Category: Special Report

• Banks, ATMs vandalised
• Protests in Oyo, Ondo, Ogun, FCT

By Collins Nweze, Robert Egbe, Uja Emmanuel, Ernest Nwokolo, Damian Duruiheoma, Victor Gai, Kolade Adeyemi, Bisi Olaniyi, Bisi Oladele, Yinka Adeniran, Segun Showunmi, Okungbowa Aiwerie, Elo Edremoda, Osagie Otabor, Adekunle Jimoh and Nduka Chiejina

Protests over naira scarcity and ban on old notes escalated yesterday in some states with four persons killed in Edo.

Nine of the protesters were arrested in Delta for setting two banks and two vehicles ablaze.  Five were also held in Kwara by the Police.

The other states where residents also took to the streets and disrupted movements are Oyo,   Ondo, Ogun  and Akwa Ibom.  The Federal Capital Territory(FCT) was also not free as angry depositors took over  CBN’s gate, preventing workers and visitors from entering the premises.

All Progressives Congress (APC) standard bearer, Asiwaju Tinubu, Peoples Democratic Party(PDP) Vice Presidential candidate, Ifeanyi Okowa and Oyo State Governor Seyi Makinde called on the people to be calm as efforts are on to make cash available to them.

In Benin where the protest was more intense,  soldiers drafted to complement police efforts in protecting the state’s  CBN branch fired bullets and tear gas canisters to dispel the protesters.

The Nation gathered that the four victims of the Edo protest were hit by bullets fired by the security agents.

Some of the protesters said the bodies of three of the victims were hurriedly evacuated by the operatives.

One of them added that they prevented the security agents from also taking away the fourth by pelting their vehicles, including an  Armoured Personnel Carrier (APC), with stones.

The protesters made bonfires on the major roads, thereby creating gridlock on alternative routes in the city.

In the ensuing confusion banks, schools,   offices, markets, petrol stations and malls hurriedly closed for the day.

The government blamed the protests in the state on the former APC National Chairman, Adams Oshiomhole.

It claimed in a statement by the Commissioner for Communication and Orientation, Chris Nehikhare, that the protests were targeted at the Peoples Democratic Party (PDP)-controlled states.

The government, therefore, called on security agencies to cause Oshiomhole to account for his movements in Benin in the last few days.

“Today (yesterday), we had the unfortunate incident of the protest in Edo State, particularly in Benin, as a result of the new naira redesigning policy. We have gone round the town and we have discovered that there is more than meets the eye. We are calling on all security agencies to call on Comrade Oshiomhole for questioning, arrest him and make him account for his movements in the last couple of days in Benin,” the commissioner said.

No casualty was recorded in Ibadan but some protesters caused serious panic among workers when they stormed the  Oyo State secretariat in Agodi carrying ‘ebo’ (sacrificial objects) in a calabash.

The protest led by transporters and fruit sellers came less than two weeks after a similar one in the city.

The worst hit areas were Eleyele, Ojoo, Challenge Beere and Oje where banks were shut and movements halted by the protesters who also made bonfires on the highways.

At Bodija Market,  a  protester told The Nation that he was angry that  banks which are not  “releasing money to customers had also started rejecting old notes.”

“We can’t continue like this now. This situation has become so bad. The government does not care about what we are going through. That’s why we have to let them know that we are suffering.,” he added.

A  transporter also said they embarked on the protest over the unavailability of cash and the rejection of old notes by banks and fuel stations.

Addressing residents of the state in Igbojaye, Itesiwaju Local Government, Makinde called on residents of the state to demonstrate restraints because violence would not solve the problem at hand.

The governor said apart from palliative measures already being put in place by his government, practical engagements were ongoing to resolve the crisis.

His words: “As I said earlier, peaceful protest is the right of everyone but once it becomes violent and violates the peace of other people, it has become something else.

” We have found ourselves in a very unfortunate situation but violence will not solve the problem. So, I want to appeal to our people because we don’t want to lose a single soul to this crisis. Palliatives are going in Oyo State and there are a few things we have promised to do on this.

“We all have the opportunity to speak through our votes in 10 days and it is someone who is alive that will enjoy what the new government will offer the people.

“I  urge the protesters to go back to their various homes. Once the protest turns into violence, the security personnel also have the right to protect the lives of other people.”

Also, security chiefs in the state warned that they would be firm against hoodlums who might try to hijack peaceful protests by the residents..

Police  Relations Officer  of the state Police Command,   Adewale Osifeso, said that  “normalcy has since returned to the  affected areas.”

The police confirmed the arrest of nine persons allegedly linked to the protest and burning of properties of two banks in Udu,  Delta State.

The  State    Police Command  Public Relations Officer,  Bright Edafe, in a statement, said   ‘some unguided youths/miscreants in the name of protest set two banks and two vehicles ablaze. We have arrested nine suspects so far. ”

Edafe said that armed policemen had been drafted to the scenes.

The Udu  protest  started  at Orhuwhorun Junction and spread to  the Express Junction in the town

The protesters, mostly youths, destroyed Automated Teller Machines (ATM) of two banks and made bonfires across the major roads before security operatives arrived.

Okowa, who is also Delta State governor,  appealed to residents of the state to remain calm.

“We appeal to our brothers and sisters across the state to keep calm in spite of the current travails they are going through as a result of the scarcity of naira notes in the country,”  Okowa said in a  statement by the Commissioner for Information,  Charles Aniagwu.

He  added that people should sheath their   “swords while we continue to engage the CBN to ensure more funds are released to the banks.”

What was initially a peaceful crowd of depositors turned to an angry mob when they could not access the link to register to deposit their old Naira notes.

At the FCT,   angry depositors, who said they were at the CBN  branch as early as 6 am to swap their old naira notes, lost their patience at about 11 am and took over the entrance of the bank.

The Nation learnt that before then,   an official of the apex bank pasted a link for depositors to access and generate a reference number to enable them to swap their old notes.

But their failure to access the link threw them into anger. One of them said:  “We have been waiting here since morning with our monies but could not access the portal. That’s why we blocked the gate preventing people from either coming out or going in. We will remain here until they allow us to deposit our monies.”

In Ondo, banks in  Akure hurried closed down to avoid being attacked by angry  customers who  barricaded  the roads leading to their entrances  after waiting for   hours without being attended

The  police in Kwara  said the five suspects arrested in connection with the  protest at the Metropolitan Area of Ilorin would be charged in court.”

It advised “parents and guardians  to warn their children and  wards to avoid being used as canon-folders by disgruntled political activists  as anyone arrested in the process of committing any crime, either as a result of the fuel or Naira challenges, would be made to face the consequences of such actions”

The spokesperson for the command,  Ajayi Okasanmi, who state this, added that the situation had been brought under control.

In   Akwa Ibom State, the police battled to disperse thousands of depositors who thronged the CBN  branch along Udo Udoma Avenue in Uyo, Akwa Ibom State.

The police were said to have  resorted to firing teargas canisters  when the crowd became unruly

The incident, according to a source,  led to a stampede that resulted in the death of one person.

But the police denied the claim of any death.

, “The Police Command sent its men to the CBN to peacefully control the crowd of old naira notes depositors when it became clear that they were becoming restive.

“The Police are not aware of the death of anybody. Did you see any corpse? The Police have the right to use tear gas if they observe or sense any riotous action”.

Meanwhile, a   joint team from the Central Bank of Nigeria (CBN) and Independent Corrupt Practices (ICPC) has started t  monitoring of circulation of the new notes in Abuja.

The team yesterday visited fuel stations, supermarkets and Point of Sale (PoS) operators in the FCT.

Managing Director of Nirsal Microfinance Bank, Abubakar Kure, who led the team, said:  “We want to actually establish this fact if there’s the possibility of cash transaction between the Point of Sales and the Oil services stations as claimed and what happened to the cash they have collected.

