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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
Ignore Fake February 2 Sit-at-Home Order, IPOB Lawyer Tells South-East Residents
A human rights lawyer and lead counsel for the Indigenous People of Biafra, Sir Ifeanyi Ejiofor, has urged South-East residents to completely ignore what he described as a “fraudulent” sit-at-home order allegedly scheduled for Monday, February 2, 2026, by a faction of the group.
Recall that the pro-Biafran group, through its spokesman Emma Powerful, had directed a sit-at-home on February 2 across the region in solidarity with traders at the Onitsha Main Market.
Powerful said the total shutdown in Biafraland is a direct, peaceful, and unified response to the actions of Anambra State Governor, Prof. Chukwuma Soludo, who ordered the closure of the Onitsha Main Market for one week.
But in a counter statement released on Saturday, Ejiofor said the source behind the directive, operating under the guise of “Emma Powerful,” has been compromised and is acting against the collective interest of Ndi-Igbo.
He insisted that IPOB has formally and decisively distanced itself from the false sit-at-home order and directed Ndi-Igbo to go about their lawful activities without fear.
The statement read in part: “Once again, the well-worn theatre of misinformation has opened its curtains, this time with a particularly lazy script and an insultingly predictable cast.
“Late yesterday, a report was widely circulated alleging that a total lockdown of Ala-Igbo had been ordered under the guise of a sit-at-home directive purportedly issued by ‘Emma Powerful,’ slated for Monday, February 2, 2026.
“Let it be stated clearly, unequivocally, and without ambiguity: this directive is fake, a phantom, a calculated falsehood.
“Upon careful inquiry and diligent verification, especially considering the delicate and hard-won calm presently returning to our homeland, it became glaringly obvious that the so-called ‘Emma Powerful’ platform has been fatally compromised.
“It has been hijacked by vested interests whose business model thrives on fear, disruption, extortion, and the cynical exploitation of vulnerable communities.
“The peaceful global movement of the IPOB has formally and decisively disowned this fabricated publication, categorically distancing itself from the false sit-at-home order and directing Ndi-Igbo to go about their lawful and normal activities without fear.
“Going forward, the message from IPOB is unmistakable: any publication attributed to ‘Emma Powerful’ should be treated with extreme suspicion, if not outright contempt.
“Frankly, one cannot but express astonishment, bordering on disbelief, that at such a critical juncture, when relative peace is cautiously resurfacing in Ala-Igbo, anyone would recklessly circulate information capable of reopening wounds and inviting criminal infiltration.
“History has taught us, at unbearable cost, what happens when fake directives fall into the hands of violent opportunists masquerading as enforcers.
“It is therefore no longer sufficient to merely advise our people to ‘ignore’ publications from this source. The time has come for greater clarity and firmness. The platform known as ‘Emma Powerful,’ in its current corrupted state, has positioned itself as an adversary to Ala-Igbo’s peace, progress, and collective well-being.”
According to Ejiofor, the peaceful global movement must go further by publicly and definitively explaining why this source has become unreliable, compromised, and hostile to the collective interest of Ndi-Igbo. Silence, ambiguity, or polite distancing, he said, only leaves room for further abuse.
“A masquerade that dances with fire should not be mistaken for a messenger of truth,” the statement concluded.
News
Joint Task Force Crushes Terrorist Cells In North East, Heavy Weaponry Seized
In recent operations across the North East, troops of the Joint Task Force Operation HADIN KAI (OPHK) have neutralized scores of terrorists and recovered a significant cache of arms and ammunition.
Lieutenant Colonel Sani Uba, Media Information Officer, Headquarters Joint Task Force (North East) in a statement said intelligence has confirmed the killing of JULAIBIB, a top ISWAP commander operating within the Gujba axis of the Timbuktu Triangle, during an encounter around Kimba, Damboa LGA of Borno State, on 30 January 2026.
