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Naira Scarcity: Fear Grips Bank Officials As Anti-Grant Agencies, Mob Intensify Actions
Nigeria’s currency crisis has taken a new twist as some commercial banks shut down their operations on Monday over possible mob attacks from frustrated customers.
Also, financial experts disclosed that the ongoing crisis is self-inflicted.
For the past weeks, Nigerians have suffered from the pain of Naira scarcity.
The crisis might worsen if there is no significant improvement in the supply of the new currency nationwide as the February 10 deadline to phase out the old notes draws closer.
Customers have begun to act aggressively at the counters and cubicles of Automated Teller Machines, ATMs, a development that led some banks to beef up their premises with more security personnel and eventually shut down on Monday.
The aggression over the weekend recorded attacks in Ibadan, the Oyo State capital, where the facility of a Wema Bank was vandalised by an angry mob, while at the University of Benin, there was a face-off between students and military men over withdrawals at the ATM, a development that led to vandalism.
DAILY POST gathered that some banks in Lagos, Osun, and other States shut down their operations as a precaution against mob attacks and asset vandalism.
A manager of a Tier-1 bank, known as Bello Muyiwa, disclosed that due to fear of mob action from customers, “we’ve decided to shut all operations except ATM services for the time being”.
Although the commercial banks have denied hoarding the naira notes, the Economic and Financial Crimes Commission, EFCC, caught a bank manager in Abuja for refusing to load its ATM with N29 million new notes on Monday.
CBN and other stakeholders continued to accuse commercial banks of hoarding the new naira notes. Still, a statement made available to DAILY POST by the President of ACAMB read that banks are not hoarding new Naira notes, stating that normalcy is returning soon.
Following the rising demand by Nigerians and scarcity across the country, DAILY POST findings showed that sales of Naira notes continue to persist, despite CBN’s directives as the economy bites hard.
The scarcity of the newly redesigned Naira notes had generated serious outcry prior to the January 31 deadline set by the CBN for the old notes to cease from being legal tender.
DAILY POST learnt that many POS agents now charge as high as 20 per cent on new Naira notes transactions, while some charge 10 per cent to 15 per cent.
While many of the POS transaction points visited on Monday had their shops locked because of cash shortage, the few that operated imposed huge charges on cash withdrawals over the weekend.
Our correspondent, who visited the Ikeja axis of Lagos State, reports that POS agents charged N2,500 for the withdrawal of N10,000 and N1,300 for the withdrawal of N5,000.
In a chat with DAILY POSt on Monday, an Accounting and Financial Development don at Lead City University, Ibadan, Prof Godwin Oyedokun, said the currency crisis is self-inflicted, and the Central Bank of Nigeria and commercial banks should be held responsible.
“The problem we face in Nigeria is self-inflicted pain where some people who have power decided to use their influence on Nigerians.
“Banks hoarding this new Naira should be ready to lose some of their assets over customers’ frustration.
“I want to beg banks and authorities to make the new notes available for the use of Nigerians.
“In the first place, the deadline extension is a misplaced priority by CBN when they cannot prove to the public that they have sufficient currency notes.
“I believe that CBN is not doing enough to address the crisis. They are part of the people to be blamed; if they are sure commercial banks have been given sufficient new naira notes, they should publish names and amounts. Also, commercial banks should make it open how much money has been dispensed to Nigerians”, he stated.
On his part, a financial expert, Idakolo Gbolade, insisted that the CBN must sanction commercial banks hoarding the new naira notes to avert heightened tension.
“The banks should be afraid of mob attacks because, in recent days, evidence has shown on social media and in the news that banks are indeed hoarding the new notes. The CBN has even sanctioned some banks. These reports show our concerns that banks are primary saboteurs of the Naira redesign policy.
“The Federal government should take adequate steps to end the scarcity because of tension in the land due to the cash crunch. So many markets need to receive patronage, and even the transporters in significant cities need help with the new notes.
“The situation could worsen if the CBN fails to ensure banks dispense the new notes over the counter reasonably or extend the use of the old notes for a longer period”, he stated.
CBN needs to address scarcity – CPPE
In a swift response to the sale of Naira notes and the attacks on banks, the CEO of the Centre for the Promotion of Private Enterprise, CPPE, Dr Muda Yusuf said that these are consequences of scarcity in any system.
He said, “Once you increase scarcity, all manners of practices will emerge.”
Yusuf said, “You now create a black market, you create hoarding, you make all sorts of problems.
“So what has happened is that the CBN still needs to address the problem of scarcity. The CBN has kept the thing they have mopped up to N2trn. How much have they given back? That is the source of the problem.
“If you mop up N2.1 trillion, How much did you give back to those who gave you the money?
“You can’t promote a cashless policy by sitting on people’s money. That is different from the way it is done.
“You told people that you are doing a cash drop; if I collect N1 million from David, I should be able to give back N1 million so that you will continue your business.
“If you now want to say that you want to bring it back, you get it out of your own volition.
“You can’t bring your N1 million to me, I will sit on it and now ask you to go to the counter and collect N20,000; money that you are using to do business. So, unless you compel the CBN to address this supply issue, this problem will not disappear.
“No matter how many battalions of army or police or DSS you send out, it will not go away. We need to address the problem of scarcity of currency notes, so that’s my view.
“You should give it back to the people, and if you don’t have the new notes, give them back old notes and extend this thing and let them continue their business.”
News
Gumi Defends Dialogue As Sole Solution To Nigeria’s Insecurity
Islamic cleric Sheikh Ahmad Gumi recently defended his past interactions with armed groups, stating he “took the bull by the horns” in 2021 as a necessary step to address Nigeria’s insecurity.