“But what we have seen here, there’s much improvement from what we observed the previous day, that there are many transactions via POS and transfer

Ortom seeks review of policy

For the umpteenth time, the Benue State Governor, Samuel Ortom has asked the Federal Government to urgently review the cashless policy to assuage the untold hardship Nigerians are passing through. He also advised President Muhammadu Buhari to revisit the naira redesign policy before it taints his integrity for the rest of his political career.

Governor Ortom barred his mind yesterday at the stakeholders’ meeting on the 2023 general election organised by the Independent National Electoral Commission (INEC) in Benue State. The Governor insisted that the policy, if not reversed, had thrown Nigerians in pains and would ruin the administration of President Buhari, pointing that other countries have changed currency but there was a transition period.

“This is the worst policy that the President has brought at a time that he is about to leave office. Nigerians are suffering and some are dying. I have said it before and let me repeat it again. The people who are advising the President do not mean well for him. He will remain a pain in the neck of Nigerians if he doesn’t reverse this policy. This is not right. Our people are suffering, now you have money in the bank, you cannot spend it; go to the banks and see the queues.

“This policy will eliminate his name from being an honourable man of integrity. This policy will ruin him, because the man out there that I represent, the woman, the children are crying; they are feeling the pains,” he stated.

Banks in Ogun shut, cabs off the roads

Commercial banks in Abeokuta, the Ogun State capital, remained shut yesterday while Automated Teller Machines also did not dispense cash. Investigation by The Nation showed that commercial banks on Lalubu Street, Okelewo in the business district of Abeokuta did not open for business yesterday save Zenith bank, which opened and rendered for skeletal service to few customers but closed by 12 noon.

Meanwhile, many taxi operators in the  state have withdrawn their cars from the roads following the expiration of the deadline for collection of old N200, N500 and N1000 while the scanty ones working, refused the old notes from passengers as means of payment for transport fares. This has left commuters stranded in some routes within the state capital.

A taxi driver, who identified himself as Babayemi, told The Nation that many of his colleagues have not been able to deposit their old notes to the banks, saying the conditions for depositing the money with the Central Bank of Nigeria are complex and cumbersome given their literacy level. Narrating his personal experience, Babayemi claimed he took N7,800 he made from transport business in the last few days to the CBN branch in Abeokuta on Tuesday, but lamented that he was asked to visit the apex bank’s portal to fill some information and generate a file.

The taxi car operator said he walked away and returned home with the old notes since he was not literate enough to undergo such process. “If I could not change the old notes and I can’t spend it, why should I go out to work today and collect same old notes from passengers? That is why you see few taxi cars on the roads. I don’t accept old notes any more from passengers. I also accept bank transfer,” he said.

Customers stranded in Taraba

There were complaints of the non-availability of the new bank notes by some commercial banks in Jalingo, the capital of Taraba State. According to a staff of UBA Jalingo branch, although they are adhering to the “no extension to deadline” issued by the CBN, they are having issues of meeting the needs of customers.

According to him, by Friday February 17, it would be two weeks since the new naira notes were made available to the bank. He stated that they give a maximum of N20,000 notes to customers who are willing to collect 50 or 100 naira denominations. Outside the bank at the ATM point, stranded customers lamented about the situation they were in. According to Mohammed Zakari, “I came since 6 am but was unable to withdraw cash. For the past seven days, there has not been cash. I have been coming for the past ten days and have not been able to get any money. I am into buying and selling business but right now I don’t even have the capital to continue,” he said.

For Mercy Silas, “I came here since 4 am and since last week I have been coming. We don’t know if they would load money or not.” At the Zenith Bank Jalingo branch, an official told The Nation that they have not received any directive from the CBN about the “no extension to the deadline.”

However, customers were seen queuing at the counter to either deposit old notes or withdraw new notes. The withdrawal limit this reporter learnt at Zenith Bank was N5000 while at the ATM machines, it is N20,000 for Zenith Bank customers and N2000 for non-customers. But unlike at the UBA Jalingo branch, there was hope at Zenith Bank as customers were queuing eagerly awaiting cash which was about to be loaded into the machines under the supervision of EFCC officials.

Jos residents express mixed feelings over CBN stand

Residents of Jos the Plateau capital received the statement of the Central Bank Governor with mixed feelings. A commercial tricycle rider, Jerry Akans, said, “I have been told what CBN said; we have been waiting for him to speak and give us direction. Now that he has spoken, we have stop collecting the old naira.”

A POS operator in Dadin-Kowa Jos, Reuben Kawu, said, “There was confusion since the Supreme Court intervention, but with the last comment on the CBN Governor, we now know what to do. I have stopped receiving the old naira note for deposit. My only problem is that my customers are coming for withdrawal and I don’t have the new notes to give them. I’m just out of business. I therefore appeal to CBN to make cash available for me to continue my business.”

Petty traders in Jos Terminus market are not pleased over the scarcity of the new notes. One of them who spoke to The Nation, Serah Azi, said, “CBN has stopped us from collecting old notes, but our customers coming to buy our wares do not have the new naira to buy things. Now CBN has taken us out of business,” Azi said.

S/Court order: CBN’s disobedience damaging Nigeria’s int’l credibility

Nigeria is losing international credibility by the Central Bank’s failure to comply with the Supreme Court’s order suspending the naira swap deadline, Senior Advocate of Nigeria (SAN), Harris Ogbole, has said. Ogbole said foreign nations and organisations could take the CBN’s action as evidence that the country could not be trusted to honour the sanctity of international agreements and the rule of law.

Ogbole, who spoke as a guest on Channels TV, said the apex bank’s conduct was baffling. He said: “It gives a very wrong impression of the kind of country we are in, to the international community, because we’re talking about sovereignty, rule of law and respect in the comity of states. You’re dealing with a country that no less a person that the CBN tells you in the face of an order of the Supreme Court that it will stick to its guns and it doesn’t matter what the Supreme Court of the land has said. I’m sure the international community will be wondering what’s going on. How can this happen? How are we sure that we could enter into any agreements, any treaty with you? It’s a very wrong signal for the image of the country.”

Long queues at ATMs in Lagos

Long queues continued yesterday at few Automated Teller Machines (ATMs) dispensing cash to customers in Lagos metropolis. With many banks’ ATMs not dispensing cash, the few that had functional ATMs had huge crowd making the banking premises look like a marketplace.

At the Ajose Adeogun branches of the GTBank, Zenith Bank and Standard Chartered Bank, customers formed long queues, waiting patiently to make cash withdrawals. Abiola Adeniran, one of the cardholders, said she was at the Zenith Bank branch since 10am, and was not able to make a withdrawal as at 3.pm.

“I came very early in the morning, but up till now, I have not been able to make cash withdrawal. I hope I will be able get cash by the close of business today,” he said.

Many other banks with ATMs not dispensing cash for customers were also not paying cash to customers across the counter. The banks maintained earlier stance that they were not handling cash transactions. Many of the customers who went to Keystone Bank, Sterling Bank and Heritage Bank in Lagos, Island, to deposit old naira notes were told to take the notes to the Central Bank of Nigeria (CBN) branches.

At the Ereko market in Lagos, many traders were still accepting old naira notes. The traders said they will stop using the old notes when the CBN and banks make the new naira notes available. A retailer in household items, sold N50,000 old notes to a PoS operator at N55,000. “That is what is available. Many people just want to have cash to settle their obligations. Until we have the new notes, we will continue to use the old notes,” the PoS operator said.

