Business

Banks Resume Receiving Old N500, N1000 Notes

Published

3 years ago

March 3, 2023

Investigations have revealed that Deposit Money Banks (DMBs) have started receiving old N500 and N1000 notes again.

Vanguard investigations have indicated that the banks have been receiving the old N500 and N1000 notes since the beginning of this week.

A bank official told Vanguard, in Abuja, yesterday, that customers could deposit any amount below N500,000.

She said that customers could make a deposit once, after downloading the appropriate form from the CBN Portal from where a code would be allocated for the deposit.

It was learnt that holders of the affected old notes could deposit them in their bank account until April 10.

A top CBN official confirmed the new development and explained that it was informed by the fact that the apex bank did not want holders of old N500 and N1000 notes to lose their money.

Recall that there was confusion, two weeks ago, on the fate of members of the public who had the affected notes in their possession.

While announcing the extension of the deadline for the circulation of the old notes from January 31 to February 10, the Central Bank of Nigeria (CBN) said it would continue to receive the old notes between February 10 and 17, after they had ceased to be legal tender.

However, when the affected notes were taken to the apex bank, some of the holders were turned back.

Officials of CBN told those with less than N500,000 to take such monies to their banks. However, when they got to their banks, the banks refused to receive the notes.

In the midst of that confusion, CBN issued a statement on February 21, denying reports that it had directed Deposit Money Banks (DMBs) to receive old N500, N1000 notes from their customers.

According to Mr. Osita Nwanisobi, who retired as Director, Corporate Communications of CBN last week, media reports that the apex bank had given such a directive was fake.

He clarified that only old N200 notes had been directed by President Muhammadu Buhari to be re-issued and that CBN would stick to that directive.

VANGUARD

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Business

Naira Continues Gain Against US Dollar As Nigeria’s Foreign Reserves Climb To $45.57bn

Published

9 hours ago

January 6, 2026

Editor

The Naira appreciated further against the United States Dollar at the official foreign exchange market, beginning the week on a good note.

Central Bank of Nigeria data showed that the Naira strengthened on Monday to N1,429.31 per dollar, up from N1,430.85 exchanged on Friday, 2 January 2026.

This means that the Naira gained N1.56 against the dollar on Monday when compared to N1,430.85 last week Friday.

At the black market, the Naira dropped by N5 to N1480 per dollar on Monday, down from N1475 traded Friday.

The development comes as the country’s external reserves rose to $45.57 billion as of Friday last week.

Business

NNPCL Reduces Fuel Price Again

Published

1 day ago

January 5, 2026

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has again reduced its premium motor spirit price.

In Abuja, on Monday morning, it was gathered that NNPCL retail outlets have reduced their fuel price to N815 per liter, down from N835.

This means that the NNPCL filling stations cut their price by N20.

The fresh price has been implemented at NNPCL filling stations in Wuse Zone 6 and 4 Abuja, Keffi-Abuja Road, and Kubwa Expressway.

An NNPCL filling station attendant, who preferred anonymity, told DAILY POST that the new price was implemented on Sunday evening.

However, the N815 per liter is N79 higher than the N739 per liter sold at Dangote Refinery’s backed MRS filling stations nationwide.

DAILY POST recalls that NNPCL on December 19, 2025, cut its price of petrol by N80 to N835 amid a price war among players in the country’s oil downstream sector triggered by Dangote Refinery’s gantry price reduction to N699 per liter.

Business

NNPCL Announces Restoration Of Escravos-Lagos Pipeline

Published

1 week ago

December 30, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has announced the complete restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State, following the recent explosion on the asset.

The chief corporate communications officer (CCCO) of the nation’s oil company, Andy Odeh, in a statement, said that the pipeline is fully operational, reiterating the company’s resilience and commitment to energy security.

“NNPC Limited is pleased to announce the successful restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State.

“Following the unexpected explosion on December 10, 2025, we immediately activated our emergency response, deployed coordinated containment measures, and worked tirelessly with multidisciplinary teams to ensure the damaged section was repaired, pressure-tested, and safely recommissioned.

“Today, the pipeline is fully operational, reaffirming our resilience and commitment to energy security. This achievement was made possible through the unwavering support of our host communities, the guidance of regulators, the vigilance of security agencies, and the dedication of our partners and staff.

“Together, we turned a challenging moment into a success story, restoring operations in record time while upholding the highest standards of safety and environmental stewardship.

“As we move forward, NNPC Limited remains steadfast in its pledge to protect our environment, safeguard our communities, and maintain the integrity and reliability of our assets. Thank you for your trust as we continue to power progress for Nigeria and beyond,” the statement read.