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Yuletide: Naira scarcity bites harder as banks shun CBN threat
Days after the Central Bank of Nigeria ordered Deposit Money Banks to guard against artificial cash scarcity in the country, the disturbing trend still persists in some parts of the country.
In a circular dated November 29, jointly signed by Acting Directors Solaja Olayemi (Currency Operations) and Isa-Olatinwo Aisha (Branch Operations), the CBN outlined measures aimed at improving cash availability.
According to the circular, the CBN directed banks to ensure efficient cash disbursement through both Automated Teller Machines and over-the-counter channels, warning of penalties for non-compliance.
The apex bank also urged customers experiencing challenges to report incidents with details such as account name, bank name, transaction amount, and date. Dedicated phone numbers and email addresses were released for Nigerians to report difficulties accessing cash.
However, as of Friday, Nigerians in some major cities lamented that they still experienced significant difficulty obtaining sufficient cash over the counters and at ATMs in some commercial banks.
An Abuja resident, who declined to be named, said his bank only dispensed N5,000 over the counter on Friday.
When asked whether this was a bank-wide directive, she stated that it might be due to the limited cash available, adding that customers were often advised to use ATMs.
He said, “As of Friday, it was just N5,000. But if the ATM is loaded, you can withdraw as much as it dispenses. That’s probably all the bank could afford on Friday. Most times, customers are advised to use the ATM, which dispenses fresh mints.”
Similarly, a United Bank for Africa customer in Abuja said his bank dispensed N20,000 over the counter, while ATMs dispensed N20,000 to customers and N10,000 to customers of other banks as of Friday.
A Zenith Bank official in Delta State revealed that their branch paid a maximum of N20,000 to customers, both over the counter and through ATMs.
“It’s N20,000 maximum. The ATM also dispenses N20,000,” she stated.
A Lagos resident, Tunde Ajiboye, shared on Facebook that he withdrew N20,000 from a GTBank ATM in Ikorodu and later withdrew another N30,000 over the counter at Lotus Bank, also in Ikorodu, on Friday afternoon.
In Akure, Ondo State, the cash crunch was also pronounced. A resident, Oluwaseyi Oluwalade, said he visited an ATM terminal in Akure but couldn’t withdraw any cash.
“I rushed to a PoS operator, but I still didn’t get cash. I was asked to make a transfer, which I did on Friday, but I could only collect the cash on Saturday afternoon,” he lamented.
Another Akure resident, Adeniyi Samuel, who works for OPay, confirmed complaints from PoS operators about insufficient cash in banks.
“Many of our operators rely on filling station attendants or BDC operators to get cash because banks give very little over the counter or at ATMs,” he explained.
In Imo State, residents also decried withdrawal limits.
A resident, who asked to be identified only as Onyekachi, said, “We cannot withdraw more than N20,000 in the banking hall. You spend so much time, only to be given a maximum of N20,000. It’s frustrating.”
A similar scenario unfolded in Abia State, where banks limited withdrawals to between N5,000 and N20,000. ATMs dispensed as little as N5,000 to non-customers and N10,000 to customers.
In Kwara, residents also struggled to access cash.
Ibrahim Taiwo, a resident of Ilorin, said banks paid a maximum of N10,000 over the counter and N40,000 at ATMs. He noted that PoS operators increased their charges by N50 across withdrawal amounts.
In Osun and Oyo states, withdrawal limits varied between N10,000 and N50,000, depending on the bank and location.
Reacting to the situation, a source at the CBN accused some banks of favouring high-end customers by giving them bulk cash at the expense of ordinary Nigerians. The source assured that the CBN was committed to penalising erring banks.
However, a banker in Ogun State accused the CBN of being insincere, claiming, “The amount given to us is not enough to load ATMs for two days.”
A Polaris Bank staff member in Lagos linked the scarcity to the naira redesign policy under former CBN Governor Godwin Emefiele. He noted that the policy destroyed old naira notes but failed to replace them with adequate new notes, leading to persistent scarcity.
“People are skeptical about depositing money in banks, fearing a repeat of last year’s issues. This is affecting the availability of cash,” he concluded.
The National President of Association of Mobile Money and Bank Agents in Nigeria, Fasasi Atanda, accused petrol stations, supermarket operators, traders, and other businesses that handle large volumes of cash daily of contributing to the current cash scarcity.
Atanda alleged that instead of depositing their cash earnings into banks as expected, those entities hoarded the money and sold it at inflated rates to cash dealers.
“There is no reason for cash scarcity if there are no saboteurs. There is cash commoditisation. Today, we have saboteurs who are dealing in the sale of cash. They sell cash in bulk; they have their sources, and they buy in bulk and sell. What you can’t get in the banks, you will get from cash dealers.