The new naira scarcity seems to have defied all solutions, foisting hardship on ordinary Nigerians and leaving the economy, especially small businesses, gasping for breath. Our correspondents report that confusion now reigns in many states as businesses reject old naira notes while the new notes are unavailable

Ganduje threatens to sanction banks, businesses rejecting old naira notes

Governor Abdullahi Ganduje of Kano State has threatened to sanction banks and businesses rejecting the old naira notes. The governor cited a Supreme Court interim injunction that allowed the use of old notes alongside new ones until the old ones are phased out.

 Governor Ganduje said he noticed that some businesses are rejecting old notes, worsening the situation due to the lack of new notes. He emphasised that the old notes are still legal tender and that the government may revoke the licenses of businesses that do not comply. “Business and economic activities are seriously affected by the naira redesign and unfortunately some self-centred individuals are cashing on the situation to cause further hardships on the people by not accepting the old naira notes during transactions,” the statement added.

 He said the people have suffered enough untold hardship and therefore the state government would not fold its arms and allow a few selfish elements to worsen the situation. The governor called on the people in the state to continue with their lawful businesses and report anyone who refuses to accept the old naira notes to the appropriate quarters.

CBN pursuing cashless policy wrongly, Governor Sule

Nasarawa State Governor, Abdullahi Sule, has disclosed that the Central Bank of Nigeria (CBN) is pursuing its cashless policy wrongly, thereby suffering innocent Nigerians. The governor stated this yesterday during an interactive session with APC stakeholders in Obi local government, in continuation of his second term campaign ahead of February 25th and March 11th general elections.

 “In Nigeria, we have about N3 trillion in circulation. But the CBN only printed N200billion new naira, which is inadequate. Actually, the CBN merely collected money from the hands of Nigerians. Some people are complaining because they don’t understand the economic situation of the world. They claim that Nigeria has too much money in circulation. This is far from the truth, if you look at what is happening in the US, and how that country transited to a cashless society, you will understand better, but 20 percent of the US wealth is cash in circulation. In India, 15 percent of the country’s wealth is in circulation.

“In Nigeria, the country’s collective wealth is over N50 trillion, but out of this, only N3 trillion is in circulation, which is less than 5 percent, the argument that there is too much money in circulation in Nigeria is not true. By the time the cash in circulation reaches about N10 trillion that is when we can push to transit to a cashless society,” he said

Governor Matawalle cautions banks against hoarding new naira notes

Governor Bello Matawalle of Zamfara has cautioned deposit money banks in the state against hoarding of new naira notes. Matawalle spoke when he paid an unscheduled visit to the Gusau branch of the CBN and five other deposit money banks to assess the level of hardship being faced by citizens in accessing the new naira notes.

 A statement issued in Gusau by the Press Secretary to the Governor, Jamilu Birnin-Magaji, said the governor was irked by the long queues at ATMs amid acute scarcity and hopelessness in the state.

Birnin-magaji said: “Matawalle during the visit warned the management of the banks to desist from the bad practice of hoarding the new naira notes. He also directed bank officials to dispense the new naira notes via the Automated Teller Machines (ATMs) and at the banking halls.”

 Birnin-Magaji further quoted Matawalle as warning that his administration will not hesitate to revoke the land ownership of any deposit money bank not willing to ease the sufferings of the people. “Earlier, at CBN, the governor urged the Branch Controller of CBN to ensure the availability of new naira notes at the commercial banks for people to access their money to conduct their daily activities with relative ease. Matawalle invited the Controller of CBN, Gusau branch, to accompany him to some branches of the banks in the state capital to assess the obnoxious situation. During the visit, Matawalle expressed concern over the long queues of people at the ATMs in the bank branches and called on the managers to find means of easing the hardship being faced by the customers,”Birnin-Magaji said.

 More pains for Ondo residents over cashless policy

Banking halls of commercial banks in Akure and environs were packed full as residents were at the banks to deposit old notes of N200, N500 and N1000 denominations as well as make withdrawal. Several ATM points visited by our reporter were also packed full.

 At the Union bank in Alagbaka, the bank collected old notes but said there was no cash available to give out. Security personnel made brisk business at some of the banks by collecting old notes from customers locked outside to help them deposit such. The closure of banks in Ikare-Akoko, Akoko Northeast local government area, for the fifth day paralysed commercial activities in the area.

 Owners of relaxation centres in Ikare and university town of Akungba expressed disappointment at the low sales recorded on valentine day. They said the cash crunch and petrol scarcity have wrecked their businesses. Several traders in Akure, the Ondo state capital, started rejecting the old naira notes of N200, N500 and N1,000 despite the extension of their validity by the Supreme Court.

 Many residents of the state with the old naira notes were stranded in several locations in the state capital since they could not spend it. A thrift collector in Oba-Ile, Akure, who preferred anonymity, said that she was greatly distressed when she heard that many banks were no more collecting the old notes from customers. She said she called some officials of Wema Bank who told her that the bank would no more take old naira notes. According to her, it was a POS attendant who later collected the old notes from her. The thrift collector pleaded to the federal government and the CBN not to allow the naira policy to give many Nigerians hypertension.

 “Government should not give us hypertension. How will rural dwellers survive? The authorities should reconsider this policy. It is worrisome that the Supreme Court’s order could not be obeyed,” she said.

 Also speaking, a taxi driver in Akure metropolis, who wanted to be called Mr Favour, said that he was surprised to have learnt about the refusal to collect the old naira notes. Favour said that the refusal if not quickly checked would send many to untimely graves. “But I know that they are not more powerful than God. I have stopped collecting it from passengers since I can’t spend it. These banks should be sanctioned by court of jurisdiction. And government should allow people to continue to spend it until the new ones are abundant in circulation,” he said.

 According to him, filling stations have stopped collecting the old naira notes as well. In her words, Mrs Oluwafunke Ademola, a POS attendant in Oba-Ile, Akure, said that Zenith Bank in Akure was initially collecting the old naira notes before it stopped collecting it from customers. Ademola explained that a First Bank POS Agents instructed other POS attendants to deposit all their old naira notes between Monday and Tuesday unfailingly, saying she had stopped collecting the old notes from customers because of the risk involved.

 She said that it was worrisome that the CBN and other authorities were not talking to Nigerians. “Though the court is supreme but there is no statement from the CBN leadership,” she said. According to her, the effects of disobeying the court order would be felt mainly by poor Nigerians. In his words, Mr Taiwo Fakorede, an engineer, said that it was sudden to many residents of Akure since no commercial banks worked throughout last week.

Protesters shut Lagos-Abeokuta expressway over naira scarcity

Protesters shut the Lagos-Abeokuta Expressway at Sango-Ota on Tuesday over their inability to withdraw money from Automated Teller Machines (ATMs). They made bonfires of disused tyres on both sides of the highway causing serious traffic gridlock.

 Some of the protesters said the current cash crunch had created serious pains and agonising moments. Leader of the protesters, Mr Kazeem Sanni, described the situation where bank customers could not access their money as unfortunate. He said it had been double jeopardy for bank customers as the banks would neither load their ATMs with money nor allow depositors into the banking halls to make withdrawals.

 CBN already instructed banks to load their ATMs with cash and to also allow depositors to withdraw a maximum of N20,000 across the counter. “The situation is really pathetic as this has grounded and paralysed business activities. We decided to demonstrate to show our grievances as we can no longer bear this hardship,’’ Sanni lamented.

Bankers on break in Plateau, run out of new notes

As scarcity of old new naira notes lingers in Plateau State, most banks in Jos, the Plateau State capital, have shut their gates. Banks within Jos metropolis – UBA, Zenith and First Bank – have their gates locked as customers waited in vain. At bank road and Beach road Jos where most of the banks are located, most of the banks put their gate under lock to indicate they are not open for business, since they’ve all runout new notes.

