPMC for the printing of naira notes, he described it as untrue, adding that only a residual quantity of the 3.2 billion notes required by the CBN were printed by a foreign company.
According to him: “We patronize Mints. The company printed 2.8 billion notes in 2011 and 2.6 billion notes in 2013 out of total 3.2 billion notes the CBN printed.”
He explained that the company made a total profit of N2 billion in 2012, just as he said that it was a matter of capacity and not patronage.
Earlier in his remarks, Senator Otu advised that if the banking sector must remain the backbone of economic development in the country, there was the need to get the CBN inject the necessary support, adding that the committee is saddled with the responsibility of screening the nominee for a second tenure as Deputy Governor in the apex bank.
Socio-Economic Rights and Accountability Project (SERAP) announced that it has filed a lawsuit against the Central Bank of Nigeria (CBN) “over the failure to account for and explain the whereabouts of the missing or diverted N3 trillion of public funds, including the over N629 billion paid to ‘unknown beneficiaries’ as part of the Anchor Borrowers’ Programme.”
The lawsuit followed the grave allegations contained in the latest annual report by the Auditor-General of the Federation, which was published on 9 September 2025.
In the suit number FHC/ABJ/CS/250/2026 filed last week at the Federal High Court in Abuja, SERAP stated that it is seeking “an order of mandamus to direct and compel the CBN to account for and explain the whereabouts of the missing or diverted N3 trillion of public funds, including detailed reports of how exactly the funds were spent.”
In the suit, SERAP is arguing that, “These grim allegations by the Auditor-General suggest grave violations of the public trust, the provisions of the Nigerian Constitution 1999 [as amended], the CBN Act, and anticorruption standards.”
SERAP is also arguing that, “These grave violations also reflect a failure of CBN accountability more generally and are directly linked to the institution’s persistent failure to comply with its Act and to uphold the principles of transparency and accountability.”
CBN Gov, Olayemi Cardoso
According to SERAP, “These violations have seriously undermined the ability of the CBN to effectively discharge its statutory functions and the public trust and confidence in the bank. The CBN ought to be committed to transparency and accountability in its operations.”
SERAP also stated in its suit that, “Nigerians have the right to know the whereabouts of the missing or diverted public funds. Granting the reliefs sought would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.”
SERAP said, “Section 15(5) of the Nigerian Constitution requires public institutions to abolish all corrupt practices and abuse of power. Section 13 of the Constitution imposes clear responsibility on the CBN to conform to, observe and apply the provisions of Chapter 2 of the constitution.”
The suit filed on behalf of SERAP by its lawyers Oluwakemi Agunbiade and Valentina Adegoke, read in part: “According to the Auditor-General, the CBN in 2022 failed to remit over N1 trillion [N1,445,593,400,000.00] of ‘the Federal Government’s portion of operating surplus’ into the Consolidated Revenue Fund (CRF) account.”
“The Auditor-General fears that the money may have been ‘diverted.’ He wants the money recovered and remitted to the treasury.”
“The CBN also failed to recover over N629 billion [N629,040,000,000.00] paid to ‘unknown beneficiaries’ as part of the Anchor Borrowers’ Programme, a programme ‘meant to support farmers to ensure sustainable food production in the country.’”
“But ‘the numbers of beneficiaries who collected the money are unknown.’ The CBN has also failed to ‘recover the money.’ The Auditor-General fears ‘the money may have been diverted’, which could have ‘contributed to the difficulty in sustaining food security in the Nation.’”
“He wants the money recovered and remitted to the treasury.”
“The CBN has also failed to recover over N784 billion [N784,410,108,864.47] ‘being 32 unpaid, overdue loans and interventions disbursed by the Bank between 2018 and May 2022.’”
“The Auditor-General said ‘there was no evidence that the Bank was doing enough to recover the loans/interventions, which ought to have been paid.’ He wants the money recovered and remitted to the treasury.”
“The CBN in 2022 also spent over N125 billion [N125,374,000,000.00] ‘on questionable intervention activities.’ The CBN claimed it spent the money ‘on intervention activities in connection with national security, the federal government, state securities, armed forces and to build the capacity of the financial sector’.”
“But the Auditor-General is concerned that the money may have been spent ‘without the approval of the National Assembly.’ There was also no document to ‘support the expenditure.’”
“The ‘expenditure also may not have been in the public interest and consistent with the objectives of the CBN in section 2 of the CBN Act.’ The Auditor-General fears the money may have been ‘diverted.’ He wants the money recovered and remitted to the treasury.”
“The CBN in 2022 also ‘unjustifiably’ spent over N1 billion [N1,792,769,160.00] to buy 43 operational vehicles for the Nigeria Immigration Service (NIS).”
“According to the Auditor-General, ‘the spending is unjustified because there is no connection with buying operational vehicles for the NIS and the objectives of the CBN as stated in section 2 of the CBN Act.’”
“The NIS also ‘failed to provide any evidence to show that the vehicles were actually supplied and delivered.’ There ‘were also no procurement and payment records or documents.’ The Auditor-General fears the money may have been ‘diverted’. He wants the money recovered and remitted to the treasury.”
