Business

Redesigned Currency: Buhari Worried Over Long Queues In Banks – Finance Minister

Published

3 years ago

February 2, 2023

Minister of Finance, Budget and National Planning, Zaniab Ahmed has said President, Muhammadu Buhari and the Federal Government share in the pain Nigerians are going through in accessing the redesigned naira notes but noted that it was a temporary stress which will fizzle out in no time.

Ahmed who was featured at the 65th State House briefings coordinated by the Presidential Media Team on Thursday, likened the current situation being experienced by Nigerians to a patient having a wound or deep sore but must submit to excruciating pain while undergoing treatments.

She said the government is, however, pleased that sizeable old funds have been mopped back into the banking system, which will in turn give the regulatory agencies control over the nation’s currencies.

A visit to most bank Automated Teller Machines (ATMs) in the Abuja metropolis shows long queues of people trying to access their funds with little or no success.

Some videos of frustrated customers having difficulties accessing their money have been trending on social media since Tuesday.

But Ahmed in her response to the question on whether the government is actually worried over the development in the financial sector, said, “of course we are worried, we are not happy that citizens have to queue and struggle to get their cash but this is a temporary situation.

“Let me give you an analogy, this situation can be compared to a patient having a sore and while treating the sore, you must apply some iodine or spirit which is usually very painful.

” Mr President is not happy that citizens are suffering but come the closing date which the Central Bank of Nigeria has given, it will not all be over as a window still exists for people to return their old notes.

“There is also the positive side to it, which is that a lot of currency has been mopped up back into the system”.

Business

NNPCL Increases Fuel Price

Published

17 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

18 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.