In a post shared on Facebook on Thursday, Gumi said decades of neglect of disadvantaged populations had created deep socio-economic inequalities, leaving many youths vulnerable to manipulation by external forces seeking to destabilise the country.
According to him, the widening gap between the rich and the poor has turned many young people into “ready-made foot soldiers” in cycles of violence that enable the exploitation of Nigeria’s resources.
He also criticised the political class for being largely unresponsive, while noting that the intellectual community is preoccupied with survival struggles.
Reflecting on his past efforts, Gumi said he “took the bull by the horns” in 2021 by attempting to reintegrate violent elements into society rather than allowing them to be further radicalised.
He wrote: “Nigeria for decades has ignored the underprivileged section of its society. There is a significant socio-economic discrepancy, and the society is stratified. This makes our teaming youth ready-made foot soldiers for any foreign interest trying to divide us and rule. To plunder our resources while we are involved in a vicious circle of violence.
”Unfortunately, the political class is unattentive while the intelligentsia is held hostage in the struggle for existence.
“In 2021, I took the bull by the horns in an attempt to bring some of these uncouth elements back to our fold rather than letting them be exploited by the devil.
“I still believe this is the only way out of our predicament. However, it needs the political will and determination to achieve.
“May Allah bring peace back to our nation.”
News
Court Clears Senator Ireti Kingibe To Remain Active In ADC
The Federal High Court in Abuja rejected an ex-parte application seeking to bar Senator Ireti Kingibe from participating in the activities of the African Democratic Congress (ADC).
Justice Peter Lifu declined the request from Wuse Ward leaders, ruling that such an order could not be granted without first hearing from the senator.
Instead, the judge ordered the ward leaders said to be loyal to the Minister of the FCT, Nyesom Wike, to put the senator on notice to appear in court to join issues with them on their grievances.
Justice Lifu in a ruling on Thursday held that discretion in such a request for prohibition from party activities and in political matters must be exercised judicially and judiciously.
The judge said justice would be met in the case of the plaintiffs only when the side of the defendant is heard on its merit, along with that of the plaintiffs.
Consequently, the judge ordered that Senator Ireti Kingibe should be served with all court processes by the plaintiffs to enable her become aware of the suit and to prepare her defense.
The judge fixed April 20, 2026, for the plaintiffs and the serving senator to appear before him for hearing of all applications in the matter.
Those who sued the senator in the suit marked FHC/ABJ/ CV/539/2026 are Okezuo Godfrey Anayo and Isaiah Ojonugwa Samuel, on behalf of themselves and ward members as plaintiffs. The senator is the sole defendant.
In their ex-parte application, Kingibe representing the FCT in the Senate was said to have been suspended on March 10, 2026 by her Wuse Ward executives following allegations of anti-party activities and disregard of your cnstitution of the ADC.
In the ex- parte application filed on their behalf by a Senior Advocate of Nigeria, SAN, Kolawole Olowookere, the aggrieved ADC members in Wuse Ward applied for an order of interim injunction restraining Kingibe from parading herself as a member of party, pending the hearing and determination of their motion on notice for interlocutory injunction.
They also asked the judge to restrain the senator from performing any function, attending meetings or performing activities reserved for ADC members or representing the party in any activities.
Besides, the Ward Executive Committee had asked that she be restrained from further interfering with the administration of the ward, ward register and other activities.
The suit was predicated on five grounds among which are that Mrs Kingibe was placed on suspension due to anti-party activities, gross misconduct and confiscation of the ward statutory records.
They argued that the suspension followed due process as enshrined in the ADC constitution and ratified by the two thirds majority of the EXCO members.
They averred that despite the communication of the suspension to Kingibe, she has continued to hold parallel meetings, issue press statements as an ADC member, and using her security details to intimidate the executive committee.
“Her actions constitute flagrant disregard to the internal mechanism of the party,” the plaintiffs stated.
Meanwhile, a lawyer, Abubakar Marshall who claimed to be representing the senator, announced that he had filed a preliminary objection against the suit. He added that it was served on M. S. Garba, who stood for the plaintiffs at Thursday’s proceedings.
News
COAS Shaibu Hits Jos To Restore Peace, Public Confidence
The Chief of Army Staff (COAS), Lieutenant General Waidi Shaibu, visited Jos, Plateau State, on Thursday, April 2, 2026, to lead a high-powered security assessment following recent security breaches.
The visit was aimed at strengthening public confidence and reinforcing ongoing efforts to stabilize affected communities.
Colonel Appolonia Anele, acting Director, Army Public Relations, said in a statement that the visit forms part of ongoing efforts to restore calm and entrench lasting peace across the state.
According to the statement, upon arrival, the COAS was received by the Executive Governor of Plateau State, Caleb Mutfwang, in a clear demonstration of strong civil-military cooperation and a shared commitment to addressing emerging security challenges.
The statement said the COAS received a comprehensive operational briefing from the General Officer Commanding 3 Division and Commander, Joint Task Force Operation ENDURING PEACE, Major General Folusho Oyinlola, who highlighted ongoing operations and proactive measures being implemented in synergy with other security agencies to contain threats, protect lives and property, and stabilise affected communities.
“As part of his engagements, Lieutenant General Shaibu also interacted with community leaders and residents, reassuring them of the unwavering commitment of the Nigerian Army to safeguarding all law-abiding citizens.
He urged residents to remain calm, vigilant and supportive of security agencies by complying with the curfew and cooperating fully with ongoing operations and investigations, while going about their lawful activities.
The chairman of Jos North Local Government Area, Hon. Dachung Bagos, commended the COAS for the timely visit, noting that the presence of the nation’s top military leadership would boost public confidence and reinforce trust in ongoing security efforts.
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