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Yuletide: Naira scarcity bites harder as banks shun CBN threat

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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.

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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)

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ACCEPTANCE SPEECH BY MR. PETER OBI FOLLOWING HIS NOMINATION AS THE PRESIDENTIAL CANDIDATE OF THE NIGERIAN DEMOCRATIC COALITION (NDC) – MAY 30, 2026

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Peter Obi donates ₦10 million to Nursing College
Peter Obi
Peter Obi, NDC Presidential Candidate
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Protocols,

Esteemed citizens of Nigeria,

It is with deep humility that I accept the role of presidential candidate for our party.
I express my profound gratitude to the leaders of our party. His Excellency Seriake Dickson, the National Chairman, National Secretary and the National Working Committee, NWC members and members of our relentless supporters, and the Nigerian populace who have steadfastly kept the spirit of hope alive. I commend those who have made the journey from every region of our nation to convene here in Abuja.

I wish to assert unequivocally: a New Nigeria is Possible. This conviction has united us; it must serve as our compass on the challenging road ahead and sustain us through all trials we may face. This pivotal moment transcends the individual ambitions of Peter Obi; it concerns the essence of our nation and the future of our children. It is about rekindling hope for millions who have faced adversity yet remain committed to Nigeria.

Today, our nation finds itself at a crucial juncture, enveloped in uncertainty. Families are anxious about their safety; parents are concerned for their children’s futures; and talented youth increasingly question their prospects in their homeland.

Businesses are struggling, communities are suffering, and an alarming number of citizens have lost faith in the very concept of governance. Yet, I stand before you filled with optimism and strong faith in the resilience of our people, for I firmly believe that a New Nigeria is possible.

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UNITY
To realise this New Nigeria, we must first mend the foundational elements essential for the success of any nation.

Nigeria cannot advance while fragmented by ethnic, religious, regional, or narrow political divides. We may communicate in different languages and practise diverse faiths, but we share a singular destiny under one flag. Our diversity should not be a source of division; rather, it is among our greatest strengths.

We should build bridges where others erect barriers, replace mistrust with confidence, division with understanding, and resentment with a collective purpose. A united Nigeria is indispensable. As Will Durant wisely pointed out, “A great civilisation is not conquered from without until it has destroyed itself from within.” We must never self-destruct. We must heal, unify, and progress together.

INSECURITY
In terms of security, the situation in Nigeria has considerably worsened. The global terrorism impact assessments ranked Nigeria as the 8th most affected nation in 2022, 6th in 2024, and 4th in 2026.
Yet, for many years, Nigeria garnered global recognition as a reliable contributor to peacekeeping, regional stabilisation, and conflict resolution. Our troops have not only displayed bravery but have also shown professionalism, discipline, resilience, and empathy in the most challenging operational contexts. Our officers and personnel have successfully commanded multiple international forces, safeguarded vulnerable civilian populations, monitored ceasefires, reinstated constitutional order, and contributed to rebuilding efforts.

Nigeria became one of the leading contributors of troops from Africa to UN peacekeeping missions and earned widespread admiration for operational effectiveness and leadership in various countries, including Rwanda, Sudan, Liberia, Sierra Leone, Mali, Western Sahara, Congo, Lebanon, Cambodia, Haiti, and Kuwait. At one point, a Nigeria, Lt. General Isaac Obiakor (retd) even led global peacekeeping initiatives.

We must address insecurity with resolve and urgency, for no nation can thrive while its citizens live in trepidation. The primary responsibility of government is to ensure the safeguarding of lives and property. Farmers must be able to return to their fields securely; students must be able to learn without fear; communities must be able to rest peacefully; and investors must regain their confidence in Nigeria.

Our strategy will be intelligence-driven, technology-enhanced, proactive, and community-focused. We will fortify our security institutions, enhance operational coordination, support our courageous personnel, and tackle the underlying causes of insecurity—namely poverty, unemployment, and marginalisation.

HEALTHCARE
Regarding health, Nigeria is currently ranked 157th globally, placing it in the lower echelon of healthcare worldwide. Primary healthcare, the cornerstone of our medical system, remains severely not functional with only 10% to 20% of approximately 30,000 primary healthcare centres operational.

As a result, Nigeria suffers from one of the highest infant mortality rates in the world. Furthermore, health insurance coverage in Nigeria hovers around a mere 10%, in stark contrast to countries like Indonesia, which boast over 90% coverage. This situation is regrettable.

I pledge that within four years, our health insurance coverage will more than double to over 20%.
Within these four years, we will increase our healthcare budget to a minimum of 10% of our GDP, up from the current level of below 5%. We will invest heavily in and support our healthcare institutions to ensure the massive training of our healthcare workers, including nurses and other professionals. We shall also adequately staff our medical facilities.

In four years, there will be a fully functional and properly managed primary healthcare centre in all 8,809 wards across the nation. By the conclusion of our term, Nigeria will ensure that at least 50% of its 30,000 primary healthcare centres are fully functional, properly manned, and dedicated to serving the populace.