 At Ahmodu Bello way Jos, two banks – Keystones and Jaiz – are the only banks dispensing the new naira notes to customers. Other banks like Access, GTB and Eco banks are seen dispensing cash in N50.00 denomination to customers. In such banks, the highest amount you can get is N5,000.00 in N50.00 notes. A staff of GTB who pleaded anonymity said the bank is only giving out what it has. “Both the old naira notes and the new ones are scarce; we can’t give what we don’t have. And to make the little we get go round our customers, we are giving out N5,000.00; that is the highest we can give for now pending when we get the cash the new notes “

 The ATM galleries are also deserted as they show “temporarily unable to dispense cash” on the screen. Similarly, POS operators remained out of cash. It is hard to find any POS operator dispensing the new naira. “I only open shop to do transfer to my customers, I don’t have cash to dispense,” said Isiaku Haruna  in  Dadin Kowa quarters Jos. It was learnt that the same situations persists at the rural communities, forcing rural people to resort to trade by barter.

Banks, filling stations, businesses reject old notes in Minna

Several banks, filling stations and businesses in Minna metropolis are rejecting the old naira notes despite the warning by the state government that no one should reject the money. A visit to filling stations like Matrix, Danharman, AA Rano, and First Jaiz showed that they were not collecting the money. The attendants said that they have been given directives and would not go against it despite the warning from the government.

 Tricycle drivers who have been collecting the money are no longer collecting it as they said that the filling stations do not collect the money from them. Traders at the Kure Ultramodern market and other businesses are also rejecting the notes because they claimed the banks no longer accept it and other customers do not accept it as change.

 All the Automated Teller Machines (ATM) except for GTB are not dispensing cash as customers are told to form a queue to enable them access into the banking hall where they are kept for hours and are made to collect the maximum of N10,000.

POS agents charging above N200 will be jailed, CBN warns

The CBN Governor, Godwin Emefiele, has said that Point of Sale agents who charge above N200 for the CBN cash swap programme will be arrested and jailed when caught. He said this on Tuesday during a visit to the Ministry of Foreign Affairs to discuss the monetary and currency redesign policy of the bank.

 “The situation is substantially calming down since the commencement of over-the-counter payments to complement ATM disbursements and the use of super-agents. There is, therefore, no need to consider any shift from the deadline of February 10.”

 CSO backs Emefiele, accuses governors of sabotage

The Civil Society Organisation of Nigeria (CSO) have expressed support for the CBN Governor, Godwin Emefiele’s refusal to go back on its February 10 deadline on the use of old banknotes. The CBN had redesigned the N200, N500, and N1,000 banknotes in November 2022 to tackle hoarding, forcing Nigerians to deposit their old currencies in line with the initial January 31 deadline, which the apex bank later extended to February 10.

 Though an interim injunction granted by the Supreme Court restrained the CBN from carrying out the implementation, the apex bank is insistent on the policy. Praising the CBN, a member of the group, Gabriel Ojemena, claimed that the impact on the country in various regards, including economy and security, has been positive. “On our electoral process, it is now obvious to Nigerians that it is only the vote buyers that are complaining. This policy is facing a syndicated attack from a group of governors who we have termed the ‘G10 governors. We have uncovered a grand plot by the G10 governors who have resolved to make Nigeria ungovernable for President Muhammadu Buhari if he refuses to reverse the new naira policy. These G10 governors are mopping [up] the money and stopping it from circulation.”

 According to Ojemena, the new notes printed by the CBN were hijacked; so it did not trickle down to the masses. He added that the people who allegedly withdrew the new currency from the commercial banks have not allowed it to circulate. “They are withholding the money using various means, including deploying agents who use multiple ATM cards. They go into the banks with a lot of ATM banks. They pull this cash and take it home to their masters. They withdraw this money, colluding with their banker agents to continue to drop the monies in the banks and buying of cash from business places that ordinarily making huge cash transactions like petrol stations, supermarkets, and departmental stores. This has made some of these businesses insist on only cash payments as the profit they make from the sales of the naira covers for the loss of business from those who do not have the cash to pay.”

 The alleged sabotage is expected to put more pressure on the system and lead to abandonment or reversal of the policy, Ojemena said. Of the CSO’s part, the so-called G10 governors can “cry all they want” because, according to him, Nigerians are happy that the policy has hit those political leaders hard and “curtailed their excesses.”

Group asks Emefiele to resign now

Irked by the sufferings arising from new naira scarcity, a pro-democracy group, North-South Progressives Alliance (N-SPA), has called on the CBN Governor, Godwin Emefiele, to resign from office now before he grounds the economy to a final halt. The group maintained that Emefiele has not only run out of ideas, but also lacks the capacity to tap into the ideas of those who have freely offered them in ensuring that a quick and sustainable solution to the current hardship faced by Nigerians are brought to bear.

The group at a press conference in Abuja yesterday said since the introduction of the new monetary policy, the CBN governor has continued to carry himself as being above the law. Addressing newsmen, the Co-convener of N-SPA, Ayobami Oyalowo, said the new policy is making life miserable and unbearable for the Nigerian people, adding that policy is also bringing disrepute to the good intentions of the President Buhari’s administration and to the achievements of the ruling All Progressives Congress (APC).

 Apparently reacting to the decision of the apex bank not to comply with the Supreme Court order, the group complained that the cashless policy of the CBN has succeeded in creating an unprecedented economic hardship ever recorded in the history of the country. Oyalowo lamented that the policy has sucked out blood from the heart of the nation’s economy, insisting that the apex bank must toe the line of common sense and save Nigerians from the avoidable hardship the whole country is thrown into. Flanked by other chieftains of the group, most of who are members of the ruling APC, the Co-convener noted that, “It is no longer news that Nigerians are suffering untold hardship as a result of ill-timed, myopic and poorly implemented monetary policy of the Central Bank of Nigeria, who in a bid to instantly transform the country to a cashless economy, has succeeded in creating an unprecedented economic hardship attributed part to some of the very policies of the same Central Bank of Nigerian on the past.

“The CBN has sucked out blood from the heart of our economy. While banks across the country are under lock and key, queues at ATM points are growing by the day. In major Nigerian cities like Kano, Lagos, Port Harcourt, Enugu, Asaba and Maiduguri, you could count the number of banks that are in operation, since there are no cash to service the growing list of customers requesting for their money.

 “Farmers are losing their harvest because nobody is buying them. The few who are lucky to get buyers are forced to sell at ridiculously cheap prices just to dispose of what they have. The informal sector is grinding to a halt and a yet to be determined amount of jobs are being lost on a daily, because the life blood of their operations has been disrupted by a policy the management of the Central Bank of Nigeria does not have the capacity to actualise.

 “We have seen video evidences of elderly men and women writhing in pains, some of them crying their hearts out because they cannot access their own money to buy drugs, food or meet other basic needs. Those who are not so lucky have paid with their dear lives and only time can tell how many more will pay the supreme price for no fault of theirs.”

 This report was compiled by Osagie Otabor, Linus Oota, Kolade Adeyemi, Justina Asishana and Jide Orintunsin

Gully erosion that has ravaged the Ugbowo main campus of the University of Benin, Benin-City, Edo State, has taken a precarious toll on critical areas of development in the institution. South-south Bureau Chief BISI OLANIYI reports that with the intervention of Muhammadu Buhari’s administration in fixing the problem, the hitherto-horrible site has been transformed

For so long, the Ugbowo main campus of the University of Benin Benin-City, Edo State, has been in the news for the wrong reasons. The campus has been on the brink of tipping over as a result of the massive gully erosion that has continued to ravage the area for so long a time. It was so massive so much so that it takes one’s courage to attempt to enter the location.

However, for the first time in a very long time, the noxious environmental situation has received the attention of the Federal Government, which decided to fix it. This much was disclosed by the Acting Director of Works of UNIBEN, Osagie Ikpomwonsa, while speaking at the site of the intervention and reinstatement of gully erosion, and connecting road at the Ugbowo Main Campus of the institution recently.

