Connect with us

News

Bank Workers Blame CBN As Cash Shortage Worsens

Published

on

The Association of Senior Staff of Banks, Insurance, and Financial Institutions has attributed the worsening cash shortage across the country to the Central Bank of Nigeria’s inability to meet the cash demands of commercial banks.

Speaking with The PUNCH, ASSBIFI President, Olusoji Oluwole, highlighted the dire impact of the scarcity, particularly as the festive season approaches, with increased demand for cash for shopping and business transactions.

“In terms of (the cash) scarcity, this is something that has not ended since the redesign of the naira,” Oluwole said.

Oluwole explained that banks have only two primary sources of cash – the CBN and retailers.

“Banks have only two sources of cash: the CBN and retailers. The CBN has not met banks’ demands, and retailers often sell cash for profit, making it harder for banks to access funds,” he explained.

He noted that the apex bank has failed to meet the cash demands of banks, while retailers profit by selling cash instead of depositing it back into the banking system.

“But, of course, it is beginning to become more pronounced now that we’re heading towards the Christmas celebrations, where a lot of people are going to need money to carry out their shopping and other businesses.

“Banks are not in a position to force retailers to bring the cash to banks,” he added, describing how this dynamic exacerbates the scarcity of cash in Automated Teller Machines and across bank counters.

Citing statistics, Oluwole stated that banks collectively require at least N20m daily to operate, with ATMs needing approximately N8m each and N4m over the counters.

He stressed the importance of CBN providing clear statistics on cash circulation to improve distribution efficiency.

“For us, we are not interested in trading games like we were doing last year but looking for solutions. The solution, one, is for CBN to have clear statistics, so that they understand where they are, how they are circulating, and where they are circulating to,” he said.

Oluwole also advocated for a shift towards less dependency on cash, emphasising that a cashless economy is cheaper, safer, and more efficient for the economy.

“An economy that operates in a cashless manner does better than a cash-dependent economy. It is a proven thing all over the world,” he stated.

In addition, the ASSBIFI President called for security agencies to crack down on illegal currency trading.

“You cannot be selling cash. You cannot sell your currency to people for a profit at discounted rates. It is not done anywhere,” Oluwole emphasised.

He urged authorities to investigate reports of point-of-sale operators buying cash from fuel stations and supermarkets.

Oluwole concluded by reiterating that no bank deliberately withholds cash from its customers.

“No bank wants to starve its customers of cash. It does not make sense for any bank to hold on to cash, but you can only give what you have,” he said.

“As the cash crisis persists, stakeholders are urging the CBN to act swiftly to address these concerns and alleviate the strain on both banks and the public,” Oluwole stated.

Also, the National Coordinator of the Human Rights Writers Association of Nigeria, Emmanuel Onwubiko, in a statement criticised the CBN and its Governor, Olayemi Cardoso, for their mishandling of monetary policy, holding them responsible for the resulting widespread hardship.

He further highlighted how cash scarcity has left millions, especially in rural areas, unable to conduct transactions, pushing small businesses, artisans, and daily wage earners deeper into poverty.

“Nationwide, long bank and ATM queues have become the norm, with depositors unable to access their funds despite sufficient balances,” he added.

Onwubiko argued that the crisis reflects not just poor monetary policy but also deeper systemic issues within Nigeria’s economy.

He urged President Bola Tinubu to intervene swiftly to stabilise the banking system and avert economic collapse.

The group also called on the National Assembly to summon the CBN Governor for accountability and oversight.

SOURCE

News

Gumi Defends Dialogue As Sole Solution To Nigeria’s Insecurity

Published

on

By

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.”

Continue Reading

News

Court Clears Senator Ireti Kingibe To Remain Active In ADC

Published

on

By

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.

Continue Reading

News

COAS Shaibu Hits Jos To Restore Peace, Public Confidence

Published

on

By

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.

Continue Reading

Trending