EDUCATION
Education will remain at the forefront of our national revival, as no country can grow beyond its educational system. Nations that have transformed successfully have done so through sustained investment in human capital. Our children are not burdens; they represent our most valuable assets. We will invest heavily in schools, teachers, technology, and vocational training, ensuring that education equips our youth not only to seek employment but also to generate it. We must pivot Nigeria from a cycle of shared poverty to one of collective prosperity through knowledge, innovation, and productivity.

HUNGER AND AGRICULTURE
In 2023, when the present government took office, Nigeria ranked 109 out of 150 nations on the Global Hunger Index.

And by 2025, our ranking further plunged to 115th, placing us among the hungriest nations globally. Currently, the World Food Programme estimates that over 35 million Nigerians will face acute hunger and food insecurity this year. This is unconscionable, given our vast expanses of uncultivated land.

Rice remains the most consumed food in Nigeria. To illustrate our level of unproductivity, let us compare our capabilities with those of leading rice-producing nations. India is the largest producer of rice, yielding approximately 200 million tonnes of unmilled rice.
Bangladesh is the third largest producer, produces around 60 million tonnes of unskilled Rice, while Vietnam is the 5th, produces about 42 million tonnes.

Let us consider the land-to-population ratios:
India has a landmass of 3,287,263 square kilometres. Distributed across its population of 1.4 billion people, this equals roughly 2. 34 Square meter per person.

Bangladesh, with a landmass of around 148,460 square kilometres and a population of 170 million, has less than 1 square metres per person.

Vietnam’s landmass covers 331,000 square kilometres. Divided by a population of 102 million, it yields about 3.25 square metres per person.

Nigeria has a massive landmass of 923,768 square kilometres. Divided by our population of approximately 230 million, this results in about 4.00 square metres per person.

The foregoing clearly illustrates that we have absolutely no justification for being among the world’s hungriest nations.

Transitioning our nation from a state of consumption to one of production, through significant investments in agriculture, is the sole dependable strategy to escape the current depths of hunger and poverty. As I often emphasise, the uncultivated lands in our northern region represent our most substantial tangible assets. Transforming this sector is our direct pathway to prosperity.

ENERGY SECTOR
Nigeria today is the nation with the highest number of citizens lacking access to electricity globally. We currently generate and distribute a mere 4,000 megawatts (MW) of electricity for a population exceeding 200 million. In contrast, comparable nations worldwide – including several African peers such as South Africa and Egypt – each generate and distribute over 40,000 MW, despite both countries having less than half of our population. This considerable power shortfall continues to cripple businesses, choke industries, and stall overall economic growth.

Over the next four years, I commit to ensuring a minimum of 10,000 MW power increase generation and distribution.

UNEMPLOYMENT AND UNDEREMPLOYMENT
Our large pool of talented youth remains largely unemployed. The current official unemployment rate of 4% grossly misrepresents the true situation; actual underemployment and unemployment in Nigeria exceeds 30%, with youth unemployment sitting at over 40% – among the highest globally, necessitating urgent intervention. We will address this by aggressively supporting the growth of micro, small, and medium enterprises (MSMEs) through targeted tax incentives, special interest rates, and accessible funding in sectors such as agriculture, manufacturing, entertainment, sports, and distribution. These improvements will be both measurable and verifiable.

CORRUPTION AND GOVERNANCE COSTS
Nigerians will witness a tangible and verifiable reduction in corruption and the baseline costs associated with governance. Public resources will be managed with absolute transparency, prudence, and accountability to ensure that every naira spent yields demonstrable value for the citizenry.

RULE OF LAW
The rule of law will be fiercely upheld, and adherence to it will be sacrosanct for both government officials and citizens alike, strictly in accordance with our constitutional frameworks.

DEMOCRACY
Our democracy will exemplify true governance of the people, by the people, and for the people, completely free from interference by the ruling party. Instead, we will institutionalise deep respect for opposition parties and foster constructive engagement in governance.

Under my leadership, democracy will be pursued with integrity, fairness, and transparency.

May God bless you all, and may God bless the Federal Republic of Nigeria.

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Kachi Aghasili Clinches Labour Party Ticket for Awka North/South Federal Constituency

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AWKA: Legal practitioner and cultural advocate, Kachi Aghasili, has officially emerged as the Labour Party (LP) flag bearer for the Awka North and South Federal Constituency ahead of the upcoming National Assembly elections.

​Aghasili secured the ticket following a closely monitored primary election held in the Anambra State capital, positioning her at the forefront of the party’s drive to capture the strategic federal seat.

​The declaration has sent waves of optimism through her camp, with supporters describing her victory as a turning point for grassroots representation in the constituency.

​In a strongly worded press statement released immediately after her victory, Aghasili described the outcome of the primary as more than just a political win, framing it instead as the continuation of a populist movement.

​”Today marks more than the outcome of a primary election. It marks the continuation of a growing movement built on service, integrity, competence, and the collective hope of the people of Awka North and Awka South,” she declared.

​Expressing deep humility at the confidence reposed in her by the party members, the legal practitioner noted that the ticket represents a mandate given by the people, for the people.

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​”I am deeply honored and humbled to emerge as the flag bearer of the Labour Party for the House of Representatives, Awka North and South Federal Constituency,” Aghasili said.

