Business

Naira Note Swap: Why CBN Bowed To Pressure On Deadline Revealed

Published

3 years ago

January 30, 2023

The Central Bank of Nigeria, CBN, finally bowed to pressure on Sunday after vowing not to extend the January 31 deadline for the swap of the old naira notes.

CBN Governor, Godwin Emefiele, last Tuesday, at a meeting of the Monetary Policy Committee in Abuja, ruled out the postponement.

“Unfortunately, I don’t have good news for those who say we should shift the deadline. We do not see any reason to begin to talk about a shift. We believe 100 days is more than adequate,” Emefiele had said.

It was gathered on Sunday that security reports indicated that Nigerians were increasingly furious over the non-availability of the new naira notes.

The anger grew as people in the informal sector which has the highest population of workers – market men and women, traders, artisans, farmers, transporters, hawkers, etc, complained of slow sales and patronage.

A source said the Federal Government and the CBN had no choice than to bow to the masses who may decide to revolt.

“I don’t know why they delayed the shift till now, it should have been before the weekend. See how everyone was panicking about the cash shortage.

“On Friday, Muslims were complaining that the government was starving them of money. Today, some Pastors openly expressed frustration that people are getting stranded.

“So religious leaders, their followers, and others are not happy with the CBN. Look at all the pressure and criticisms from all corners. Security reports favoured an extension,” he disclosed.

A survey in Lagos by DAILY POST confirmed the challenges people had to bear in the past week in efforts to withdraw from Automated Teller Machines, ATMs.

It was discovered that many banks across the State limited the withdrawal limit for cards owned by other banks to as low as N4,000.

Residents living on the Mainland and Island confirmed the adjustment, with one narrating the stress he went through before he was able to get money which was insufficient.

“I live in Lekki but the places to withdraw cash were few on Friday night. The branches available had only one ATM working with very long queues.

“I drove to VI and could only withdraw N4,000 from a Heritage Bank branch. They said that’s the limit for other banks. Since I use Zenith Bank, I went to their ATM Gallery on Ajose Adeogun.

“There you can withdraw up to N30,000 with their card but the limit for other banks is N5,000. I stayed in the queue but when it was almost my turn, there was no money left. Everyone left disappointed”, said Kingsley, a company staff.

The currency scarcity is compounded by the fact that Point of Sale, PoS, operators also do not have enough cash to cater for demands.

But the naira scarcity took another dimension when the All Progressives Congress (APC) presidential candidate, Bola Tinubu declared that the situation was planned to reduce his electoral chances.

“Hide the petrol, hide the naira, we will still vote! We will win,” the former Lagos governor said last week at a campaign rally in Abeokuta, capital of Ogun.

“Even if you change the ink on naira notes, what you want will not happen. We will win. That umbrella party will lose. We will take this government from them, saboteurs that are dragging power with us.”

Despite saying “this government”, Tinubu later rubbished comments by the Peoples Democratic Party, PDP, and its presidential candidate, Atiku Abubakar that the outburst was targeted at President Muhammadu Buhari and his administration.
DAILY POST

Business

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

Published

1 day 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

7 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.