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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
Couple Kidnapped, One Shot In Ondo Estate Attack
Gunmen suspected to be kidnappers have abducted a couple from their residence in the Iluabo area of Akure North Local Government, Ondo State.
During the attack, which occurred in the early hours of Saturday, February 21, 2026, the assailants shot one person before seizing the victims.
The gunmen had stormed Olaribigba Estate in the community when they whisked Mr Jamiu Olawale and his wife into the bush.
Following the development, which has created tension in the agrarian community, residents protested and barricaded the road leading to the community over the incessant kidnappings and insecurity in the community.
According to sources, the couple had arrived at their residence in an ash-coloured Toyota Camry when they were attacked by the gunmen, who lay in ambush for them.
During the incident, a neighbour of the abducted couple, Patrick Ilumaro, who was seated in front of his residence, was shot by the gunmen while fleeing from the community.
A neighbour of the victims revealed that Ilumaro was swiftly rushed to an undisclosed medical facility where he is currently receiving medical treatment.
While confirming the incident, the Ondo State Police Command disclosed that tactical teams as well as conventional operatives have been deployed to the community.
In a statement issued by the Police Public Relations Officer, Abayomi Jimoh, the operatives are already combing the axis in an effort to rescue the victims and apprehend the perpetrators.
“Concerted efforts are ongoing to ensure the safe return of the abducted persons and bring those responsible to justice.
“Members of the public are urged to remain calm and go about their lawful activities. Meanwhile, the Command urges them to provide credible and actionable information that may assist in the investigation to the nearest police station.”
News
Brake Failure Leaves One Dead, Four Rescued At Abule-Egba
One person died and four others were rescued following a road accident at Ekoro Junction, Abule-Egba, on Friday evening, according to a statement from the Lagos State Traffic Management Authority.
The Director, Public Affairs and Enlightenment Department of LASTMA, Adebayo Taofiq, made this known in a statement issued on the agency’s X handle on Saturday.
According to the agency, the crash occurred at about 7:30 p.m. when an empty MACK tanker suffered a sudden brake failure, lost control and rammed into a Toyota Corolla before crashing into a roadside shop.
LASTMA said the tanker, with registration number EKY 900 XY, collided with a Toyota Corolla marked AAA 823 AY.
The impact caused extensive structural damage to the shop and triggered panic among traders and pedestrians in the area.
“The magnitude of the collision led to the immediate confirmation of one fatality at the scene, while four other trapped persons were extricated from the wreckage through coordinated emergency rescue efforts,” the agency stated.
The authority said it immediately activated its Rescue and Recovery Protocol, deploying specialised operatives to manage the situation.
“Personnel implemented strategic traffic diversion, vehicular evacuation procedures and crowd management in synergy with other emergency responders to forestall secondary incidents and guarantee unobstructed access for rescue operations,” LASTMA added.
It stated that emergency teams carried out rescue operations and provided medical attention to the injured victims.
According to the agency, a heavy-duty tow truck was later deployed to evacuate the damaged tanker and clear debris from the road to restore normal traffic flow.
The agency disclosed that the tanker driver fled the scene shortly after the crash and security operatives have since launched efforts to apprehend the driver and initiate legal proceedings.
“Security personnel from the Nigeria Police Force, Ekoro Division, responded expeditiously, maintaining public order, securing the accident perimeter and assisting in investigative processes aimed at establishing the precise sequence of events that culminated in the mechanical failure and subsequent collision.
“The incident precipitated considerable traffic congestion extending across adjoining routes toward Abule-Egba, necessitating robust traffic management interventions by LASTMA officials who remained on ground directing vehicular movement and implementing diversion strategies to alleviate the backlog,” it said.
According to the agency, its General Manager, Olalekan Bakare-Oki, expressed condolences to the family of the deceased and urged transport operators, particularly drivers of articulated vehicles, to prioritise routine vehicle maintenance.
“Preventable mechanical deficiencies remain a significant contributory factor in severe road traffic crashes,” Bakare-Oki said.
He also advised motorists to exercise vigilance, obey traffic regulations and maintain responsible driving practices, especially within densely populated commercial corridors.
Bakare-Oki assured the public that security agencies would conduct a thorough investigation to determine the immediate and remote causes of the incident and ensure that anyone found culpable would be prosecuted in accordance with extant laws.
The agency said other emergency responders at the scene included the Lagos State Emergency Management Agency, the Lagos State Fire and Rescue Service, the Lagos State Ambulance Service, the State Environmental Health Monitoring Unit and officers of the Nigeria Police Force, collaborated to coordinate rescue, medical response and environmental safety measures.
News
Court Sets Feb 25 For El-Rufai’s Arraignment In DSS Cybercrime Case
The Department of State Services (DSS) will arraign former Governnor of Kaduna state, Nasir El-Rufai, on February 25 over alleged cybercrime and breach of national security.
Justice Joyce Abdulmalik of the Federal High Court has fixed the date for the arraignment of the former Governor on a three-count criminal charge filed by the Department of State Services (DSS) after the Chief Judge, Justice John Tsoho assigned the case to her.
NAN earlier reported that the DSS, on Monday, filed a three-count criminal charge against El-Rufai following his alleged involvement in wiretapping the telephone lines of the National Security Adviser (NSA), Mallam Nuhu Ribadu.
The charge, instituted by the Nigerian secret police, is marked FHC/ABJ/CR/99/2026.
The service accused El-Rufai of breaching the Cybercrimes Prohibition Act (2024) and the Nigerian Communications Act (2003.)
In court, El-Rufai was alleged to have, on Feb. 13, while appearing as a guest on Arise TV station’s Prime Time Programme in Abuja, admitted during the interview that he and his cohorts unlawfully intercepted the phone communications of the NSA, Mr Ribadu.
The offence is said to be contrary to and punishable under Section 12(1) of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024.
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