​She quickly dedicated the primary victory to ordinary citizens, particularly the youth and women within the constituency who she said are yearning for inclusive governance and socioeconomic opportunities.

​”This victory is not mine alone,” Aghasili emphasized. “It belongs to every young person yearning for opportunity, every woman whose voice deserves representation, every community seeking responsive leadership, and every citizen who still believes that politics can be anchored on principle, sincerity, and genuine service.”

​The LP candidate extended her appreciation to the party hierarchy, delegates, and volunteers whose tireless efforts and logistics coordination ensured a smooth primary process.

​”I extend my heartfelt gratitude to the leadership of the Labour Party, the delegates, party faithful, supporters, volunteers, and every stakeholder who placed their confidence in this vision and candidacy,” she stated, adding that the trust is a responsibility she does not take lightly.

​Reflecting on her professional background, Aghasili noted that her career as a lawyer and her passion as a cultural advocate have adequately prepared her for the rigorous task of lawmaking and community development.

​”As a legal practitioner and cultural advocate, my journey has always been centered on preserving our heritage, empowering communities, and building institutions that outlive individuals,” she noted.

​She promised to transition these core values into federal legislative duties, promising a departure from transactional politics to a more institutionalized, people-oriented representation at the National Assembly.

​Looking forward to the general election, Aghasili outlined her legislative blueprint, which hinges on economic empowerment, infrastructural lobbying, and educational advancement.

​”Our campaign will remain focused on practical representation, youth and women empowerment, education, infrastructure advocacy, economic opportunities, cultural preservation, transparency, and accessible governance,” she affirmed.

​She called on the electorate of Awka North and Awka South to unite behind her candidacy, promising a clean, issue-based campaign driven by constructive dialogue and direct community engagement.

​”This moment is proof that a new generation of leadership is rising in Anambra State and across Nigeria. A leadership that listens. A leadership that serves. A leadership that understands that public office is a responsibility to the people, not a privilege above them,” Aghasili concluded.

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Erosion cuts-off Umudim Imezi-Owa community from the rest of Ezeagu LGA

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…As PG begs for urgent govt, publicspirited individuals intervention

Years of ravaging soil erosion at the popular UBA Junction along Enugu-Onitsha expressway near Orie-Owa junction, has cut-off the Umudim community of Imezi-Owa, EzeaguLGA, Enugu State from the rest of the local government and other parts of the state.

The junction, which provides the only access point to the Umudim community, also serves part of Ezema community, particularly those living around the Ugwu-Ezema axis.

But, following intense rainfalls, which swept off the double culvert erected by the community several years ago, through solely community efforts and engagement of youths of the community, they no longer have access to their homes.

The community folks have for more than 30 years, managed to channel the large volumes of water off the Enugu-Onitsha expressway from the MOPOL Junction up to the Umuaji junction, through manual labour and community efforts, now has finally given way due to heavy rainfallon Wednesday.

As at now, the double culvert, earth embankments and other remedial measured put in place by the community to channel rain water successfully through the community, have been washed away.

Collapsed portions of the culvert at UBA Junction, off Enugu-Onitsha expressway, washed away by heavy rainfall (Photo credit: Umudim Youths Assembly)

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As of filing this report, the Umudim community has been totally cut-off from the rest of the communities in Imezi-Owa and other parts of Ezeagu Local Government Area, making movement to and from Umudim impossible due to the wash-off of their only access road.

The community folks who returned to either visit their elderly ones or those who commute from Umudim to Enugu daily to eke out a living, have been forced to either abandon their vehicles or motorcycles along the expressway to criminals or other hoodlums or have to navigate through very dangerous but narrow road paths in adjourning communities.

The Umudim community is in dire need of government intervention from the menace of erosion, which occurred following a torrential rainfall that left the community in a state of hopelessness, Barr. Chidi Onuorah, the President-General, Umudim Development Association, stated.

Similarly, Mr. John Nebeife, a Youth Leader, explained how the youths have been working on failed portions of the community roads, carrying laterite, mixing sand and cement to erect several culverts and clearing weeds from the gutters every raining season for over 30 years to ensure that rain water finds easy access after every rainfall.

He lamented that all their efforts “have been laid waste by the last rainfall, which totally damaged everything we have been doing all these years”.

Our reporters observed that the community is yet to benefit from government infrastructure, as every developmental stride ranging from roads, to provision of water (borehole), schools and church building, were shouldered through communal efforts.

Meanwhile, the only primary school in the community, Community Primary School,Umudim, Imezi-Owa, since taken over by government, is totally dilapidated and not fit for learning any longer as it resembles an abandoned school after the civil war without any physical infrastructure in place.

According to the community folks, efforts to get the Chairman of Ezeagu Local Government, Dr. Vitalis Ndu, to assist put up stronger remedial support on the road have met brick walls, the same with the Enugu State government.

We are calling on relevant government machinery at the Local and State levels, including the ecology office to rescue the community from this dire situation.

Communal efforts have been ongoing in the maintenance of the road, but the current level of devastation has gone beyond us,” the community leaders pleaded.

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