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

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

7 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.