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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SUBSIDY: PETROL HITS N1,200 PER LITRE.(PHOTO).

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Subsidy: Petrol hits N1,200 per litre

30 May 2023 

The pump price of Premium Motor Spirit (PMS), popularly called petrol, on Tuesday, increased to N1,200 per litre in Abakaliki, the Ebonyi State capital, following the declaration of the removal of subsidy on the product by President Bola Tinubu.

Scores of residents, who decried the high cost of petrol in the country, said they have since been engaged in panic buying.

Some residents were also seen with their cans as many filling stations were under lock.

A resident, Darlington Okeke, said panic buying was occasioned by Tinubu’s statement during his inauguration on Monday.

Okeke stated that petrol in filling stations was sold between N800 and N1,200, against N230 per litre.

Another resident, Ibrahim Ali, said black marketers sold a litre of fuel for N1,500, adding that the development was causing panic buying and frustration among residents.

He, however, appealed to Tinubu to address the situation to mitigate panic buying and arbitrary hoarding of the products, which marketers introduced after the announcement by the president.

Meanwhile, staff of some filling stations, who spoke under condition of anonymity, disclosed that the management of the Petroleum Dealers Association, Ebonyi State chapter, ordered the closure of fuel stations.

“We are waiting for further directives,” they told Newsmen

Efforts to speak with the state chairman of the association, Sailas Njaka, on the development were not successful. 

 

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