Ikpomwonsa noted that “the hitherto-horrible site was a no-go area before the intervention of the Muhammadu Buhari’s administration.” This, according to him, would not have been possible but for the commitment of the Vice-Chancellor of UNIBEN, Prof. Lilian Salami and her management team. He hailed them for their ability to reach out to well-meaning individuals, top government officials and organisations/agencies to assist the university.

Ikpomwonsa said: “If not because of her (Salami’s) intervention, only God knows what would have happened to this side of the campus. Indeed, you are a blessing to this institution. If you are coming to this site which we refer to as ‘Site B,’ you will not be so bold to drive to this area. We thank God for the quick intervention of the Federal Government, through the Minister of Works and Housing, Mr Babatunde Raji Fashola (SAN), who is an alumnus of UNIBEN.”

He, however, stated that the intervention/reinstatement of the gully erosion site was not a complete project/package, stressing that there was a need for the drainage system to be taken to a discharge point. Ikpomwonsa expressed the hope that the Federal Ministry of Works and Housing would take the project further.

The Project Coordinator of the Nigeria Erosion and Watershed Management Project (NEWMAP) in Edo State, Dr Tom Obaseki, who is also the Chief Executive Officer of the newly-inaugurated Edo State Flood, Erosion and Watershed Management Agency (Edo FEWMA) said that he received UNIBEN’s letter dated September 6, 2021, from Edo State Governor, Godwin Obaseki, whom he said mandated him to treat the letter from the Vice-Chancellor of UNIBEN.

He said: “It is not very common for a letter to go to the governor’s office, and for it to be treated the same day. That showed a lot of interest that Governor Obaseki had concerning the gully-erosion project. It is exciting how we are all involved in this project. Edo State Governor called and gave us a marching order to jointly execute the project.

“When Governor Obaseki instructed me, I contacted the Federal Controller of Works and Housing in Edo State, Ademola Razak Aransiola and we visited the site. NEWMAP did not intervene in this project, but it is part of the takeaway of NEWMAP as a project that came to end in 2022, which is a role to facilitate an intervention work. We are happy that we were urged to be involved.

“I plead with the Federal Government to see how the project will be completed. We are always available to support you. NEWMAP, as a project, ended in June last year. It is fully alive as a project to control erosion and floods in Edo State.”

The intervention and reinstatement of gully erosion and connecting road projects were handled by Levant Construction Limited. One of its top officials, Abboud Albert, described the project as a huge one, reiterating that the gully erosion had damaged everywhere, thereby washing away the landscape and making the road not motorable.

Albert said: “We channelled the water coming from the major parts of the state to a place where we could link it to the river. We put grass to fill the work done. We have a drainage system that takes the water on both sides of the road to the river.  We also constructed blocks that would break the speed of the water.”

Regretting that the natural disaster had wreaked havoc on the university, Prof. Salami said the gully erosion had taken its toll on critical areas of development of the university over the years. She appreciated President Buhari for his unwavering support for UNIBEN and Fashola for his commitment to the successful implementation of the project. Salami, who is also the Chairperson of the Committee of Vice-Chancellors of Nigerian Federal Universities, and the Vice-President of the Association of African Universities said: “It is an underestimation to say that my heart is full of joy, as we witness this inauguration of road and gully erosion intervention project at what we call ‘Site B’ of our university campus.

“This project, graciously undertaken by our principal, the Federal Government, through the Federal Ministry of Works and Housing, has been supported greatly by the Edo State government. That this gully erosion has taken its toll on critical areas of development of the university over the years is not in doubt. The good news is that we made our pleas and cries to the government, and the pleas have received the desired attention of the government. We are savouring the result of a government that listens and acts.”

Prof. Salami also expressed her gratitude to Edo State Governor, whom she said regards UNIBEN as his home project, thereby setting aside politics to ensure that only the best efforts were expended for the progress of the institution. She noted that the intervention project came as a huge relief from the menace, which stalled the completion and utilisation of infrastructure at the university’s “Site B,” and the establishment of new ones.

Salami maintained that with the inauguration of the intervention and reinstatement of gully erosion, and connecting road, her management’s desire to influence more projects to UNIBEN would now be totally activated, without the fear of over-developing the “Site A,” which is the main campus of the university at Ugbowo, on Benin-Lagos Expressway. She said: “One can imagine the quantum of happiness that I feel as we thank all stakeholders in the UNIBEN project, especially those who support us in our quest to write the name of this administration in gold.

“We assure you that your confidence in us is not misplaced and that we will continue to do our best to ensure that UNIBEN remains UNIBEST in the promotion of our core mandates of teaching, research, community service and the development of infrastructure.”

Fashola stated that Nigeria’s infrastructural needs were steadily being bridged by President Buhari’s administration. He noted that a lot of work needed to be done in many sectors of the country’s national life, including education, with President Buhari’s government stepping up to lead the process of getting the work done.

Fashola, who was represented by the Federal Controller of Works and Housing in Edo State, Razaq Aransiola, said students in Nigeria were expressing renewed enthusiasm with regard to attending classes since some defective roads had been restored to good condition. He said: “It is undebatable that the quality of education will be impacted by the quality of infrastructure and the learning environment. We have successfully intervened in 64 internal road projects in various federal tertiary institutions and handed over 46, as of March last year. We have another 18 ready to be handed over, while we are currently attending to 19 roads in similar institutions across the country, making a total of 83.

“During the construction, more than 50 people were employed in the process; contributing to the government’s job creation initiatives.”

The minister also urged the management of UNIBEN to ensure that the asset was used properly and not abused. In order to move Nigeria forward, particularly in the education sector, other stakeholders must support the government.

As the deadline by the Central Bank of Nigeria (CBN) on old naira notes ends today, Nigerians are still gnashing their teeth due to the scarcity of new naira notes. Our correspondents report that, as the shortage persists, the citizens have urged the government to make the new currency available to end the misery.

Kaduna beggars in brisk business

Destitute in Kaduna State who eke a living from begging have said that they have been converted to Point of Sale (POS) operators as a result of the overall cash paucity.

On how they transmuted to their newly-found status, they told our correspondent that most people now gave them old naira notes and demanded “change’ in return for a reward.

“The situation is so desperate, especially with most banks allowing the withdrawal of not more than N1, 000 or N2, 000, coupled with operators of POS imposing high charges on any withdrawal.

“There are two categories of people that patronise us. They are those who pretend to give us alms and those who openly request a favour.

“The first category will give you either N200 or N500 old note, forfeit part of it to you as alms, and request that the change be given back to him in lower denominations of N100, N50, N20 and N10.

“The second category will openly request for change in lower denominations and offer you some percentage as a reward,” Usman Ali, one of the destitute said.

Succour for Kwara vulnerable groups

Kwara State Governor, AbdulRahman AbdulRazaq has approved some palliatives for the vulnerable groups in the state.

Part of the palliatives, according to the media aide to the governor, Rafiu Ajakaye include cash transfers to widows, pensioners, transporters, marketers, smallholder farmers, and other vulnerable people, which will be done through the Kwara State Social Investment Programme (KWASSIP) for proper coordination and accountability.

“The governor has directed KWASSIP to work out the details and deploy this support as soon as possible to mitigate the effects of the situation.

“The governor has also directed the deployment of free buses along specific routes used by students and members of staff of tertiary institutions in Ilorin where the effects of the fuel scarcity have been most pronounced.

“Further details of palliative will be released by relevant government departments/committees. The free bus rides for the students will begin on Monday, February 13, 2023,” Ajakaye added.

The gesture, he said was aimed at cushioning the effects of the ongoing fuel scarcity and scarcity of the redesigned naira notes.

