Business
Emefiele’s Cashless Policy Disastrous – Shehu Sani
Civil rights activist and former Senator representing Kaduna Senatorial District, Shehu Sani has described the cashless policy introduced by the Central Bank of Nigeria, CBN, governor, Godwin Emefiele as disastrous and poisonous.
Sani was reacting amid hardship being experienced in withdrawal of money by bank customers leading to queues across the country.
In a statement he issued on Friday and sent to DAILY POST, Sani wondered how public policy should be a catastrophe to people rather than being a succour.
READ ALSO: Allow Old, New Naira Notes Coexist, APC Govs Beg Buhari
He said: “The redesigning of the National currency and the cash withdrawal policy introduced by Godwin Emefiele is an economic disaster and a poisonous idea aimed at unleashing hardships on the masses of Nigerians.
“If the Buhari administration really wants to target the few corrupt, it doesn’t have to wait this long and it doesn’t have to impoverished punish the poor. Emefiele set a forest on fire in the name of catching a few rats.”
The ex-lawmaker posited that the apex bank has become a political institution, stating that as a developing nation, economic policies such as this would have taken the status of Nigerians into cognisance.
“The CBN has become a political institution and a home for serpentine and delirious economic ideas.
“The CBN under Emefiele has become a shrine for misery and a breeding ground for penury. It has become a republic within a republic,” he said.
He queried reasons Buhari allowed the policy at the twilight of his administration, particularly in 2019 when he recontested to stop vote buying.
“Why didn’t the Buhari administration introduce the change of currency in 2019 and waited until 2023 if the CBN policy is about curbing vote buying?
READ ALSO: JUST IN: Buhari Meets APC Governors At Villa
“Nigeria has been turned into a vast refugee camp where people queue for cash ration. Nigerians have subjected to the multiple tragedies of struggling for money, searching for money, looking for money and scratching for money.
“Nigerians used to buy Dollars at the black market, now they are also buying Naira at the black market.
“The Ahmed Lawan led Senate has failed to checkmate the excesses and autocracy of the CBN because the leadership is in bed with it. The House of Reps have a clear and principled position on the matter”, he concluded.
Business
NNPCL Increases Fuel Price
The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of premium motor spirit across its retail outlets.
It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.
This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.
READ ALSO:Fuel Station Manager, Three Others Arrested For Robbery
Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.
This means that the petrol pump price was increased by N65.
This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.
Business
Naira Appreciates Against Dollar As External Reserves Swell
The naira appreciated against the dollar at the official foreign exchange market on Monday to begin the week on a bullish note amid swelling external reserves.
According to the Central Bank of Nigeria’s exchange data, the naira appreciated to N1,531.95 against the dollar on Monday from N1,533.74 traded last week Friday.
READ ALSO:Naira Continues To Appreciate Against Dollar On Official Market
This showed that the Naira strengthened by N1.79 when compared to the N1,533.74 exchanged at the close of work last week.
Meanwhile, at the black market, the naira remained stable at N1560 per litre, the same exchange rate traded on Friday.
The development comes as Nigeria’s external reserves had maintained a modest rise to $39.54 billion as of August 1st, 2025, up from $39.36 billion on July 30th.
Business
Naira Continues To Appreciate Against Dollar On Official Market
The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.
Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.
This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.
READ ALSO:Woman Arrested For Killing, Selling Pregnant Nurse’s Body Parts
Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.
Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.
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