“The CBN also awarded 43 contracts for over N189 billion [N189,50,066,756.73]. The Auditor-General said that ‘the contractors deliberately delayed completion of these contracts by seeking extension of the completion period.’”
“The contractors then ‘requested for variation of the contracts due to extension of completion period.’ Following the request, the CBN paid the contractors over N9 billion [N9,270,849,691.61] ‘irregular variation of contract price.’”
“There ‘were no relevant procurement documents such as contract files, procurement records, and payment vouchers’ for the payment. The Auditor-General fears ‘the money may have been diverted’ and the projects may have been abandoned.’ He wants the money recovered and remitted to the treasury.”
“The Katsina state branch of the CBN also failed to recover over N90 million [N90,163,610.00] being ‘outstanding loans and interventions disbursed to 33 small and medium enterprises during Covid 19 in 2020.’”
“The Auditor-General fears ‘the money may have been ‘diverted’ or ‘mismanaged’. He wants the money recovered and remitted to the treasury.”
“Paragraph 3112(ii) of the Financial Regulations 2009 provides: ‘Where a public officer fails to account for government revenue, such officer shall be surcharged for the full amount involved and such officer shall be handed over to either the EFCC or the ICPC.’”
“Section 51 of the Fiscal Responsibility Act provides that, ‘A person shall have legal capacity to enforce the provision of this Act by obtaining prerogative orders or other remedies at the Federal High Court, without having to show any special particular interest.’”
“The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding their public institutions’ activities.”
No date has been fixed for the hearing of the suit.
Banking
Millions of customers still stranded worldwide 24 hours after GT Bank online operations suffered attacks
By Yemie ADEOYE
GT Bank, one of Nigeria’s leading banks, with operations across Africa and the United kingdom, and with an asset base of about US$3.11 trillion is under a cyber attack which has left millions of its customers across the world stranded in the last 24 hours.
The bank which was renowned for its seamless online operations at inception has suffered dwindling online efficiency in recent years and this current attack didn’t come as a surprise to many of its numerous customers. However, it is becoming worrisome that over 24 hours after its online operations went down, the bank has not been able to arrest the situation and restore its online services.
Stranded GT Bank customers outside the banks premises
Several customers of the bank took to their X (formerly known as twitter) handles to express their frustrations at the bank, as several of the customers in the diaspora are unable to access their accounts and carry on with their transactions. A customer , Jeff55 who lamented on his X handle about the development, stated that it is a thing of shock that a bank of this size couldn’t afford to have the necessary tools and experts to ensure a full protection of its online operations in this age and time.
Another customer Dimma stated that while Cybersecurity training may seem tedious, the recent #GTBank hack is a stark reminder that everyone is just a click away from a devastating attack.
Several media organisations had reported that hackers have stolen GT Bank website, and intercepted customers Data in massive phishing operation.
At the time of filing this report, Biztellers.com.ng checks on the banks website shows that it is still down and unaccessible, and neither GT Bank media and communications unit nor any of its agencies or surrogates have commented officially on the development.
Says output surge buoyed by reforms he announced in May 2024 to address gaps in PIA
President Bola Ahmed Tinubu on Sunday declared a resurgence in the oil & gas industry, commending the increased crude production to 1.6 million barrels per day.
The president, who said this in a national broadcast, maintained that the resurgence was buoyed by the reforms he announced in May 2024 to address the gaps in the Petroleum Industry Act (PIA).
Nigeria’s crude oil output got a boost to 1.61 million barrels per day in July 2024 through the president’s directive and the industry leadership provided by the Nigerian National Petroleum Company Limited (NNPCL).
Acknowledging what he called a resurgence of the once-declining oil and gas industry in his Sunday-morning broadcast to the nation, President Tinubu said that oil investors are coming back to Nigeria.
He said; “Our once-declining oil and gas industry is experiencing a resurgence on the back of the reforms I announced in May 2024 to address the gaps in the Petroleum Industry Act. Last month, we increased our oil production to 1.61 million barrels per day, and our gas assets are receiving the attention they deserve. Investors are coming back, and we have already seen two Foreign Direct Investments signed of over half a billion dollars since then.
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“Fellow Nigerians, we are a country blessed with both oil and gas resources, but we met a country that had been dependent solely on oil-based petrol, neglecting its gas resources to power the economy.
We were also using our hard-earned foreign exchange to pay for and subsidise its use. To address this, we immediately launched our Compressed Natural Gas Initiative (CNG) to power our transportation economy and bring costs down.
This will save over two trillion Naira a month, being used to import PMS and AGO and free up our resources for more investment in healthcare and education.
“To this end, we will be distributing a million kits of extremely low or no cost to commercial vehicles that transport people and goods and who currently consume 80% of the imported PMS and AGO.
“We have started the distribution of conversion kits and the setting up of conversion centres across the country in conjunction with the private sector. We believe that this CNG initiative will reduce transportation costs by approximately 60 per cent and help to curb inflation.”
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