“We are aware of petrol stations, restaurants, supermarket operators, and others selling their cash instead of depositing it in banks.
“People often wrongly accuse agents of selling cash. Agents are not selling cash, we are servicing the people and the charges are for the cost of data and transportation. In reality, if the government can take care of these costs, agents can render their services free of charge,” Atanda said.
He urged the CBN to engage PoS operators as official agents of cash distribution, adding that this would address the challenge of cash scarcity in the country.
The acting Director of Corporate Communications for the CBN, Mrs. Hakama Sidi Ali, did not respond to calls and a text message sent to her phone as of press time. (PUNCH)
Kogi State has been thrown into mourning as former Governor of the state, Ibrahim Idris, fondly called Ibro, has reportedly died in the United Kingdom at 77.
Sources broke the sad news on Sunday, with details of his passing still sketchy as of press time.
Though details regarding the latest development are still sketchy, family sources said Idris had suffered protracted illness.
Meanwhile, incumbent Kogi State Governor Ahmed Usman Ododo has condoled with the former governor’s family.
In his condolence message, Ododo described the late lawmaker as a man who had made meaningful contributions in politics and business.
The governor also recalled his last meeting with the ex-governor in March 2024 during a visit involving political stakeholders from Omala Local Government Area.
Ibro was not just a governor. He was an institution.
From businessman to political colossus, Idris stormed Kogi politics in 2003 when he floored incumbent Abubakar Audu to emerge governor on the platform of the Peoples Democratic Party.
What followed was a turbulent, dramatic reign.
His 2007 re-election was nullified by the courts after Audu was excluded from the ballot. The Court of Appeal in February 2008 ordered a fresh election. Idris fought back and won the March 2008 re-run, holding on to power until January 2012 when he handed over to Captain Idris Wada.
Born in Idah in 1949, Idris built his name in business before politics — founder of Ibro Trading Company, with tentacles in construction, furniture and hospitality.
He built a furniture factory in Sokoto and Ibro Hotel, reputed to be the first three-star hotel in old Sokoto State.
Fate tested him in 2006 when three of his daughters miraculously survived the ill-fated ADC Airlines Flight 53 crash that killed 96 others. A grateful Ibro called it a “superlative show of mercy” from God.
But tragedy never left him far.
In April 2024, he buried his son, Mohammed Ibrahim Idris, former member of the House of Representatives for Ankpa/Olamaboro/Omala, who died in Abuja shortly after Eid-el-Fitr prayers.
… Records major drug seizures across eight states, FCT
Operatives of the National Drug Law Enforcement Agency, NDLEA, have intercepted more than 1.3 million pills and capsules of tramadol and other opioids, as well as 6,000kg of cannabis, in a series of operations across eight states and the Federal Capital Territory.
The agency said the seizures had a combined street value of more than N3.4 billion.
The operations were conducted in Lagos, Edo, Niger, Delta, Ondo, Gombe and Imo states, as well as the FCT.
The NDLEA Chairman, Brig. Gen. Mohamed Buba Marwa (retd.), commended officers of the various commands for what he described as professionalism and intelligence-driven operations, urging them to sustain the agency’s balanced approach to drug control.
A major highlight of the operations was the interception of 1,200 parcels of Canadian Loud, a potent strain of cannabis, weighing 603.75kg and valued at N1.811 billion.
The operation also led to the arrest of a 49-year-old suspected drug trafficker, Innocent Ekpe, who allegedly impersonated a senior police officer to evade scrutiny at checkpoints while transporting illicit drugs across state lines.
Ekpe was arrested on Wednesday, September 16, along the Benin-Onitsha Expressway in Asaba, Delta State, with 292.48kg of skunk concealed in his silver Toyota Sienna bus.
According to the agency, preliminary investigation revealed that Ekpe allegedly presented himself as Godwin Emeka, a Deputy Superintendent of Police, using a forged police identification card.
A 39-year-old alleged accomplice, Nduka Joseph, was also arrested.
In Edo State, NDLEA operatives acting on intelligence raided a location along Agbor Road, Benin City, where they arrested 45-year-old Matthew Ossai.
The agency said Ossai allegedly used his auto-repair workshop to store illicit drugs.
Operatives recovered 48kg of Canadian Loud, 152 grammes of methamphetamine and a metal box allegedly used to store the substances.
At the Tin-Can Island Port in Lagos, NDLEA operatives placed a 40-foot container shipped from Montreal, Canada, under surveillance after it arrived on September 12.
A joint physical examination conducted with the Nigeria Customs Service and other security agencies on Wednesday, September 16, led to the discovery of 1,200 parcels of Canadian Loud weighing 603.75kg.
