Business

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

Published

3 years ago

March 9, 2023

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According to him when he took the old naira notes withdrawn from the bank to the market, he was told that the president has not told Nigerians that the money is now a legal tender and that it could be used side-by-side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.

“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.

“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

NNPCL Raises Fuel Price

Published

2 weeks ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.

Business

CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

Published

2 weeks ago

October 11, 2025

Editor

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.

The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”

The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.

Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.

For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.

“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.

In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.

Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.

According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.

The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.

To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.

Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.

ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.

Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.

The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.

The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”

Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.

The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.

Business

Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

Published

2 weeks ago

October 10, 2025

Editor

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.

This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.

Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.

Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.

To this end, the market breadth also closed positive with 32 gainers and 21 losers.

Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.

Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.

Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.

Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.

According to DAILY POST, NGX has continued its bullish run from last month’s end to date.