Business

Naira Redesign: Kidnappers’ll Demand Ransom In Foreign Currencies, Sowore Blasts CBN

Published

3 years ago

November 2, 2022

Omoyele Sowore, the African Action Congress presidential candidate, has said redesigning the naira would not reduce insecurity in the country.

Sowore said kidnappers would start demanding ransom in foreign currencies with the new policy of the Central Bank of Nigeria, CBN.

Speaking with newsmen, the AAC presidential candidate also described the redesigning of the naira note as a senseless policy.

According to Sowore, the Governor of CBN, Godwin Emefiele, should resign.

Asked if the policy would reduce kidnapping and insecurity generally, Sowore said: “Of course no, kidnappers would merely switch to demanding foreign currency as most of the high profile ones already do now.

“It is a senseless policy. The CBN Governor had no business redesigning the naira, he owes Nigerians a resignation from office.”

He also dismissed the controversy surrounding the Arabic inscription on the naira notes.

While some Nigerians have been calling for the removal of the inscription, others want it to remain in the redesigned naira notes.

Commenting on the issue, Sowore said: “It doesn’t matter to me what’s inscribed on the naira as long as it is strong in terms of purchasing power.

“If you like inscribe Swahili on it or Japanese, these are mundane issues.”

Business

NNPCL Increases Fuel Price

Published

5 days 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

5 days 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

1 week 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.