Business

Locals Reject Old Naira, As Scarcity Of New Notes Hits Kaduna

Published

3 years ago

January 21, 2023

Following the January 31, 2023 deadline set by the Central Bank of Nigeria, CBN, to deposit all old notes, residents, especially businessmen and women across Kaduna State, have started rejecting the old notes for business transactions.

Residents have lamented the situation as commercial banks in the state still dispense old Naira notes. Our correspondent observed that some ATMs across the Kaduna metropolis still dispense the old notes against the directive issued by the CBN.

The residents lamented the scarcity of new notes, saying it has made it difficult for them to transact business.

According to Alhaji Ibrahim Musa, who sells yam wholesale, he loses several customers because they are unable to get new notes.

Mrs Ruth Madaki, a businesswoman, said she had closed her shop because of a lack of customers.

Miss Rebecca James, a food vendor, said several customers have started refusing to accept old currency notes because, according to them, it’s no longer accepted as legal tender.

“Each time I go to bush market, and transact business, villagers do not want to accept the old notes. But the new notes are scarce. I find it difficult to buy the quantities of foodstuff for resale,” she lamented.

Related Topics:Naira Notes New Naira Notes

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Business

NNPCL Increases Fuel Price

Published

5 hours 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

6 hours 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

4 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.