Business

Few Days After Release, Fake New N1,000 Note Already In Circulation

Published

3 years ago

December 18, 2022

Few days after the Central Bank of Nigeria, CBN, released the redesigned naira notes in the denominations of N200, N500 and N1,000, fake copies of the new N1000 naira notes have been released into the economy.

A mobile money and bank agent in a video disclosed this saying that a customer performed a bank transaction through his wife’s Point of Sale (PoS) using the fake copy of the redesigned N1,000.

He went ahead in the video to show the difference between the fake and original redesigned N1,000 note.

According to him, the original note has a gold seal at the bottom of the right hand side of the note and the seal cannot be erased when scratched.

While the old one doesn’t have a gold seal at the bottom of the right hand side of the note close to the signatures.

Recall that the CBN released the redesigned naira notes on the 15th of December,2022.

However, the banks are still making payments with the old denominations.

They complained that the quantity of the new notes cannot go round the economy.

Hence the need to release it in bit alongside the old notes.

Business

NNPCL Increases Fuel Price

Published

1 day ago

August 5, 2025

Editor

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.

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

Published

1 day ago

August 5, 2025

Editor

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.

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

Published

5 days ago

August 1, 2025

Editor

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.

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.