Business

Your Policy Causing Hardship, Masses At Receiving End, APC Chieftain Tells CBN

Published

3 years ago

January 28, 2023

A member of the Security and Intelligence Committee of Tinubu/Shettima Presidential Campaign Council, Ambassador Abayomi Nurain Mumuni, has declared that the introduction of the new naira notes is causing hardship for many Nigerians.

The Central Bank of Nigeria, CBN, had last year, introduced new N200, N500 and N1000 notes.

The 2011 gubernatorial candidate of the defunct Congress for Progressives Change CPC, in Lagos State, made this disclosure in a statement made available to DAILY POST on Saturday through his media aide, Rasheed Abubakar.

Mumuni, in his reaction, said that what is happening where Automated Teller Machines, ATMs, are still dispensing old notes is an indication that the CBN was not ready for what it intended to do.

He said that if the CBN is interested to change currency, the first thing to do is to wipe out the old currency from circulation.

Mumuni, who said that the masses are at the receiving end, then advised the CBN to extend the deadline for the exchange of the old naira notes for the new ones.

He added that the need to extend the date was necessary in order to reduce the panic among Nigerians, especially at this time when there is fuel scarcity.

“My personal opinion is that the Central Bank of Nigeria is practically not ready to implement the policy on the new notes. When you want to change currency notes, first thing to do is to wipe out the old ones in circulation but even with the very close deadlines, Nigerian banks are still doling out the old currencies.

“The approach should be that once the old notes get to the banks, they are not making their way out, but reverse is the case. It’s either the ATM is not dispensing at all to avoid possible sanctions or you withdraw on the counter and still get old notes very few days to the deadline. In that regard, I think the CBN has not gotten things right.

“The situation is causing some hardships and the masses are on the receiving end. The CBN should take more time for the policy to fully take effect.

“We should learn not to render our people in further hardship, especially the ones struggling to survive. Considering the COVID-19 armageddon which cripples the global economy and affects every home as the case may be.

“Government policies should not be another avenue to impact hardship on the populist, but to play significant impacts in making life easy for the citizens, not otherwise,” he said.

Business

Report Any MRS Filling Stations Selling Fuel Above N739 Per Liter — Dangote Refinery To Nigerians

Published

3 days ago

December 23, 2025

Editor

Dangote Refinery has urged Nigerians to report any MRS filling station outlets nationwide selling fuel above the N739 per liter announced price.

The company disclosed this in a statement on Sunday.

The refinery insisted that its petrol being at retail outlets remain N739 per liter while the gantry price is N699.

It further called on other filling station owners to patronize its refined petroleum products at the N699 rate.

“We also call on other petrol station operators to patronize our products so that the benefits of this price reduction can be passed on to Nigerians across all outlets, ensuring broad-based relief and a more stable downstream market.”

Recall that Aliko Dangote, the president of Dangote Refinery, had pegged the retail price of his petrol at a maximum of N740.

DAILY POST reports that MRS filling and other filling stations had reduced fuel prices to between N739 and N912 per liter in Abuja.

However, reports emerged that some MRS filling stations were selling above the N739 per liter announced price benchmark.

Business

Naira Records Significant Appreciation Against US Dollar

Published

3 days ago

December 23, 2025

Editor

The Naira recorded significant appreciation against the United States dollar on Monday at the official foreign exchange market to begin the week ahead of Yuletide on a good note.

The Central Bank of Nigeria’s data showed that the Naira strengthened to N1,456.56 per dollar on Monday, up from N1,464.49 traded on Friday last week, 19th December 2025.

This means that the Naira gained N7.93 against the dollar when compared with the N1,464.49 was exchanged as of Friday, December 19, 2025. DAILY POST reports that Monday’s gain at the official FX market is the first since December 15th.

Business

CBN Revokes Licences Of Aso Savings, Union Homes As NDIC Begins Deposit Payments

Published

1 week ago

December 16, 2025

Editor

The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent regulatory infractions and deepening financial distress in the two primary mortgage banks.

The revocation, which took effect on December 15, 2025, was carried out under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria, the CBN said in a statement issued on Tuesday.

According to the apex bank, the affected institutions failed to meet minimum paid-up share capital requirements, had insufficient assets to cover their liabilities, recorded capital adequacy ratios below prudential thresholds, and consistently breached regulatory directives.

“The CBN remains committed to its core mandate of ensuring financial system stability,” a statement, signed by the apex bank’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali said.

Following the licence revocation, the Nigeria Deposit Insurance Corporation (NDIC) was appointed liquidator of the defunct banks in line with the law.

The Corporation said it has commenced the liquidation process and begun verification and payment of insured deposits to customers.

Under the deposit insurance framework, depositors are entitled to receive up to two million naira per depositor, with payments made through BVN-linked alternate bank accounts.

Depositors with balances above the insured limit will receive the initial two million naira while the remaining sums will be paid as liquidation dividends after the realisation of the banks’ assets and recovery of outstanding loans.

The NDIC said depositors may submit claims either online or physically at designated branches of the closed banks, while creditors will be paid after all depositors have been fully settled, in accordance with statutory provisions.

The two mortgage banks have faced prolonged operational challenges, including depositor complaints, governance concerns, and delisting from the Nigerian Exchange (NGX) in 2024 for failure to submit audited financial statements for more than six years.

The CBN assured the public that the action was taken to strengthen the mortgage banking sub-sector and protect depositors, adding that banks whose licences have not been revoked remain safe and sound.

This means the two financial institutions can no longer operate as licensed financial institutions.