According to the statement, the elimination of the terrorist leader has thrown ISWAP elements in the area into disarray, with several fighters reportedly neutralised during the operation.
In a related operation, troops of OPHK, working in collaboration with the Civilian Joint Task Force, neutralised 3 terrorists during a well-coordinated ambush between Ngazalgana and Lamusheri communities in Borno State.
It said the operation followed credible intelligence on insurgent movements in the area, as troops laid an ambush along the identified route and engaged the terrorists with effective firepower, resulting in the neutralisation of 3 insurgents, while others fled with gunshot injuries.
The statement said troops recovered two AK-47, adding that the operation forms part of sustained efforts to deny terrorists freedom of movement and degrade their operational capabilities across the Theatre.
It said troops also recorded multiple successes in Adamawa State, adding that on 29 January, 2026, troops responded swiftly to a distress call from Barama community, Mubi North LGA, foiling an armed robbery attempt. Two armed robbery suspects attempting to attack a student of the Federal Polytechnic, Mubi, were arrested. One suspect sustained a gunshot wound to the thigh while attempting to confront the troops and was evacuated to the Federal Medical Centre, Mubi, for treatment.
The suspects were subsequently handed over to the Nigeria Police for further investigation. Items recovered include 3 cutlasses, 2 laptops, 4 mobile phones, and one power bank.
News
Appeal Court Affirms Death Sentences for Five Offa Bank Robbery Convicts
The Court of Appeal sitting in Ilorin, Kwara State has affirmed the death sentences passed on five 2018 Offa robbery convicts.
The court dismissed their appeals as lacking merit.
The Director of Public Prosecution (DPP) in the state, Mohammed Akande, who witnessed the proceedings, said that the three Appeal Court judges unanimously agreed on the judgement and affirmed the verdict of the state High Court condemning the five persons to death by hanging.
“The Court of Appeal, Ilorin Division comprising of Hon. Justice Ridwan Maiwada Abdullahi JCA, Hon. Justice Gabriel Kolawole JCA and Hon. Justice Abdul Dogo today, Friday affirmed the judgment of Hon. Justice H. A. Saleeman of the Kwara State High Court, that sentenced the Appellants: Niyi Ogundiran, Salawu Azeez, Ibikunle Ogunleye, Ayoade Akinnibosun and Adeola Abraham to death by hanging for the involvement in the Offa Bank Robbery”.
Another official of the Court also said that the appellate court rejected all the grounds of appeal filed by the convicts and ordered their immediate return to prison custody.
“The court dismissed all their grounds of appeal and upheld their convictions. They have been taken back to prison,” the official said.
The official said that the arguments raised at the Court of Appeal were unconvincing and may not succeed if repeated at the apex court.
It is recalled that Ayoade Akinnibosun, Azeez Salahudeen, Niyi Ogundiran, Ibikunle Ogunleye and Adeola Abraham were convicted of armed robbery, illegal possession of firearms and culpable homicide.
A sixth suspect, Michael Adikwu, a retired police officer, died in custody before the commencement of the trial.
At least 32 people were killed, including nine police officers, two of whom were women, making it one of the deadliest bank robberies in Nigeria’s history.
Justice Haleemah Saleeman of the Kwara State High Court had earlier sentenced the five convicts to death by hanging after a trial that lasted about six years and attracted nationwide attention.
In her judgment, which lasted over four hours, Justice Salman held that the prosecution proved its case beyond reasonable doubt.
She said the convicts “acted contrary to the law and allowed their connections with those in power at the time to lead them astray”.
In addition to the death sentence, the trial court also sentenced them to three years’ imprisonment for illegal possession of firearms, in line with provisions of Nigeria’s penal laws.
Lead prosecution counsel, Rotimi Jacobs (SAN), described the appellate court’s decision as thorough and well considered, despite the prolonged delays that characterised the trial.
On the defence side, Abdullah Jimba, counsel to one of the convicts, said that preparations were underway to pursue a final appeal at the Supreme Court.
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