In Lagos, residents also lament the challenges they experience in purchasing food items as a result of the naira shortage.

The residents shared their experiences in separate interviews with our correspondent yesterday.

Mrs Martha Eneziakpo, a mother and an accountant, expressed her displeasure over having to pay extra charges for mobile transfers for items purchased at local markets.

Eneziakpo said it had not been easy getting things from the local markets, because traders refuse to be paid by means of cash transfers. Those willing to accept payment by transfer add extra costs.

“For example, some traders add as high as N500 on any item paid for mobile transfers. They claim it is bank charges, imagine getting a product of N3,000 for N3,500.

“Presently, I make do with what I have already in the house and patronise supermarkets more as they operate with Point of Sale (PoS), just to avoid unlawful charges from some of our local traders,” Eneziakpo said.

Residents of Osogbo, the Osun State capital are stranded due to a cash crunch as banks failed to load their Automated Teller Machines with the newly redesigned notes.

An investigation by The Nation yesterday revealed that ATM stands at Ogo-Oluwa, Station Road, Fakunle, Igbonna, Power Line and Aregbe were deserted as they were not dispensing cash.

It was also observed that banks were providing skeletal services as customers were stranded at bank entrances.

TUC seeks ATMs flooded with old notes

The Trade Union Congress of Nigeria (TUC) has urged the Federal Government and the Central Bank of Nigeria (CBN) to flood banks and ATMs across the country with lower denominations of naira notes in order to cushion the suffering of Nigerians as a result of the scarcity of the new naira notes.

President of the TUC, Comrade Festus Osifo said finding an immediate solution to the crisis created by the naira swap was of utmost importance.

He said the earlier seven days ultimatum issued by the TUC to the Federal Government and CBN was still in play.

“We have N50 and N100 naira notes. If the CBN decides to flood the banks with N50 and N100 notes, this problem will be reduced. So, our position is that the Federal Government and the CBN should make those lower denominations available and let people have access to them.

Cash scarcity persists in Ogun

Closure of commercial banks in Abeokuta, the Ogun State capital, entered its second day yesterday; with residents being unable to access either the old naira notes nor the redesigned N200, N500 and N1000 naira notes.

The Automated Teller Machines (ATMs) were also shut.

The Nation gathered that the Bankers’ Forum, the Ogun State chapter had, on Tuesday, met in Abeokuta where the body asked members to put their branches under lock and key and stay away for the time being until there is a semblance of safety for their lives.

The instruction, it was learnt, followed the wild protest that shook the state capital and the attendant vandalisation of banks’ branches and ATM points at Lalubu -Okelewo, Panseke, Ibara, Sapon, Asero and other places by a mass of irate youths protesting the scarcity of naira

The Senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASCGOC) has directed its members to mobilise for industrial action following the seven-day ultimatum by the Trade Union Congress to the Federal Government and Central Bank of Nigeria to put an end to the suffering of Nigerians as a result of petrol and new naira notes scarcity.

SSASCGOC, an affiliate of the TUC, said it would implement the directive issued by Congress.

In a statement by its President-General, Comrade Kayode Alakija and General Secretary, Comrade Ayo Olorunfemi, the union said it couldn’t fold its arms and allow the leadership of the country continues to subject workers and the Nigeria populace to harrowing and excruciating experience.

The statement reads: “Following the untold hardship and agony that our members all over are currently passing through, and the subsequent directive issued by the President of our Labour Centre, the Trade Union Congress of Nigeria (TUC) Comrade Festus Osifo, we hereby put our members nationwide on notice to commence maximum mobilization.

‘Extend naira swap deadline by one year’

Ahead of today’s deadline for the swapping of the Naira notes by the Central Bank of Nigeria (CBN), the Agro Commodities Directorate of the All Progressives Congress Presidential Campaign Council (APC PCC) has appealed to President Muhammadu Buhari to allow the use of the old notes along with the redesigned ones for a minimum of one year.

Disturbed by the growing difficulties being faced by farmers across the country as a result of Naira scarcity, the directorate said the extension would help the majority of Nigerian farmers who are in rural areas and are not likely to be operating bank accounts.

A statement in Abuja yesterday jointly signed by the Director and Secretary of the directorate, Alhaji Abubakar Udulu Bello and Comrade Retson Tedheke respectively, lamented that Nigerian farmers are the worst hit by the new monetary policy.

Urging President Buhari to extend the use of the old Naira notes for a minimum of one year, the campaign council maintained that the Naira redesign policy “is killing the fortune of farmers in the rural areas of Nigeria.”

The Central Bank of Nigeria (CBN) yesterday pledged to supply commercial banks with enough funds to address the new Naira note scarcity in Kogi State.

Mr Ahmed Sule, Kogi CBN branch Controller, made the pledge while speaking with reporters in his office in Lokoja, the state capital.

Protesters had, on Wednesday, picketed some commercial banks over alleged noncompliance with the CBN’s directive to make the new notes available to citizens across the country.

The branch controller who admitted that the scarcity of the new Naira might have resulted in some banks not opening for customers on Wednesday and yesterday expressed worry over the attitude of some banks in dispensing the new naira notes.

Nigerians urged to shun protests

The Muslim Rights Concern (MURIC) has advised Nigerians to shun all manner of protests ahead of the 2023 general election.

The Executive Director of MURIC, Prof. Ishaq Akintola stated this in a statement yesterday in Abuja.

“The Central Bank of Nigeria recently announced plans to redesign the country’s currency. The citizens were asked to surrender all old notes in their possession particularly the higher N1, 000, N500 and N200 denominations.

“Unfortunately, the ongoing naira swap became a booby trap as it has been accompanied by protracted fuel scarcity.

“The timing of the exercise has led us to suspect a grand provocation ploy as Nigerians who surrendered their old naira notes were later denied access to both the old and the new. This ugly development led to widespread hunger and suffering.

“The tendency is for the atmosphere to become explosive and already there have been pockets of demonstrations in one or two places, particularly in the South West,” Akintola said.

Workers under the aegis of the Federation of Informal Workers’ Organisations of Nigeria (FIWON) have said the current cash crunch and fuel scarcity have put the lives of the workers into unprecedented suffering and contrived agony.

The union’s Secretary-General, Mr Gbenga Komolafe, in a statement, urged the authorities at all levels to act to stop the suffering.

“This situation has become an aggravated burden on hard-working Nigerians in the informal sectors of the national economy as productive activities become very difficult and in some instances, impossible.

“They added that the collateral damage can be glimpsed from the sporadic outburst of anger by helpless Nigerians on the streets of our major cities in the last few days,” he said.

The Secretary-General also urged President Muhammadu Buhari and all law enforcement agencies to accelerate the arrest of defaulters in the financial institutions profiting from the present misery Nigerians are going through.

‘Naira scarcity affecting Nigerians’ mental health’

Some psychiatrists in the health sector have lamented the negative impacts of the current scarcity of naira notes on the mental health of Nigerians.

They made their observations known in separate interviews with reporters yesterday in Lagos.

According to them, the development is negatively affecting the mental health of the people, thus making some of them more vulnerable to mental health conditions.

The Vice-President of the Association of Psychiatrists of Nigeria (APN), Dr Veronica Nyamali said that the scarcity of naira notes had contributed to the existing mental health instability in the country.

She also said that the trend had brought many to the verge of developing psychiatric problems.

Nyamali said that the naira scarcity had made those who were vulnerable to mental health issues to totally develop mental health disorders, while those not vulnerable were also being put at risk.

In the face of the current hardship experienced by Nigerians, the Forum of Former Governors has called for peace amid the tension caused by fuel and new naira notes scarcity.

The forum made the appeal in a statement jointly signed by the Patron and former governors of Edo and Niger State, Chief Nosakhare Igbinedion and Chairman, Dr Babangida Aliyu yesterday in Abuja.

