Business

CBN To Roll Out Guidelines On Contactless Payment System

Published

3 years ago

May 8, 2023

Editor

…Set to mitigate inconveniences ahead Dec 31 deadline for cashless policy

The Central Bank of Nigeria (CBN) has revealed that it is set to issue guidelines to promote safe and efficient use of contactless payments across the country. This, according to the apex bank is part of its effort to modernise and drive the cashless payment policy in Nigeria.

The Director, Payment Systems Management Department at CBN, Musa Jimoh, revealed this at the just concluded 34th seminar for Finance Correspondents and Business Editors themed; “Implementing a Robust payment Architecture: Prospects, Opportunities and Challenges” which held in Calabar.

Jimoh who was represented by the Deputy Director, Payment Systems Management Department at CBN, Adefuye Adeyemi, said the introduction of contactless payment is another tool the apex bank will introduce before December 31 to mitigate any inconvenience that may arise when the old notes make way for the new ones. Describing the contactless payment system as a technology that enables an alternative payment method whereby payment instruments are used without physical contact with devices, the Deputy Director said the guidelines would cover the technical and operational requirements for implementing contactless payment systems and the security measures needed to protect customers’ information.

“Contactless technology in payments will provide easy, convenient, and efficient cashless options for users. Create shorter queues at checkout points. The instruments that will be used for contactless payment include pre-paid debit and credit cards, stickers, fobs, wearable devices, tokens, and mobile electronics devices’’.

“An interesting feature of contactless payment is the introduction of Free on board (FOB). In this case the risk of loss shifts from the buyer to seller”, he said.

Identifying some of the benefits of contactless payment which include ease of payments, speed and convenience to consumers’ in-person transactions using their phone, Adefuye noted that this would enhance customer experience.

According to him, “the contactless payment system is more secure than traditional payment methods thus giving customers peace of mind; it will reduce printing of currency thus save the regulator cost of printing and managing currency in circulation; and it reduces spread of contagious diseases during payment due to the lack of contact”.

When quizzed on what the apex bank’s strategies are as regards the phasing out of the old naira notes and the availability of the new naira notes amid the December 31st deadline, Adefuye said, “We are ready and working effectively on that. If we look at India, they did exactly what we did. They did a currency redesign for 6 months and the outcome was the same problem we had and the bad part of it is that people lost confidence in the currency to the extent that people stopped saving their currencies in banks and kept it at home.

“Yes, we know there is a loss of confidence but overtime, everything will come back to normal. The December 31st deadline is still a long way to go. That is in about 8 months’ time and so I know we are ready”.
Sun

Business

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

Published

20 hours 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.