Business

Coalition Fumes As Commercial Banks Reject Notes

Published

3 years ago

February 14, 2023

The Coalition of South East Youth Leaders, COSEYL, has condemned the move by commercial banks in the country to reject old Naira notes.

It was gathered that customers who intended to deposit their old Naira notes were turned back on Tuesday.

According to some officials, the decision followed a directive from the Central Bank of Nigeria, CBN.

Reacting, COSEYL in a statement issued by its President-General, Goodluck Ibem wondered why the CBN would give such a directive despite an order by the Supreme Court stopping the Federal Government from executing the February 10 deadline.

“The action by banks or anyone rejecting the old notes is an act of treason against the government and constitution of the Federal Republic of Nigeria.

“The Central Bank of Nigeria, CBN, act section 20 (3) made it clear that when there is an introduction of new notes, there should be no deadline for the acceptance of the old notes.

“The CBN Governor Mr. Godwin Emefiele confirmed it when he appeared before the Federal House of Representatives sub- Committee on Banking.

“It beats our imagination that the CBN Governor will ignore the judgement of the apex court and the CBN act upon which the apex bank was established.

“We demand that the CBN should obey the Supreme Court judgement and the CBN act that established it to avoid pitching the people against the government”, the statement reads in part.

Business

Naira Records First Appreciation Against US Dollar As Foreign Reserves Hit $46.7bn

Published

13 hours ago

November 19, 2025

Editor

The Naira recorded its first appreciation against the United States dollar at the official foreign exchange on Tuesday this week.

The Central Bank of Nigeria’s data showed that the Naira strengthened on Tuesday to N1,447.43 per dollar, up from N1,448.03 exchanged on Monday.

This means that the Naira gained N0.6 against the dollar on a day-to-day basis.

Meanwhile at the black market, the Naira remained unchanged at N1,465 per dollar on Tuesday, the same rate exchanged on Monday.

Checks on Nigeria’s foreign reserves showed that it has risen to $43.97 billion as of November 17th, 2025, according to the Central Bank of Nigeria’s data.

Meanwhile, the apex bank governor, Olayemi Cardoso, in an event on Tuesday, said the country’s foreign reserves rose to a seven-year high of $46.7 billion as of November 14.

Business

Dangote Sugar Announces South New CEO

Published

14 hours ago

November 19, 2025

Editor

Dangote Sugar Plc has announced Mr Thabo Mabe, a South African, as its new Group Managing Director and Chief Executive Officer.

This follows the sudden resignation of Mr Ravindra Singhvi, an Indian.

The company disclosed this in a shareholders’ notice on Tuesday, in compliance with Nigerian Exchange Limited regulations.

Mabe’s appointment takes effect from December 1, while Singhvi’s resignation is effective from November 3ⁿ2025. The firm did not state a reason for Singhvi’s resignation.

“Mr Singhvi made significant contributions to the growth and transformation of the company and leaves behind a record of operational excellence,” the statement, signed by Mrs Temitope Hassan, Company Secretary and Legal Adviser, read.

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

1 week ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.