Business
House of Representatives Tells CBN to Order Banks to Stop Paying Their Customers With Old N200, N500, and N1,000 Notes
The House of Representatives has directed the Central Bank of Nigeria (CBN) to begin phasing out the old notes before the December 31, 2024, deadline.CONTINUE FULL READING>>>>>
Daily Post reported that the House’s resolution came after Hon. Afam Ogene’s motion, made during Thursday’s plenary, that the CBN should educate Nigerians about the non-legal tender status of old naira notes from January 1, 2025. This was approved as a motion of immediate national significance.
Additionally, the Green Chamber urged CBN to print more new notes of N200, N500, and N1,000. Ogene, who made the motion, recalled the chaos, controversy, hardship, and frustration brought on by the CBN’s 2023 currency change.
This led to lawsuits and impacted the legality of the old Naira notes worth N200, N500, and N1,000 at the time.
He stated that the N200, N500, and N1,000 notes would no longer be accepted as legal tender in accordance with the Supreme Court’s subsequent decision and order and will also no longer be available for buying and selling by January 1, 2025.
Ogene maintained that three months prior to the deadline, the CBN should have begun public awareness campaigns, including jingles, flyers, social media posts, daily newspapers, radio and television announcements, and periodic magazine publications.
He bemoaned the lack of evidence that the apex bank was ready for the exercise with roughly two months until the deadline.
The lawmaker went on to say that rather than gradually removing the old notes from circulation or directing commercial banks to do so by issuing only the new notes, the CBN is still allowing business transactions in Nigeria to use both the old and new N200, N500, and N1,000 notes.
The House decided to “Urge the Central Bank of Nigeria (CBN) to issue more new N200, N500, and N1,000 notes and begin the gradual withdrawal of the old notes from circulation before the deadline of December 31, 2024.”
“To urge the Central Bank of Nigeria, CBN, to order commercial banks to forthwith stop cash payment to their customers with old N200, N500, and N1,000 notes but instead, engage in gradual mopping up of the old notes.”
“Urge the Central Bank of Nigeria, CBN, to kick-start awareness programs for Nigerians to be aware and prepare for the deadline of December 31, 2024.”CONTINUE FULL READING>>>>>
A Japanese investor, the Managing Director of Limited, Masahiro Tsuno, has described the 650,000 barrels per day Dangote Refinery as a world miracle.CONTINUE FULL READING>>>>>
In a statement on Sunday by Dangote Spokesperson, Anthony Chijiena, Tsuno disclosed this when a delegation from the Japanese Business Community in Nigeria, led by Japan’s Ambassador-designate to Nigeria, Suzuki Hideo, visited the Lagos-based refinery.
According to him, the sheer size and automation of the Dangote refinery built by a single investor is one of the world’s wonders.
“I’ve seen many standalone refineries across the globe, including in Vietnam and the Middle East.
“However, the size of a refinery built by one single investor is probably a miracle in the world. And I’m just actually witnessing a miracle,” he said.
On his part, the Vice President of Oil and Gas, Dangote Industries Limited, Devakumar Edwin, said that in the last months, Dangote Refinery has exported Premium Motor Spirit (petrol) to three African countries.
“In recent weeks, we’ve exported petrol to Cameroon, Ghana, Angola, and South Africa, among others. Diesel has gone all over the world, and jet fuel is being heavily exported to European markets.
“Our products are already making their mark internationally,” Edwin said.
This comes as Dangote Refinery recently announced that it has commenced the export of petrol to Cameroon.
Recall that Dangote Refinery commenced the rollout of PMS on September 15, 2024.CONTINUE FULL READING>>>>>
Business
BREAKING NEWS: CBN Imposes N150 Million Fine On Banks Releasing Redesigned Naira Notes To Currency Hawkers…
The Central Bank of Nigeria (CBN) has imposed a ₦150 million fine on banks guilty of releasing the redesigned naira notes to currency hawkers.CONTINUE FULL READING>>>>>
The hawking of new naira notes became rampant after the introduction of the redesigned ₦200, ₦500, and ₦1,000 denominations. Reports of these notes being sold on the black market at exorbitant rates prompted the CBN to take stricter action.CONTINUE FULL READING>>>>>
The Nigerian National Petroleum Company Limited, NNPCL, has reduced the price of Premium Motor Spirit (petrol) across its retail outlets in the Federal Capital Territory, Abuja, DAILY POST reports.CONTINUE FULL READING>>>>>
DAILY POST correspondents who visited NNPCL retail outlets observed that the petrol pump price was reduced from N1,060 to N1,040 per litre. This represents a reduction of N20.
“The price was reduced to N1,040 per litre from N1,060 on Saturday morning,” a filling station attendant at the NNPCL retail outlet along Kubwa expressway told DAILY POST.
A motorist, Ezekiel Njoku, confirmed the development to DAILY POST.
“The reduction of N20 is significant. We need further fuel price reductions in the coming days,” he said.
With the price cut, Nigerians will now buy petrol at N1,040 per litre at NNPCL filling stations, while prices remain within N1,115 per litre at other filling stations, depending on the location.
This development comes barely three weeks after the state-owned Port Harcourt refinery began producing petroleum products in November 2024.
The former Managing Director of NNPCL Retail, Prof. Billy Okoye, had earlier speculated that a fuel price reduction was imminent with the commencement of production at the Port Harcourt refinery.
Oil marketers, the Independent Petroleum Marketers Association of Nigeria, IPMAN, and the Petroleum Products Retail Outlets Owners Association, PETROAN, had also hinted that the deregulation of the sector—coupled with the operations of Dangote and Port Harcourt refineries—would lead to a drop in petrol prices.CONTINUE FULL READING>>>>>
Abuja based Afro Cultural artist Johnbull iyke, Pens a one year Management/Promotional Deal with Avnet Media company
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