CBN DEBUNKS FAKE NEWS ON NEW N5,000 AND N10,000 BANKNOTES.(PHOTO).

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  The Central Bank of Nigeria (CBN) has dismissed a viral claim circulating on social media about the introduction of new ₦5,000 and ₦10,000 banknotes, labeling it as fake news. The claim, which included fabricated images of the supposed new denominations featuring Dr. Nnamdi Azikiwe and Chief Obafemi Awolowo, falsely stated that the new notes would enter circulation from May 1, 2025. In a statement on its verified Facebook account, the CBN clarified that the content is not from the bank and directed the public to its official website, (www.cbn.gov.ng), for authentic information. The bank warned against spreading misinformation regarding monetary policies and urged Nigerians to rely only on official statements from its verified channels. The CBN reaffirmed that any major policy decision, including the introduction of new banknotes, would be announced through its official platforms. The public is advised to remain cautious and verify financial information from credible sources befor...
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'OUR BUSINESSES ARE DYING',MOTOR PARTS DEALERS LAMENT DOLLAR SCARCITY.[PHOTO]..

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 ‘Our Businesses Are Dying,’ Motor Parts Dealers Lament Dollar Scarcity


People who own cars or run a transport business will attest to the persistent cost of maintaining their cars. The problem of dollar exchange and sourcing for the currency to carry out export activities by Nigerian motor parts importers is currently biting hard across the country.


Infact, most Nigerian motor parts importers are grappling to survive even in the Federal Capital Territories as some of the markets have lost their boom.


Motor parts importers have lost their credit worthiness before their foreign suppliers who formerly gave them goods on credit.


The prices of automobile engines and other motor parts have risen at an alarming rate as the naira has continued to lose its value.


The naira is trading at N410.89 per dollar at the Central Bank of Nigeria rate, while it is trading around N572 at the unofficial market, but the more serious challenge is the supply of the dollar.


The scarcity has led to a spike in prices of different commodities in the Nigerian market. Earlier in January 2021, a Toyota Highlander 2008 engine was N300,000, but it now sells around N550,000 to N600,000.


A Toyota Corolla S engine as of December was between N320,000 to N330,000 now sells for N380,000 and N400,000.

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