Business
Allow Old, New Naira Notes Coexist, APC Govs Beg Buhari
Ahead of the February presidential election, Governors elected under the platform of the All Progressive Congress, APC have appealed to President Muhammadu Buhari to allow both the old and new Naira notes to continue in circulation.
Governor Nasir El-Rufai of Kaduna State disclosed the request to the president to journalists shortly after the governors under the aegis of Progressives Governors Forum met the president behind closed doors on Friday in Abuja.
Recall that the governors including Nasir El-Rufai of Kaduna State, Atiku Bagudu of Kebbi State, Hope Uzodimma of Imo State, Bello Matawale of Zamfara State, Dave Umahi of Ebonyi State, Babajide Sanwo-Olu of Lagos State, Abdullahi Ganduje of Kano State among others met the president at the council chamber of the State House on Friday.
READ ALSO: Why We Frustrated Gov Ayade Out Of PDP – A’Ibom Chairman
El-Rufai noted that if the apex bank wants to implement the cashless policy, it should have printed half of what it mopped up, for a start, which according to him ought to be N1 trillion.
The governor who earlier alleged that the decision of the CBN was aimed at frustrating the victory of the APC presidential candidate, Bola Tinubu said they told Buhari during the meeting that the masses are suffering and traders are losing their goods due to lack of patronage birthed by the scarcity of cash.
He cited a tomato seller who travelled to Lagos recently with their goods but got nothing because people had no cash to buy.
Business
NNPCL Increases Fuel Price
The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of premium motor spirit across its retail outlets.
It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.
This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.
READ ALSO:Fuel Station Manager, Three Others Arrested For Robbery
Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.
This means that the petrol pump price was increased by N65.
This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.
Business
Naira Appreciates Against Dollar As External Reserves Swell
The naira appreciated against the dollar at the official foreign exchange market on Monday to begin the week on a bullish note amid swelling external reserves.
According to the Central Bank of Nigeria’s exchange data, the naira appreciated to N1,531.95 against the dollar on Monday from N1,533.74 traded last week Friday.
READ ALSO:Naira Continues To Appreciate Against Dollar On Official Market
This showed that the Naira strengthened by N1.79 when compared to the N1,533.74 exchanged at the close of work last week.
Meanwhile, at the black market, the naira remained stable at N1560 per litre, the same exchange rate traded on Friday.
The development comes as Nigeria’s external reserves had maintained a modest rise to $39.54 billion as of August 1st, 2025, up from $39.36 billion on July 30th.
Business
Naira Continues To Appreciate Against Dollar On Official Market
The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.
Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.
This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.
READ ALSO:Woman Arrested For Killing, Selling Pregnant Nurse’s Body Parts
Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.
Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.
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