The forum noted that, in spite of all the challenges facing the country, the survival of Nigeria should be at the back of the mind of leaders.

It urged leaders to put aside political differences for the peace and prosperity that the country deserved.

The statement reads: “The past few months have been harrowing for people our country has been witnessing actions and inactions that call to question the unity, peace and progress of our country.

“Challenges associated with naira swap, fuel scarcity crisis and insecurity, has frayed nerves and stretched the fragile nature of our country. The Forum of Former Governors calls for peace as it believes that it is a passing phase.

In Edo State, the cash crunch in Benin and its environs is gradually easing off, as the Central Bank of Nigeria (CBN); Benin branch is making the new naira notes available to commercial banks that are dispensing them across the counter and in their Automated Teller Machines (ATMs).

The operators of Point of Sale (PoS) machines in Edo State are also gradually reducing their charges, and they mostly have the new naira notes from commercial banks to pay their customers, as confirmed yesterday evening by Eghosa Obazee, a PoS operator on Ekenwan Road, Benin.

A customer of one of the old generation banks at Ring Road, Benin, Mrs Moureen Douglas, said that she was paid N20,000 across the counter with the new naira notes. She expressed delight over the gradual end of the suffering of Nigerians as a result of the scarcity of the redesigned naira notes.

The CBN’s Director of Risk Management, Dr Blaise Ijebor, and the apex bank’s Benin office branch Controller, Renner Jumbo, were closely monitoring the managers of commercial banks in Edo, thereby ensuring that the billions of new naira notes released to them were used to pay customers and being loaded into their ATMs.

In Plateau State, all the commercial banks operating provided full services for their customers.

Our correspondent who monitored their operations at various branches in the metropolis observed that the banks were open for customers as they besieged the banking hall to effect some withdrawals.

Across state capitals and other big cities, Nigerians are agonising over the hardship imposed by the scarcity of new naira notes. Our correspondents report that many businesses and people’s lives are now in ruins.

The hardship inflicted on Nigerians with the new naira policy is all-encompassing as there is virtually no segment of the economy that does not feel the painful impact of the policy.

At the Bingham University Teaching Hospital (BUTH), Jankwano, Jos, patients and their relations had to painfully contend with the challenge of the cashless environment at the hospital.

Though the hospital has one ATM spot for those around the hospital to access their money and pay for drugs and services rendered by the hospital, there is no cash in the machine. There are couples of POS operators who erected their tents at the gate of the hospital to attend to people, but they too are out-of-cash.

As an alternative, the hospital management allowed people to use its account number to make transfer of cash. However, that also has its challenge due to allegations of insincerity and fraud associated with cash transfer from one to another. This is coupled with cases of hospital customers who are not literate enough to do so.

Dr. Linus Dike who spoke with The Nation said, “The hospital is a humanitarian agency, and that is we are most affected by this new naira policy. As medical personnel, you cannot abandon a patient with emergency case because he has no cash. You can’t abandon a woman in labour because she has no cash. That is we are the most affected.”

A staff with the account section of BUTH who pleaded anonymity said, “Why is government starting a policy that we don’t have what it takes to sustain it. Even the POS transfer we are trying to do is not supported with good network. We battle with the network challenges all day long; this is stressful.”

Dr. Silvanus Tari said, “I sympathize with people who have patients in the hospital because I can see all they go through in this cashless situation. Even if the hospital gets the medical bill through transfer, the people need cash to purchase food for the patient on admission. Every patient needs food and water just as they need drugs, but they can have the cash to do all these. It’s so unfortunate how government forces new policy on its people.”

The same painful situations exist at La-med Pharmacy in First Gate Dadin-Kowa, Jos. People need drugs but they don’t have cash to purchase the drugs and the only POS service of the pharmacy is not enough to accommodate the traffic of customers. At the terminal station of the Plateau State Transport Company known as Plateau Express, along Tafawa Balewa Jos, government was yet to get its drivers to have the POS gadget. Only those who have their cash travel through the park. It was chaotic seeing travellers stranded at the park. Most travellers had to turn back to go and search for cash at any available ATM. Mr Ajala Enoch said, “I came to the park thinking the company has PoS, but they don’t have, and I’m forced to suspend my journey and go and look for cash.”

Protest at Osun microfinance banks as customers fume

Amid the crisis of scantiness of new naira note, customers have protested as Osun microfinance banks are under lock and key over unavailability of new naira notes at their disposal. Customers who are operating accounts in microfinance banks in Osogbo last week had attack bank officials over failure of the banks to give them money.

The Chairman of National Association of Microfinance Banks, Osun State chapter, Tunde Lawal, when contacted on the matter, confirmed that none of the banks was given new naira notes for customers. Lawal thereafter directed our correspondent to the national body of the association for further comment.

Meanwhile, checks by The Nation revealed that most of the microfinance banks in Osogbo, Olorunda, Boripe, Ejigbo are under lock and keys because of fear of customers who might attack officials. Customers of the banks protested in Osogbo yesterday. A customer named Jare Ismail said, “We are protesting against CBN policy because when we got to our microfinance banks to withdraw, they told us that CBN did not factor them in for the distribution of the new naira note; hence, they don’t have any money with them to give us.

“I have money with them and I can’t access it; I have not paid the salary of my staff for the month of January. We are embarking on a protest; nothing can stop us. We can’t remain silent. MFBs have been under lock and keys because they don’t have any cash to give us.”

Hospitals, pharmacies, traders, others resort to POS as alternative means of payment in Minna

Hospitals, pharmacies, and traders in the Minna metropolis are no longer accepting money transfers due to fluctuating network services making the service providers resort to payment by POS. At the Minna General Hospital, the Head of Pharmacy, Dr. Umar Ndagi told The Nation that last week was very stressful for the patients and the staff of the hospital as making payment for services was very difficult.

He said the network challenge and delay in the reflection of money paid into the account made the hospital management resort to engaging in the use of POS for payment. “It was very stressful for us last week, especially in the area of drug procurement and laboratory services. We started looking for the best approach to solve this challenge and we adopted the use of POS. For those who do not have POS, we encourage them to pay the money to someone who has POS who will now make the payment on their behalf.

“The reason why money transfers were discarded was that you have to pay for each service and it is receipted; so if the money does not reflect in the hospital account and a receipt is issued, it becomes a problem.”

He said that the traffic for hospital visits was reduced last week due to this challenge but with the introduction of the POS, there is now an increase in traffic of hospital attendance. Speaking in a similar vein, the second in charge of Kpakungun Primary Healthcare Center, Umar Yakubu, said that it has been difficult as they no longer accept transfers and do not have POS. “We accept cash because the transfer has been causing problems as the money does not usually drop into the account and at the end of the day, there will be nowhere to locate these patients; so we don’t want to transfer again.”

According to her, this has resulted in people buying fewer drugs than the ones prescribed and some do not do the laboratory test they come for. “Before all these, we collect money for laboratory tests after the tests have been done but now, we have resolved to collect the money before the test is conducted. So people do not do the test as much as they would have loved to.”

At the Abdulsalam Garage, some of the drivers say they accept transfers, some say that they collect cash while some make arrangements with the POS agents who collect the money and send it to their account.

Edo to set up special task force to check excesses of PoS operators

Edo State Governor, Godwin Obaseki, has revealed that his administration will set up a special task force to clamp down on the excesses of Point of Sale (PoS) agents in Edo, who charge arbitrary fees in the wake of the cash crunch caused by the Central Bank of Nigeria’s (CBN)’s currency swap policy.

