Business

Cash circulation improves, as new naira notes dry up

Published

2 years ago

March 17, 2023 9:14 am

BodexNG

Though normalcy seems to be gradual in coming, currency circulation has improved in major cities across Nigeria following the third day full implementation of the Supreme Court ruling on the legal tender status of old Naira banknote.

Vanguard findings reveal that banks have started simultaneous dispensing of the old banknotes over-counters and through the Automated Teller Machines, ATMs.

Also the old banknotes are now ell accepted by most traders and services providers just as banks are now accepting them.

However, the banks appear to have run out of new Naira notes as both the ATMs and the banking halls visited by Vanguard show that only old banknotes were available.

A staff of one of the banks in Lagos Island told Vanguard that most banks, including her own, have not received supply of the new banknotes since this week.

Also our findings reveal that the banks are still implementing cash withdrawal limits subject to a maximum of N10,000 per customer per day.

But some banks at the time of visit were not dispensing the currency notes due to lack of cash. A security personnel at one of the banks said the cash available had been exhausted earlier before the visit.

Meanwhile, in markets visited traders were seen accepting the old naira banknotes.

A businessman who had collected the old notes from a bank ATM on Lagos Island, said he bought petrol with the money and it was accepted. Motorists and traders in the vicinity also accepted the old currency notes.

Business

Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

Published

16 hours ago

November 25, 2024 1:29 pm

BodexNG

The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

Business

Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers

Published

18 hours ago

November 25, 2024 11:01 am

BodexNG

The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.

This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.

The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.

Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.

“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.

“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”

Business

Allegation of missing fund untrue, says Access Bank

Published

20 hours ago

November 25, 2024 9:16 am

BodexNG

Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.

The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.

“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.

“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.

“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.

“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.

“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.

“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.

“We remain committed to serving our customers.”

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others