Why We’re Not Accepting New Naira Notes – Traders

Published

3 years ago

December 21, 2022

Editor

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

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

6 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.