He made the disclosure yesterday at the Government House, Benin, during an enlarged meeting with market women drawn from Edo’s three senatorial districts. In attendance at the meeting were Edo Deputy Governor, Comrade Philip Shaibu; Secretary to State Government (SSG), Osarodion Ogie; Chief of Staff to the Governor, Osaigbovo Iyoha; Commissioner for Business, Trade and Cooperatives, Afishetu Braimoh; Central Bank of Nigeria’s (CBN’s) officials, and bank managers in Edo, among others.

Obaseki, who assured the market women that their money in the bank was intact, noted that they could transact with the money and pay for goods and services through electronic bank transfers. He said: “We are setting up a special task force that will include CBN, Department of State Services (DSS), other security agencies, government officials, members of Civil Society Organisation (CSO) and market women to clamp down on those selling money. We will cease the licence of any PoS operator found to have increased the rate of changing money. PoS operators can do other activities, not only giving out cash, but also helping to transfer money.

“CBN is bringing more money, but it will be sent to rural areas. For urban areas, we urge you to try and use your phone for transactions. Your money is not lost, but safe in various banks where you have them.”

Naira scarcity bites harder in Ondo where people buy money

The effect of scarcity of the naira has continued to bite harder in Akure, the Ondo State capital and other parts of the state. Iyalaje of Ikare Akoko, Alhaja Risikat Mohammed, confirmed that markets were not functioning properly due to lack of cash in the hands of people. She said the situation was worsened with the rising cost of transportation of goods.

At the state hospital in Akure, POS operators made brisk business from relatives of patients as the hospital insisted on collecting cash. A man said he had to pay N5,000 to collect N50,000 because he needed pay the hospital bill for his son. The hospital management, in a notice on a wall at a cash point, explained that it stopped using POS as payment options due to issues of proper debiting.

A restaurant operator, David Ebriku, said the naira scarcity has badly affected his businesses. According to him, “We now use money to buy money. It is affecting my profit. Most of where we buy goods from are not ready to collect transfers. Anytime we want to withdraw cash, I collect N40,000, I paid N4,500 for charges. Those people have collected the profit. That will led to increase in the food I will sell. Most times filling stations do not use POS. It will be difficult to break even. I cannot buy goods because the traders used to demand cash. Many customers now do transfers and it affects us when we want to collect the money. It is killing if urgent steps are not taken. Things are going bad. Government should make money available at the ATMs. I went to the bank, they said no money. If our money is available, business will be good.”

Lagosians lament e-banking hitches, cash scarcity amid long queues at ATMs

From market women, men, pharmaceutical shops, and hospital patients, it was a tale of lamentations yesterday in Lagos over scarcity of new naira notes. At Isolo General Hospital, a patient, who pleaded anonymity, said she is finding it difficult to make payments at the hospital.

“For some parts, they will say we should pay by cash, so, we go out to POS to get cash and some charge N1000 to N1.500 for N5000; others charge N3000 for N10000. In another section, we can pay with an ATM card but the issue is that when you transfer, the account transferred doesn’t get an alert it was causing issues a few moments ago because the person was debited but the supposed receiver didn’t see an alert.”

It was the same story with Folashade Adenuga, a tomato seller who spoke on the problems she has been going through since the introduction of the new naira policy. She said: “This new naira wahala is affecting my market. Customers are saying they don’t have cash but will do the transfer. And after collecting the transfer when I want to go to Mile 12 to buy a basket of tomatoes for N30.000, the POS operator will charge me N3,000 for N10,000. Traders in Mile 12 market don’t collect transfer but cash. So I am losing money. The market is dull, I have to beg them to buy and convince them to pay a transfer because my market is a perishable good.”

Another trader by the name of Emmanuel Obasi who is an Akara seller said his business has been paralysed because nobody has money to buy his goods. He explained that he doesn’t accept transfers because there is no money to withdraw at the ATM. “As you can see, there is no market. Most of the Akara I fried since morning around 8 am are not yet sold. POS operators are not helping matters, so it has been tough for us. I still have plenty of ground beans that have not been fried,”

The Vice Chairman of meat sellers at the Isolo market, Alhaji Abdullah Akiola said he doesn’t accept transfers again because the cow sellers never accept transfers but cash. “I collect cash because the Hausa Cow sellers don’t accept transfers. They said that they are going back to their village and in their village, there is no network for e-banking and collecting money will be difficult for them. On Saturday when most of my customers didn’t have cash and I have to sell. The money that was collected through transfer that day, I have not been able to withdraw it because there are long queues at the bank. I left the bank by 10 am this money and couldn’t withdraw any money,” he said.

A pharmacist at Willux Pharmaceutical Care Limited along Okota road, Mary Samuel explained that the new naira note has not circulated because most customers make payment through transfer or POS.

“We do more of POS and sometimes we ask customers to transfer and they would have to wait longer times for an alert before they will leave. This is because of bank network issues. Sometimes they will leave out of frustration because they were not able to get the item because the bank network has failed.  Sales have reduced because of this issue. Even some that come with say N1000 to buy something of N300 we don’t have a chance to give because of no cash. Two out of ten come to buy with cash,” she said.

14 political parties threaten to boycott elections if CBN shifts naira swap deadline

Fourteen out of the 18 registered political parties have reportedly threatened to boycott the general election if the CBN extends the deadline for the use of old naira notes. The apex bank fixed February 10 as the deadline for the use of old naira notes. The CBN had initially fixed January 31 as the deadline but shifted it as many Nigerians were unable to access the new N200, N500 and N1,000 notes.

Kenneth Udeze spoke on Monday at a press conference by the Forum of Chairmen of Nigerian Political Parties and the Forum of Candidates for the 2023 General Election. Udeze, who is the national chairman of the Action Alliance (AA), said the deadline already fixed by the apex bank must not be shifted. “We hereby announce our resolution that at least 14 0f the 18 political parties in Nigeria will not be interested in the 2023 general election and indeed we shall withdraw all our participation from the electoral process if these currency policies are suspended or cancelled or if the deadline is further shifted,” Udeze said.

Atiku Abubakar, presidential candidate of the Peoples’ Democratic Party (PDP), had also asked the CBN not to extend the deadline for the swap of the old notes. His comments elicited criticism from the All Progressives Congress (APC), with the ruling party describing him as an “enemy” of Nigeria. President Muhammadu Buhari on Friday asked Nigerians to give him seven days to resolve the crisis caused by the scarcity of new naira notes.

Falana group threatens nationwide protest

A coalition of labour movements and over 70 civil society groups, Alliance on Surviving COVID-19 and Beyond, under the leadership of rights lawyer Mr Femi Falana (SAN), threatened nationwide protest if the naira scarcity continues unabated.

In a statement, Falana, the interim chairman, said it was statutorily lawful to allow the spending of both old and new notes at the same time.

The statement reads: “Fuel and currency scarcity is inexplicable and unacceptable. The Federal Government has shirked its obligation to guarantee the security and welfare of the Nigerian people as provided under Section 14(2)(b) of the Constitution of the Federal Republic of Nigeria, 1999, as amended.

“Since it is now clear that enough Naira notes have not been printed, the Central Bank should allow the old and new Naira notes to be legal tender in Nigeria.

“This suggestion is in line with Section 22 of the CBN Act which permits the replacement of old currency notes with new ones after the deadline fixed by the CBN…

“The currency and fuel crises constitute an unprecedented challenge to the economic survival of ordinary people that may threaten the 2023 elections which provide an opportunity for the people to choose a party considered to be representative of their aspirations.

“Unless the twin crises of fuel and currency scarcities are immediately resolved within the timeline given by the President, ASCAB has resolved to call on the Nigerian people to commence a series of peaceful mass actions in their communities to resist the unjustifiable economic hardship which may compel postponement of the forthcoming elections as INEC has hinted.

“If the Federal Government fails to resolve the twin crises of fuel and currency scarcity before February 10, 2023, the country will witness nationwide peaceful mass actions by the Nigerian people.”