Queue at the filing station The President, Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
By Favour Ajibade
Nigerians, yesterday (Sunday) felt relieved when President Muhammadu Buhari extended deadline for the exchange of old currency from January 31st, 2023.
Reason: They have been having a harrowing experience changing their old naira notes to new ones, despite spending many valuable time and hours in the banking halls without success.
Many, as a result of this, are complaining that it is extremely difficult to get hold of the new naira notes.
The issue worsened last Friday, as the currency faced rejection from members of the public, specially traders and even bus drivers.
The situation looked hopeless at weekend given the number of people that thronged all the banking halls across the country, either looking for new note or what to deposit old money..
First Bank for instance had sent notices to its customers that its branches would be opening to customers on Saturday and Sunday in order to beat the deadline of January 31st.
So also other institutions such as Access , Sterling, Zenith and other financial institutions.
A Point of Service ( PoS) operator, Hamed Adio by named, was unable to express his joy when the news hit hit that the president has extended the deadline.
Adio's experience was not different from that of Esther Ogunleye, a PoS operator around in Benson area of Ikorodu, Lagos
The situation was very bad in Ibadan, Ogbomoso, Oyo town, as traders in the markets refused to collect the old notes thereby frustrating individuals that went to the market to shop for what they would need to cook food with.
Queues were long at some banks, as Nigerians struggled to meet the original deadline of Tuesday. However, with the postponement of the deadline for old for new cash, many Nigerians are feeling more excited about the issue.
Recall that the redesign of the higher denomination naira notes has been heavily criticised with analysts saying six weeks was not enough time for Africa’s most-populous country to phase out the old currency.
It is happening a few weeks before the country goes to the polls in presidential and parliamentary elections.
Local media has been reporting that there are not enough of the new notes in circulation, with people unable to withdraw them from banks.
The move by the Central Bank of Nigeria (CBN) is seen as a push to encourage Nigerians to embrace digital payments in a society where cash is king.
It hopes the exchange will bring some of the cash currently being hoarded by individuals and companies back into the banking system.
When the bank announced in October that the 1,000 ($2.18, £1.75), 500 and 200 naira notes were to be replaced, it said 80% of the notes in circulation were outside banks.
The CBN believes that with the redesigned currency it will have a better understanding of the money circulating in the economy so it can better manage inflation.
The bank governor said the new deadline of 10 February would allow more people in rural areas, where there are very few bank branches, to exchange the old notes.
He added that Nigerians would then have a further seven days to deposit old notes directly with the CBN.
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