Business
FG Issues Ban on Naira Spraying, Money Bouquets as Valentine’s Day Nears
The Federal Government has announced a ban on the spraying and decorative use of naira notes ahead of the 2026 Valentine’s Day celebration. The directive targets practices such as making money bouquets, cash towers, and decorative cakes with banknotes.
According to government authorities, these actions go against Nigeria’s currency laws and will no longer be tolerated.
The Central Bank of Nigeria has described the trend as an abuse of the national currency. It warned that shaping, folding, spraying, or designing banknotes for gifts and ceremonies amounts to defacing legal tender.
According to the bank, the naira is a national symbol and must be handled with care and respect. Officials stressed that treating money as party decoration weakens its dignity and public value.
The government also cautioned event planners, gift vendors, and individuals who engage in such displays. It said anyone found producing or using money bouquets and similar items risks arrest and possible prosecution under existing laws.
Security agencies and regulatory bodies have been directed to monitor public events and commercial activities during the Valentine period. Enforcement will focus on parties, weddings, and street celebrations where cash spraying and money designs are common.
Nigerians were advised to choose alternative gift options such as flowers, cards, or packaged items instead of cash displays. The government noted that love and celebration should not involve damaging the country’s currency.
The warning comes as Valentine’s Day approaches, a season known for increased use of cash-themed gifts and public spraying of naira at romantic events.
Leading manufacturers, including Dangote Cement and BUA Cement, have adjusted cement prices nationwide, with a bag now selling for as high as N12,000 in many parts of the country.
Industry operators say the latest increase marks another sharp jump from previous prices of between N11,000 and N11,500, deepening concerns about affordability and slowing construction activities.
Experts point to rising energy costs as the primary trigger behind the new pricing regime. Manufacturers are grappling with higher fuel prices, which directly impact production processes that rely heavily on energy.
Chairman of the Lagos Chamber of Commerce and Industry Construction and Engineering Group, Soji Adeniji, explained to Legit.ng that the surge in fuel prices has significantly raised factory operating costs.
According to him, the increase in petrol prices from around N1,000 to nearly N1,900 per litre has placed additional pressure on cement producers, forcing them to pass on the cost to consumers.
Stakeholders also link the rising prices to global developments, particularly tensions in the Middle East, which have disrupted energy markets worldwide.
These disruptions have cascading effects on input costs, further compounding the challenges faced by manufacturers already dealing with local economic pressures.
What is the Dollar to Naira Exchange rate at the black market, also known as the parallel market (Aboki fx)?
You can swap your dollar for Naira at these rates.
How much is a dollar to naira today in the black market?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1410 and sell at N1420 on Tuesday, 4th August 2026 according to sources at Bureau De Change (BDC).
Black Market Exchange Rate Today 5th August, 2026
US Dollar Rates
Buying Rate N1,415
Selling Rate N1,425
CBN (Official): ₦1,362.55
The exchange rate between the US dollar (USD) and the Nigerian naira (NGN) which rate we have given above; is a topic of high constant interest for people who are Nigerian and businesses and policymakers in Nigeria.
This rate of dollars to naira exchange rate influences not only the cost of imported goods but also the cost of travel, international education, and even local prices of certain commodities.
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Residents of the Federal Capital Territory (FCT) have praised Dangote Petroleum Refinery’s decision to cut its ex-depot price for Premium Motor Spirit (PMS), though many say the reduction has yet to ease the cost of transportation, food, and other daily essentials.
The refinery lowered its ex-depot petrol price from N1,330 per litre to between N1,265 and N1,300 per litre, reversing gains recorded over the previous two weeks when global crude oil prices were volatile.
The adjustment followed an earlier announcement by the refinery of plans to distribute petrol free of charge in Lagos, Ogun, Rivers, Kaduna, Delta, and the FCT to improve product availability.
Price Changes at Abuja Filling Stations
Checks across Abuja on Monday confirmed the price movement was already filtering through to retail outlets. MRS cut its pump price by N40 per litre, while independent marketers including AA Rano reduced their retail price by N30 per litre, bringing petrol to N1,300 per litre.
At the depot level, Emedab, NIPCO, and Sigmund were selling petrol at between N1,217 and N1,222 per litre. NAN reports that Civil servant Bare Oguntade described the cut as a welcome development but urged the federal government to ensure that transport operators and traders pass the savings along to ordinary consumers.
Business owner Anthony Okere echoed the sentiment, noting that many small businesses still depend heavily on petrol due to unreliable electricity supply, and that only a small number of transport operators have benefited from the government’s Compressed Natural Gas (CNG) programme.
Calls for Regulation and Monitoring
Public affairs analyst Jide Ojo said sufficient time had passed for the benefits of lower fuel supply costs to reach Nigerians at the grassroots level. He called on the federal government to engage petroleum marketers directly so that future price reductions are reflected quickly at filling stations and in transport fares.
Development expert Aliyu Ilias added that stronger regulatory oversight, combined with greater consumer participation, would push filling stations to comply with prevailing prices and encourage fair competition across the sector.
Meanwhile, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said the brief suspension of fuel loading after the price review was a routine reconciliation process that takes place whenever depot prices change.
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