Business

CBN Commences Swap Policy In Bayelsa As Traders Lament New Notes Scarcity

Published

3 years ago

January 26, 2023

Isaac Money, Yenagoa

Few days to the January 31st deadline, the Central Bank of Nigeria on Thursday commenced a swap policy in in Yenogua, the Bayelsa State capital with the commissioning of agents to circulate the newly redesigned notes to rural communities of the state.

Agents commissioned to carry out the exercise were sighted at various bank Headquarters in Yenagoa in their efforts to get the redesigned notes for the swap policy.

Recall that the Central Bank of Nigeria recently made arrangements with agents, as well as mobile money operators to swap the old N200, N500 and N1,000 for the newly redesigned notes under the policy.

The initiative, the CBN said, was aimed at increasing circulation of the new naira dominations, particularly in the rural areas.

Agents from communities across the eight LGAs in the state were also seen at headquarters of commercial banks in Yenagoa the state capital trying to exchange the old notes for new ones as part of the deal.

Mr. Nweke Jude, a manager with the CBN Abuja branch, who was in Yenagoa for the exercise, noted that the critical part of the assignment was to actually assess the newly introduced cash swap policy introduced by CBN to ensure that ordinary people and the ‘under-banked’ especially in rural areas would also have access to new notes through super agents and the banks.

“The goal was to reverse the trend of having much currency out of circulation and the banking sector, stashed in houses and other areas which has impacted negatively on the economy, causing inflation in the process”, he said .

In an interview with Mr. Augustine-Osain, one of the agents who came to Yenagoa from Kolo III Community in Ogbia LGA to receive the newly redesigned notes, urged the CBN to do more to empower the agents for the swap policy to be effective.

In a similar development,
most customers in Yenagoa state capital have continued to decry that most Automated Teller Machines (ATM) operated by commercial banks in the City have continued to dispense the old currencies just as Point of Sales Operatives (POS) still dispense the old notes.

Findings by our correspondent showed that some super markets and major departmental stores, worship centres in the state capital have also threatened to stop receiving the old notes soon.

Investigations by our correspondent also revealed that even Keke riders along the streets of Yenagoa have also threatened not to collect old notes from passengers soon , even though the threat has been mild for now .

Business

JUST IN: Otedola Sells Shares In Geregu Power For N1trn

Published

15 hours ago

December 29, 2025

Editor

Billionaire businessman, Femi Otedola, has sold his majority stake in Geregu Power Plc for N1.088 trillion in a deal financed by a consortium of banks led by Zenith Bank Plc.

The Nigerian Exchange, NGX, made this announcement on Monday.

Otedola’s Amperion Power Distribution Company Ltd reportedly held nearly 80 percent of the power generating company.

With this new development, Otedola, Chairman of First Holdco Ltd, parent company of First Bank of Nigeria Plc, will reportedly now concentrate on expanding his interest in the Nigerian banking sector, although he still retains some shares in Geregu.

Otedola is said to currently own 17.01 percent of First Bank — its single largest shareholder since the bank was established in 1894.

Business

Fuel Price Cut: NNPCL GCEO Ojulari Reveals Biggest Beneficiaries

Published

20 hours ago

December 29, 2025

Editor

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has said Nigerians are the biggest beneficiaries of the ongoing fuel price reductions, triggered by competition in the downstream oil sector.

Ojulari made the remarks on Sunday while speaking with journalists after briefing President Bola Tinubu in Lagos.

He described the current fluctuations in petrol prices as a natural outcome of Nigeria’s transition away from dependence on fuel imports.

According to him, increased competition in the market ultimately favors consumers, adding that the present volatility will ease over time.

“Where there is healthy competition, the buyers are the ultimate beneficiaries. We should also bear in mind that the market will stabilise,” Ojulari said. “There may be some tension along the way because we are undergoing a major transition.”

His comments come amid an ongoing fuel price war that has resulted in successive reductions at petrol stations across the country in recent weeks.

Earlier in December 2025, Dangote Refinery cut its gantry price to about N699 per litre. Following this move, MRS filling stations, NNPCL outlets, and other marketers reduced pump prices to between N739 and N901 per litre in Abuja.

Business

Naira Records Massive Appreciation Against US Dollar Into Christmas Holidays

Published

3 days ago

December 27, 2025

Editor

The Naira gained massively against the United States dollar in the last three days at the official foreign exchange as trading ended for the Christmas holidays.

Central Bank of Nigeria data showed that the Naira strengthened further on Wednesday to N1,443.37 per dollar, up from N1,449.99 on Tuesday.

This means that since Monday this week, the Naira has recorded a significant N13.18 gain against the dollar, according to the apex bank data.

Similarly, at the black market, the Naira traded on Wednesday at N1,490 per dollar, an appreciation from the N1,500 exchanged on Monday but the same rate as on Tuesday.

The uptrend comes amid the rise in the country’s external reserves to $45.24 as of December 23rd, 2025.

DAILY POST reports that the Naira gained against the dollar at the official market on Monday and Tuesday.