Business

Cash Crunch: Edo Residents Heave Sign Of Relief Over CBN’s Comments On Old Naira Notes

Published

3 years ago

March 14, 2023

Editor

Residents of Edo State on Monday heaved a sign of relief following the Central Bank of Nigeria (CBN) stance that has given validity to the old N500 and N1000 notes to be used side-by-side with the redesigned naira notes.

Recall that the CBN directed all commercial banks to dispense and accept as deposit the old currency till December 31.

Speaking,, Bright Amadasun said the announcement of the acceptance of the old naira notes has eased the sufferings of the people.

He said before the announcement was made, banks in the state usually witnessed a large queues but that such has been drastically reduced.

“I think with the announcement, everybody is happy. I think this will reduce the large queues in all banks because the money is out and everybody is seeing it”, Amadasun said.

Amadasun said the only challenge at the moment was that market women were yet to accept the old naira notes because the information has not gone round enough.

“The only problem we are having now is that, people have not really heard about this news and they are not collecting it at the market.

“This is one of the issues and I do not know how they are going to do that publicity so that everybody can be aware that the money is now a legal tender.

“I have been to the market this morning and I have collected N4500 but when I wanted to buy something with it, the seller rejected it but I collected the money because I am aware of the news.

“I want the government to make more announcement on it so that the public will be aware to reduce the crowd at the banks.

“I want the CBN to flood the banks with the old naira notes since it is now a legal tender and at least with that, life will bounce back“, Amadasun said.

Speaking also, a bank customer who preferred anonymity, said though the CBN’s statement may have eased tension in the country, but it will not change the cashless policy the Federal Government wants to achieve.

“It has eased us of stress that is one but as for the queues, they will continue because it is not the function of the old notes.

“It is the CBN digital currency that is being worked on.

“So, we know we have seen it in China.

“The queues will continue. We are still expecting it. Some banks to collapse.

“We are still expecting some persons’ accounts to be frozen and going forward, we are going to see these developments because they are all in line with the world economic forum’s agenda.

“So, it is more than the Nigeria factor.

“The policy is not about the old naira notes but by minimizing cash.

“So, they want to drop the quantity of cash in circulation. That is the major reason”, he said.

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

1 day ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

6 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.