Why We’re Not Accepting New Naira Notes – Traders

Published

3 years ago

December 21, 2022

Six days after the new naira notes went into circulation, some traders are still finding hard to accept it as legal tender, the News Agency of Nigeria reports.

The newly-redesigned N1,000, N500 and N200 bills became legal tender on December 15, 2022.

The Central Bank of Nigeria Governor, Godwin Emefiele, on October 26 announced plans to redesign the denominated notes, saying the old notes would cease to be legal tender by Jananuary 31, 2022.

He said the reason for the currency redesign was to stop counterfeiting and hoarding.

A food vendor at Cele-Egbe bus stop, Egbe, Alhaja Sofiat Balogun, said that she would not accept the new notes just yet.

“People say that the money is not fine and they that it is not everywhere yet, I will not accept it until I see that it is fully in circulation.

“I do not want to start accepting it and when it’s time for me to spend it, it will be difficult for me.

“And secondly, I have seen on social media a video of a fake new note of N1000, this makes me even more afraid to accept it,” she said.

A fruit seller in Ili-ewe market, Egbe, Mrs Eme Jackson, said the reason she had refused the money is that the notes are too light.

“I prefer the old notes because it is very durable, no matter how you handle it, it will still remain strong, unlike the new one.

“The moment I saw it, I told my children not to accept it, even in my absence,” she said.

Also, a phone technician, Mr Ozuome Benedict, urged the apex bank to do a proper awareness on why they should accept the new notes.

“I do not have a problem accepting the new notes, the CBN should sensitise the people because so many are not aware that there’s a new note, that is why it is not accepted,” he said.

Meanwhile, NAN’s visit to some ATM machines around Ikotun, Ejigbo and Oshodi, showed that old notes were still being dispensed to customers.

A visit to one of the banks, a Teller told a customer who wanted to withdraw N100,000, that she could only be paid N20,000 in new notes and N80,000 in old notes.

But, when the customer asked why she wouldn’t completely pay her with the new notes, she (teller) told her that she was acting on instruction.

“I’m sorry to tell you that you can only have N20.000 of the new notes. This is an instruction given to us by the CBN,” the Teller said.

However, NAN’s visit to Zenith Bank ATM on Eric Moore, observed that the machine was dispensing the new notes of N500 and N200.

Some customers who saw the new notes for the first time, expressed mixed feelings as they passed the N500 bill from one hand to another in admiration.

PUNCH

NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment

Published

1 week ago

August 14, 2025

Editor

The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.

It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.

This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.

The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.

“It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.

This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.

The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.

Dangote Refinery Reduces Fuel Price

Published

2 weeks ago

August 12, 2025

Editor

Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.

This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.

The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.

Business

Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US

Published

2 weeks ago

August 11, 2025

Editor

India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.

This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.

According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.

Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.

The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.

Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.

Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.

According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.

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Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.

On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.

In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.

“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.