Air Peace, Nigeria’s flag carrier, says it will increase airfares on local routes from November 1.

According to an internal memo, seen by TheCable, the airline said it would increase fares on the route by 100 percent.

“Please be informed that effective 1st November 2024, Air Peace would be adding a 100% increase to their fares across all local routes,” the circular reads.

“Kindly reach out to your dedicated consultant for further support.”

According to a source at the airline who preferred anonymity, the memo was a leak that was sent to private partners.

“It was a leak from someone. It was shared to someone and the person leaked it online. The issue is being treated internally,” the source said.

TheCable has reached out to the corporate communications department of Air Peace for clarification.

The airline commenced its international flight on March 30, from Lagos to Gatwick Airport in London.

The Central Bank of Nigeria (CBN) says Nigerians should disregard claims that the old naira notes will cease to be legal tender on December 31, 2024.

In a statement on X on Thursday, Sidi Ali, Hakama, acting director, corporate communications, said the old series of N200, N500, and N1,000 banknotes will remain legal tender as ordered by the supreme court on November 29, 2023.

Earlier, the house of representatives said December 31, 2024, was the deadline for old naira notes to cease being legal tender.

However, CBN said its directive to all its branches to continue to issue and accept all banknotes — old and re-designed — to and from banks remains in force.

“The attention of the Central Bank of Nigeria (CBN) has been drawn to discussions at different
fora suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024. We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system,” CBN said.

“For the avoidance of doubt, the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, granting the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old Naira banknotes ad infinitum, subsists.

“Similarly, the CBN’s directive to all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks (DMBs) remains in force.

“It will be recalled that the Supreme Court ordered that the old series of N200, N500, and N1,000 banknotes shall continue to be legal tender alongside the redesigned versions. Accordingly, all banknotes issued by the Central Bank of Nigeria (CBN) will continue to remain legal tender indefinitely.”

CBN advised Nigerians to continue to accept all naira banknotes — old or redesigned — for their day-to-day transactions.

“We, therefore, advise members of the public to disregard suggestions that the said series of banknotes will cease to be legal tender on December 31, 2024,” the apex bank said.

“We urge Nigerians to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions and handle them with the utmost care to safeguard and protect their lifecycle.”

CBN further urged the general public to embrace alternative modes of payment, e-channels, to reduce pressure on the use of physical cash.

The National Pension Commission (PenCom) has directed licensed pension fund administrators (LPFAs) to suspend further investment in commercial papers with immediate effect.

Commercial paper is a short-term debt instrument issued by corporations to finance inventory, accounts payable, payroll, and other short-term liabilities.

In a circular with reference number, ‘PENCOM/TECH/ISD/2024/402’, dated October 23, and signed by A.M. Saleem, head, surveillance department of PenCom, the commission said Securities Exchange Commission (SEC) does not have established regulatory framework on the issue.

According to NAN on Thursday, the circular was addressed to managing directors and chief executives officers (CEOs) of all LPFAs.

PenCom warned the LPFAs to desist from investing in the affected portfolio pending the issuance of guidelines on the issuance of commercial papers by the SEC.

“PenCom has noted the increased investment by Licensed Pension Fund Administrators (LPFAs) in commercial papers issued by limited liability companies,” the commission said.

“It has also observed that the issuing companies have engaged capital market operators as Issuing and Placing Agents (IPAs) to manage the issuance and placement of these commercial papers.

“However, the commission has become aware that SEC, the regulator of the capital market, currently lack established rules and regulations governing the issuance of commercial papers.

“Consequently, all LPFAs are directed to immediately suspend further investment in commercial papers where capital market operators (non-banks) are engaged as IPAS.”

PenCom said the directive stands “pending the issuance of guidelines or regulations on the issuance of commercial papers by SEC”.

Furthermore, PenCom advised the operators to promptly take all necessary steps to guarantee full compliance with the circular.