Business

Naira Redesign: Mixed Reactions Trail Buhari’s Directive On N200 Old Note Validity

Published

3 years ago

February 16, 2023

Editor

On Thursday, some residents of the Kano metropolis differed in their reactions to President Muhammadu Buhari’s approval of the continued use of the old N200 note as legal tender.

According to the News Agency of Nigeria, some residents applauded the Federal Government for extending the use of the old N200 notes by 60 days as a legal tender while others said the number of days for the extension was still inadequate.

The respondents called on the Central Bank of Nigeria (CBN) to allow the newly redesigned N1000, N500 and N200 notes to be in circulation.

A petty trader, Malam Bala Shehu said extending the time for the continued use of the old N200 was a welcome development.

Shehu added that the February 10 deadline in which the naira denomination ceased to be legal tenders and the scarcity of the new notes had affected his business.

He said many small businesses would survive with the President’s approval to continue using the old N200 notes.

Also, Malam Garba Gezawa, a commercial tricycle operator, commended the decision of the FG, adding that the scarcity of lower denominations made most of their members suspend their operations.

According to him, the N200 note is the most sought denomination by students, market women and petty traders.

He called on the Federal Government to also extend the deadline for the old N500 and N1000 notes.

Speaking in the same vein, Mamman Suraj, a civil servant, tasked the CBN to make the new naira notes available and immediately put the old N200 notes back in circulation to ease the current suffering of Nigerians.

Malam Ali Bakari, an economist, advised the CBN to make the redesigned naira notes available by printing more, or if printing would be complex, the apex bank should allow the continued use of the old notes until April 10.

However, Mrs Agnes George, a hairdresser, urged residents to take advantage of President Buhari’s pronouncement by depositing all old N1000 and N500 notes at the CBN and other designated points.

George, who lauded the President for allowing the continued use of the old N200 notes as legal tender for another 60 days, also appealed for the extension of such a gesture to other old notes.

She explained that the deadline extension would reduce ATM queues and panic and uncertainty among small business owners and other residents.

Earlier, DAILY POST reported that Buhari announced the extension of N200 old note validity.

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.