Business

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

Published

3 years ago

March 9, 2023

Editor

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According to him when he took the old naira notes withdrawn from the bank to the market, he was told that the president has not told Nigerians that the money is now a legal tender and that it could be used side-by-side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

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

Published

22 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.