The consignment was concealed inside 31 black jumbo bags loaded into two Toyota Sienna vehicles in the container.
In Niger State, three suspects — Bashir Usman, 20; Abubakar Nuhu, 18; and Abdulrahman Abdulwahab, 18 — were arrested on Tuesday, September 15, during a patrol along the Abuja-Kaduna Expressway at Chachi, Tafa Local Government Area.
The suspects were allegedly found with two locally fabricated AK-47 rifles and a magazine, a locally made pistol with a magazine, and nine rounds of 9mm ammunition concealed in a black travel bag.
Two other suspects, Aminu Isyaku, 23, and Jamilu Habibu, 25, were arrested on Friday, September 18, along the Abaji-Abuja Highway.
The agency said more than 1.1 million assorted tramadol tablets and capsules, codeine syrup, methamphetamine and Exol tablets were recovered from them.
The substances were allegedly concealed in eight sacks and were being transported from Onitsha, Anambra State, to Mararaba, Nasarawa State.
In Lagos, NDLEA operatives arrested Onyeka Ofor at his residence in Aguda, Surulere, on Friday, September 18, with 48,900 pills of tramadol 225mg.
Seven cartons of cannabis sativa weighing 59kg were also intercepted at a logistics company in the state, leading to the arrest of a suspect identified as Luke Ugokwe.
In another operation in Lagos, 43-year-old Ibrahim Hudu was arrested at Apongbo on Thursday, September 17, with 998.38kg of nitrous oxide gas.
In Gombe State, a total of 154,480 capsules of tramadol were recovered from two suspects, Sabi’u Umar, 27, and Hassana Muhammad, 19.
The suspects were arrested at the Barunde area and Gombe Main Market respectively on Friday, September 18.
In Imo State, 25-year-old Ifesinachi Godwin was arrested along the Owerri-Onitsha Road on Friday with 43.85kg of skunk.
Similarly, four suspects — Blessing Effiong, Saviour Peter, David Friday Sunday and Ability Peter Sunday — were arrested during a raid on a two-hectare cannabis farm in Ita-Ogbolu Forest, Ondo State, on Tuesday, September 15.
The NDLEA said 5,000kg of skunk was destroyed during the operation, while 48kg of dried and fresh cannabis was recovered from the location.
Meanwhile, commands and formations of the agency continued their War Against Drug Abuse, WADA, sensitisation campaigns across the country during the week.
The activities included enlightenment lectures for students and staff of St. Ferdinand School, Ogbomoso, Oyo State; Unizik Secondary School, Awka, Anambra State; Scholars Nursery and Primary School, Epe, Lagos State; and Government Technical Training School, Jalingo, Taraba State.
The Delta Ports Command also paid a WADA advocacy visit to traditional ruler, King Couple Mackson Oromoni Mobene III, Pere Ama-Okosu of Ogbe-Ijoh Warri Kingdom, Delta State.
The NDLEA said the sensitisation activities were part of its continued efforts to raise awareness about the dangers of illicit drug use and trafficking.
A woman identified as Bilkisu Sani has been arrested in Rogo Local Government Area of Kano State over the alleged killing of her husband, Hafisu Gausu, amid reported plans by the deceased to marry another woman.
According to reports, the incident occurred around 7pm on Friday, September 18, 2026, in the Katsalle area of Rogo town.
A resident, Auwal Kazagi Rogo, said residents rushed to the scene after hearing cries from Bilkisu, who reportedly claimed that her husband had been kidnapped and killed.
Kazagi said residents who arrived at the scene found Gausu with an injury to his head. He explained that contrary to the initial claim that the deceased had been slaughtered, residents allegedly found that he had been struck with an object.
He said the police were immediately contacted and subsequently evacuated the body for investigation.
According to the resident, Gausu had reportedly been planning to marry another woman as his second wife, a decision that allegedly led to repeated disagreements between him and Bilkisu.
Kazagi said the woman had allegedly vowed to prevent the marriage, prompting community elders to intervene in an attempt to resolve the dispute. However, tensions reportedly continued.
The police subsequently arrested Bilkisu as the prime suspect, while investigations into the circumstances surrounding Gausu’s death remain ongoing.
The deceased was buried on Saturday morning in Rogo in accordance with Islamic rites.
Reports indicate that Gausu and Bilkisu had been married for nearly seven years and had two children. Bilkisu is also reportedly pregnant for the deceased.
Sources in the community further claimed that Gausu had asked his prospective bride’s family to bring forward the wedding date by two months because of the reported disagreement with his wife.
The police have yet to conclude their investigation into the incident, and the allegations against Bilkisu remain subject to the outcome of the investigation and any subsequent court proceedings.
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