Business
Edo: Traders Reject Old Notes, Residents Groan Over Buhari’s Stance On S’Court Judgement

Bank customers in Benin, the Edo State capital, on Thursday, appealed to President Muhammadu Buhari to come out and address Nigerians on his stance on the recent declaration of the Supreme Court judgement asking Nigerians to use the old and the redesigned naira notes side-by-side till December 31, 2023 and save Nigerians from the current financial hardship.
Speaking, one of the bank customers, Elvis Omoregie, said after the Supreme Court judgement that made the old naira notes legal tender, some banks have started dispensing it to their customers.
He said, however, customers worry is that, traders have refused to accept it as a means of payment for goods and services.
According to him when he took the old naira notes withdrawn from the bank to the market, he was told that the president has not told Nigerians that the money is now a legal tender and that it could be used side-by-side with the redesigned naira notes.
“Just yesterday, I went to the First Bank to withdraw money only for me to be paid the sum of N10,000 and N8000 of it was old N500 denominations while N2000 was new naira notes.
“To me, it is quite unfortunate. The old naira notes, you take it to the market, they will not accept it from you and the banks that pay you the money will also tell you that even though they pay you with the old money, you cannot bring it back to them as a form of deposit and that they will not accept it from you until you pass through the Central Bank of Nigeria processes.
READ ALSO: Naira Redesign: Four Days After, Commercial Banks In Benin Yet To Comply With Supreme Court Ruling
“It is sad. You do not do that. Fine, CBN has issued a statement that they have complied with the Supreme Court ruling and why can’t the commercial banks do the same by following the order?
“Why are they stressing the citizens of the country? To me, it is not the best. They should do something about it. As I speak with you, since yesterday, the N8000 they paid me at the bank, I am yet to spend it. No one is ready to collect the money from me. As I speak with you, I am stranded.
” Let the federal government of Nigeria come out and say something. Let them give Nigerians hope, let Mr. President come out and issue a statement even if he cannot come out directly just as he did the other time, let him through his media aide issue a statement compelling the banks or the Central Bank to do more by the way of cushioning the plights of Nigerians”, Omoregie said.
Also speaking Nurudeen Hassan, said if the commercial banks can give out the old naira notes, they should be able to accept them as deposit at the bank and not asking depositors to take it to CBN.
READ ALSO: Naira Scarcity May Affect Private Business In Q1 – Report
“I was at one of the branches of GTB this morning to queue up for what we have been doing for the past three weeks to collect the sum of N10,000 but to my surprise the branch manager came to tell us that they will be paying with the old naira notes but if we are returning it, we should take it to the CBN.
“So, we felt that this is not good enough for us. Once you can give, you should be able to accept it again.
” We are appealing to the authority concerned to come out and give a clear statement on what to be done to reduce the suffering of Nigerians as regards to this redesigning of this naira.
“We want the federal government to issue a statement and order the banks to give and to accept”, Hassan said.
Business
Naira Records First Appreciation Against US Dollar As Foreign Reserves Hit $46.7bn

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.
READ ALSO:Naira Records Second Consecutive Depreciation Against US Dollar
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

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.
READ ALSO:21 Secondary School Students Arrested Over Cultism In Edo
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

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.
READ ALSO:Naira Records First Appreciation Against US Dollar At Official Market
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.
Metro3 days agoJUST IN: Navy Officer Who Had Altercation With Wike Reportedly Escapes Assassination Attempt
News4 days agoJUST IN: PDP Axes Wike, Fayose, Anyanwu, Others For Anti-party Activities
Sports2 days agoNigeria Coach Blames ‘Voodoo’ After World Cup Hopes Crushed
News4 days agoVIDEO: Fayose Speaks About Own Death, Burial
Metro3 days agoDelta: Father In Police Net After Sleeping With Daughters For Seven Years
Headline5 days agoUS Lawmakers Demand Answers From Trump Administration Over Chinese Chemical Shipments To Iran
News5 days agoNo Policeman Should Search Your Phone On The Road – Lagos CP
Metro1 day agoOne Of 25 Abducted Kebbi Schoolgirls Escapes
Metro5 days agoMy Husband Is Not Loving, Dissolve Our 9 Months Wedlock, Woman Tells Court
News2 days ago198 UNIBEN Students Bag First Class















