CBN: Standard N100 Note Remains Valid, Warns Against Rejection

The Central Bank of Nigeria (CBN) has reaffirmed that the regular N100 banknote remains legal tender and has warned that anyone who refuses to accept it could face sanctions under the provisions of the CBN Act.

The clarification comes after reports that some traders, businesses and members of the public had been rejecting the standard N100 note, believing it was no longer valid following the introduction of the commemorative N100 banknote.

The apex bank explained that the commemorative N100 note was introduced in 2014 to celebrate Nigeria’s centenary, marking 100 years since the 1914 amalgamation. It stressed that the commemorative note was issued alongside the existing N100 note and was never intended to replace it.

In a statement released on Wednesday, the Acting Director of Corporate Communications, Hakama Sidi-Ali, said both versions of the N100 note remain legal tender and must be accepted for all transactions across the country.

According to the CBN, the reports of the rejection of the standard N100 note stem from misinformation regarding its legal status.

The bank emphasized that both the commemorative and the regular N100 banknotes are valid and should be accepted by individuals, businesses, financial institutions and all other economic operators nationwide.

It further warned that refusing the standard N100 note amounts to a violation of the CBN Act and could attract regulatory action.

The CBN reiterated its commitment to protecting the integrity of the naira, sustaining public confidence in Nigeria’s currency and ensuring the smooth circulation of all officially issued banknotes.

The bank urged Nigerians to disregard false claims about the validity of the standard N100 note and continue accepting all CBN-issued banknotes for everyday transactions.

Used Vehicle Imports Jump to N250bn as Government Tightens Regulations

Nigeria’s expenditure on imported used vehicles climbed sharply to N249.84 billion in the first quarter of 2026, reflecting a significant increase despite the Federal Government’s stricter regulatory measures on automobile imports.

According to figures released by the National Bureau of Statistics (NBS) in its Foreign Trade in Goods Statistics report for Q1 2026, the country imported pre-owned diesel and semi-diesel vehicles with engine capacities exceeding 2,500cc valued at N249.84 billion. This represents a 91.92 per cent rise compared to the N113.36 billion recorded during the same period in 2025.

The surge comes as authorities intensify enforcement of a newly introduced mandatory vehicle certification policy aimed at strengthening oversight of imported automobiles entering the country.

The report identified the United States as Nigeria’s leading supplier of used vehicles, accounting for imports worth N217.56 billion, which constituted approximately 87 per cent of the total value recorded in the quarter.

Other countries that contributed to Nigeria’s used vehicle imports include the United Arab Emirates with N10.32 billion, Canada with N8.72 billion, Italy with N6.64 billion, and China with N6.60 billion.

Industry observers say the continued demand for fairly used vehicles highlights the growing preference for affordable transportation options amid prevailing economic challenges.

Dangote Refinery Increases Fuel Price, Assures of Seamless Supply Nationwide

Dangote Refinery has increased its gantry price of Premium Motor Spirit amid soaring global crude oil prices and the threats by the United States President, Donald Trump to heighten war with Iran.

The refinery raised its petrol price to N1,275 per liter up from N1,200.

This means that the $20 billion refinery increased its gantry fuel price by slightly N75 or 5 percent.

The development comes after nearly a week of stable domestic fuel prices despite crude oil price volatility.

Nigeria Ready to Lead Africa in AI Revolution, Says Shettima

Vice President Kashim Shettima has declared that Nigeria is prepared to lead Africa in the Artificial Intelligence revolution, asserting that the country is positioning itself as a producer of innovation and knowledge rather than a consumer of imported technologies.

Shettima, represented by the Deputy Chief of Staff to the President in the Vice President’s Office, Ibrahim Hassan, spoke at the launch and national flag-off of the Artificial Intelligence University Innovation Pod at the University of Lagos on Tuesday.

The UniPod, created as part of a partnership between the Federal Government, participating state governments, the United Nations Development Programme and Nigerian universities, provides a digital hub for young innovators, students, researchers and industry partners to work together to build AI solutions designed for Nigerian realities.

Speaking, Shettima said Nigeria was on track to assume a leadership role on the continent by building strong digital foundations and innovation systems capable of transforming ideas into measurable economic output.

Gateway Airport: Air Peace will launch London flights this summer, says Onyema

The Airline’s Chief Executive Officer, Allen Onyema, disclosed this during an interview with journalists after inspecting the airport’s facilities alongside Ogun State Governor, Dapo Abiodun.

The visit followed the official commissioning of the airport by President Bola Ahmed Tinubu.

According to Onyema, Air Peace will operate flights connecting the airport to both London Gatwick Airport and Heathrow Airport, marking a significant milestone for Ogun State’s aviation sector.

Abiodun, in his remark, announced plans to further expand the airport’s ecosystem with the construction of an international conference and convention centre, alongside a 550-room five-star hotel.

He said the development would position the state as a hub for global business and tourism.

The governor, therefore, expressed confidence that the Gateway International Airport could soon become Nigeria’s third busiest aviation hub, after Lagos and Abuja.

Tinubu visits Ogun, commissions airport, airline, other infrastructure projects

President Bola Tinubu, on Saturday, visited Ogun State, to commission and inspect a sweeping array of landmark projects, an indication of its bold stride toward infrastructural transformation, economic expansion and improved service delivery.

At the forefront of the visit is the commissioning of the Gateway International Airport, Iperu—an ambitious project designed to position Ogun State as a major aviation and logistics hub in Nigeria.

President Tinubu also commissioned two newly acquired aircraft under Gateway Air, marking the official takeoff of the state’s aviation initiative in partnership with ValueJet.

Further underscoring the airport’s economic potential, the President will witness a cargo operations showcase facilitated by SAHCOL, signaling readiness for full-scale logistics and freight activities.

In addition, a number of strategic assets will be commissioned at the airport, including 1,000 electric bikes under the state’s EV mobility initiative, 80 security vehicles to strengthen safety architecture, and a fleet of agricultural tractors aimed at boosting food production and supporting farmers.

Beyond the airport, the President will commission the Ilishan–Iperu Airport Road, a vital link connecting the new aviation hub to surrounding communities and enhancing accessibility.

Senate Summons Kyari, Ex-NNPCL Officials Over Alleged N210tn Financial Discrepancies

The Senate Committee on Public Accounts has summoned a former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, alongside other former and current officials of the national oil firm over alleged financial discrepancies amounting to N210tn.

Read More Senate Summons Kyari, Ex-NNPCL Officials Over Alleged N210tn Financial Discrepancies

$85 Oil: Nigeria, Two Others Poised For Economic Gains

Nigeria may record an improvement in its current account balance if global crude oil prices remain elevated, according to a new report by Bloomberg Economics.

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