Business

Withdraw old naira notes before 2025 deadline – Reps directs CBN

The House of Representatives has called on the Central Bank of Nigeria (CBN) to ensure the complete withdrawal of old N200, N500, and N1,000 notes before the January 1, 2025, deadline.

The lawmakers stressed the need for the CBN to increase the circulation of the redesigned notes and begin a gradual mopping-up of the old currency.

In a motion raised by Adam Victor Ogene (LP, Anambra), the House expressed concerns over the lack of public sensitization by the CBN, warning that Nigerians may face a repeat of the hardship seen during the chaotic currency swap in 2023.

Ogene highlighted the Supreme Court’s ruling that the old notes would cease to be legal tender on January 1, 2025, and noted that the CBN has yet to launch any significant awareness efforts.

He recalled the “hardship, frustration, controversy, and chaotic situation” that arose from the 2023 currency swap and expressed concerns that the CBN’s failure to supply enough new notes led to severe difficulties across the country.

“Going by the Supreme Court’s subsequent ruling and order, the N200, N500, and N1,000 notes shall cease to be legal tender, medium of exchange for goods and services in Nigeria, and shall also cease to be in circulation as from January 1, 2025,” Ogene stated.

He further criticized the continued circulation of the old naira notes alongside the new ones, emphasizing that rather than a phased withdrawal, the CBN is “still comfortably releasing the old N200, N500, and N1,000 notes mixed with the new notes for business transactions.” Ogene urged the CBN to direct commercial banks to issue only the new notes and to start gradually removing the old currency from circulation.

Ogene also raised concerns that the CBN has not taken any steps to raise public awareness about the looming deadline, despite being just months away.

He noted that by now, the apex bank should have started “public awareness, such as jingles, television and radio announcements, social media postings, flyers, daily newspapers, and periodic magazines” to ensure Nigerians are prepared for the transition.

With the January 1, 2025, deadline fast approaching, the House urged the CBN to take immediate action, warning that the country could face even greater economic disruption than it did during the 2023 currency change if the necessary steps are not taken.

Business

Dangote Refinery reduces petrol price to N825 per litre

Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit, PMS, also known as petrol to N825 per litre from N835 per litre as competition continues in the domestic market.

Recall that last month, the 650,000 barrels per day refinery reduced the gantry price of petrol to N835 per litre from N865 per litre.

The latest adjustment is targeted at giving customers more value, as well as consolidating its leadership position in the domestic market.

Business

NIMC hikes NIN service fees, increases date of birth correction to N28,574

Federal Govt Launches NIN Diaspora Enrolment Centre In UAE

The National Identity Management Commission (NIMC) has announced a revised price list for National Identification Number (NIN) issuance and other related services.

On May 1, the NIMC announced a review of the pricing structure for all its services.

In its report on Saturday, the commission said the cost of correcting the date of birth on a NIMC slip has increased to N28,574, reflecting a 74.87 percent rise from the previous fee of N16,340.

According to the new price list, modifying other details such as name or address now costs N2,000 per transaction, up by 31.41 percent from the earlier fee of N1,522.

While initial NIN enrolment and issuance of slips remain free, NIMC said the reissuance of lost or damaged NIN slips now costs N600, an increase from N500.

Premium enrollment services offered at licensed lounges, visa centres, and pre-booked VIP services now cost N20,000, and VIP reissuance of NIN slips is priced at N3,500.

Additionally, the commission said the fee for retrieving a NIN via USSD services has risen to N50 from N20.

For Nigerians in the diaspora, NIMC said adult enrollment at regular service points in African countries now costs $50, enrollment for children is $30, and reissuance of NIN slips abroad is priced at $6.

According to NIMC, in African countries, the commission said correcting a date of birth now costs $55, and modifying other fields costs $10.

In non-African countries, the commission said name corrections are priced at $60, while other changes cost $20.

In its executive summary of the revised price list, NIMC explained that the adjustments considered the current inflation rate of 32.70 percent, saying most services were increased by at least 20 percent, with certain exceptions based on the nature of the service.

Business

NCAA sanctions Kenya Airways over passenger complaints

The Nigeria Civil Aviation Authority (NCAA) has sanctioned Kenya Airways for several consumer-related violations involving three passengers, including one Gloria Omisore.

This is contained in a statement on Friday by Michael Achimugu, Director of Public Affairs and Consumer Protection.

Achimugu stated the NCAA issued a sanction letter on Wednesday to Kenya Airways regarding the passengers’ complaints

“The infractions include failure to provide care, lack of transparency in carriage terms, poor communication with the Authority, and mishandling refunds and baggage.

“In accordance with the NCAA Regulations 2023, Kenya Airways must pay fines and compensate each affected passenger with 1,000 special drawing rights.

“The airline has seven days to comply. Failure to do so will result in more severe penalties,” Achimugu said