Connect with us

Business

Banks Break Silence On ‘Hoarding New Naira Notes’ After CBN Policy

Published

on

Nigerian banks on Monday denied allegations of fuelling the scarcity of the redesigned naira notes across the country.

The Association of Corporate Affairs Managers of Banks, ACAMB, empathized with the public on the hardships consequent upon the rollout of the new notes and reviewed cashless policy.

Advertisement

The President, Rasheed Bolarinwa, in a statement made available to DAILY POST, said the banks could not be the clog in the wheel of progress when they had already invested about N100 billion in the system.

READ ALSO: 2023: Election Results Will Shock El-Rufai – Babachir Lawal

Bolarinwa said the fund was used in setting up and maintaining cutting-edge electronic channels in recent years as part of the ongoing commitment to seamless customer experience and real-time digital financial transactions.

Advertisement

He noted that from internet banking to mobile apps, Automated Teller Machines, ATMs; Point of Sales, PoS, merchants, mobile wallets, Unstructured Supplementary Service Data, USSD, codes, agents and digital franchise, 80 per cent of Nigerians now enjoy digital/cashless services.

ACAMB said the commitments have seen Nigeria rising steadily and recognised as having arguably Africa’s most advanced digital financial services industry and one of the world’s top 10 real-time payment markets.

The financial institutions declared their full support for the enhanced cashless policy championed by the Central Bank of Nigeria, CBN.

Advertisement

Bolarinwa said they were collaborating with the regulator and other stakeholders to urgently address constraints in the implementation and ensure citizens suffer no untoward pains in the transition process.

“ACAMB affirms without any equivocation that Banks are not in any way hoarding or holding back naira notes or engaging in any act inimical to our avowed commitment to exciting customer experience.”

Bolarinwa said ATMs are being loaded daily while cash is being disbursed under the supervision of CBN Inspectors and anti-graft agencies.

Advertisement

The banks listed additional measures as the deployment of extra technical support for online payments, additional security at ATMs for all-clock usage, technological back-up to reduce online downtime, additional staff deployment to attend to cash transactions and timely interbank and inter-branch networking.

The statement expressed confidence that the measures, in addition to efforts of the CBN, “will result in greater ease of access and cash liquidity”.

READ ALSO: New Naira: Kaduna, Kogi, Zamfara Govts Drag FG To Supreme Court

Advertisement

ACAMB, however, appealed to customers to exercise patience and not resort to violence against any bank, its employees or banking facilities.

It reminded them that many banks are public companies owned by millions of Nigerians and provide employment to tens of thousands of staff who work to ensure reliable and secured services.

Advertisement

Business

NNPCL Increases Fuel Price

Published

on

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.

Advertisement

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.

Advertisement

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.

Advertisement
Continue Reading

Business

Naira Appreciates Against Dollar As External Reserves Swell

Published

on

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.

Advertisement

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.

Advertisement

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.

 

Advertisement
Continue Reading

Business

Naira Continues To Appreciate Against Dollar On Official Market

Published

on

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.

Advertisement

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.

Advertisement

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.

Advertisement
Continue Reading

Trending