Despite Emefiele's claim of N1tn in circulation, Nigerians continue experiencing scarcity - Newstrends
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Despite Emefiele’s claim of N1tn in circulation, Nigerians continue experiencing scarcity

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DESPITE a claim by Central Bank of Nigeria (CBN) Governor Godwin Emefiele that the apex bank has pushed nearly N1 trillion into circulation, Nigerians continue experience scarcity.

Many branches of the Deposit Money Banks (DMBs) complain of inadequate allocation of cash from the CBN on daily basis.

Emefiele told reporters after the end of the Monetary Policy Committee (MPC) meeting at the CBN headquarters in Abuja yesterday that the apex bank has pumped more cash into circulation.
Fielding questions on the outcome of the MPC meeting, Emefiele said on the Naira redesign policy and where things stand now, the “currency in circulation is roughly close to a N1 trillion and the CBN continues to pump the newly designed currency into the market.”
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Speaking on cash flow since the March 3 Supreme Court judgment, Emefiele said: The CBN will need to re-access again to know whether the currency in circulation has attained an optimal level so as to be able to put in place measures that will ensure that we don’t go back to what we had before, where people were keeping a lot of money outside the banking system for their own benefit.

“The MPC has noted that the naira redesign and cash withdrawal limit policies have resulted in a sizeable reduction in Currency-Outside-Banks, indicating an expected improvement in the potency of monetary policy tools.”

The CBN governor praised Fintech operators, whom he said “used their idle capacity to boost their online payment,” adding “they have made a lot of money from that.”

He said the “online payment on the Intech sector has actually improved quite a lot and we are happy that rather than relying on just only the banks, we have many other channels through which online payment services can be done so that Nigerians don’t suffer because we are in insisting that we have to go cashless.”

He apologised to Nigerians for the pains they go through while trying to carry out electronic transactions across several bank channels.

But notwithstanding Emefiele’s claim that more cash had been pumped into circulation, businesses, consumers and banks customers have demanded immediate end to the ongoing naira scarcity.

As far as they are concerned, the impact of the cash injected by the CBN is yet to be felt in the banking system.

According to small business operators, the cash crunch has limited their transaction volume and ability to meet the financial needs both to their customers and families.

Mary Okon, a Lagos-based entrepreneur said the cash crunch has reduced her volume of sales.

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She said: “Before now, I made at least N35, 000 daily sales. Today, recording N10, 000 daily sales has become a big challenge. I plead with the CBN to release more cash to the economy.”

Although banks continued the payment of both old and new naira notes to customers, the volume of the notes in circulation has not met the demand for cash.

Many banks within the Lagos metropolis did not dispense cash to their customers either over the counter (OTC) or through the Automated Teller Machines (ATMs).

“There were long queues of bank customers at most ATM points that had some cash to dispense. One bank branch in Marina Lagos, could only dispense N10,000 to customers with the bank’s ATM card. Customers of other banks got N5,000,” a customer narrated.

In Abeokuta, the Ogun State capital, agonies of residents arising from the persisting cash crunch worsened yesterday.

Banks in the Gateway City ran out of cash – both the new and old naira notes of 200, 500 and 1,000 denominations.

At Omida, Lalulu Street (Okelewo), Panseke, Jide Jones, Sapon, Ita – Eko, Kuto and the Old Secretariat area, investigation  showed that they only opened to their surging customers to lodge complaints over truncated transactions and debit issues that occurred since the redesigned new naira notes policy took effect.

Those who came for cash withdrawals returned home with disappointments. There were neither OTC payments, nor from the ATMs.

The few ATM points that were dispensing cash stopped at 11am. A security guard in one of the banks cited mechanical faults and cash shortage as reasons.

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Omoda, Jaecoo Storm Europe as Global Sales Surge 123% to 73,421

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Omoda, Jaecoo Storm Europe as Global Sales Surge 123% to 73,421

Chinese automotive brands strengthen foothold in UK, Spain, Italy and France as new-energy vehicles drive growth

Omoda and Jaecoo are accelerating their European expansion, buoyed by surging demand in key markets and a growing appetite for electrified vehicles, as the automotive brands recorded a 123 per cent year-on-year increase in global sales to 73,421 units in September 2026.

The latest performance underscores the brands’ growing international reach, with cumulative sales for the first nine months of the year reaching 587,846 units, according to figures released by the company.

The United Kingdom emerged as a major growth driver, with the brands recording 22,296 registrations in September, more than double their performance in the corresponding period of 2025. The volume translated into a 6.37 per cent market share and second place among automotive brands in the country for the month.

A standout performer was the Jaecoo 7, which recorded 10,813 registrations in the UK during September to become the country’s best-selling new-car model for the month. Its cumulative registrations for the first nine months of the year stood at 39,473 units.

The model’s performance highlights the growing competitive presence of the Chinese automotive brands in a market traditionally dominated by established European, Japanese and South Korean manufacturers.

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Beyond sales, Omoda and Jaecoo are also deepening their long-term commitment to the UK through plans to establish a research and development centre at UTAC Millbrook in Bedfordshire. The proposed facility will focus on areas such as chassis tuning and advanced driver-assistance systems, enabling the brands to tailor their vehicles more closely to European driving conditions and customer expectations.

Spain, Italy and France also delivered strong performances, reinforcing the brands’ broader European growth strategy.

In Spain, September registrations increased by 91.5 per cent year-on-year to 4,010 units, lifting the brands’ market share to a record 4.3 per cent. Electrified vehicles accounted for 98 per cent of their sales in the country, highlighting the importance of alternative-powertrain models to their European strategy.

Italy recorded 4,678 registrations in September, giving the brands a 3.31 per cent market share. Their cumulative registrations between January and September rose by 256.23 per cent to 32,945 units, reflecting a rapid expansion in one of Europe’s important automotive markets.

France, another market in which the brands are building their presence, recorded combined September registrations of 3,003 units. Jaecoo contributed 2,589 units, an impressive showing approximately six months after its entry into the French market.

The gains across these countries point to an increasingly coordinated European push, with Omoda and Jaecoo seeking to translate their expanding product portfolios into stronger market positions.

Electrification drives global growth

New-energy vehicles (NEVs) remained a major contributor to the brands’ worldwide performance, with sales reaching 53,957 units in September, representing an 184 per cent increase year-on-year.

The volume accounted for approximately 73.5 per cent of total monthly sales, underlining the growing contribution of electrified models to the brands’ global business.

The figures suggest that electrification is becoming central to Omoda and Jaecoo’s expansion, particularly in markets where consumers are increasingly considering hybrid and other electrified powertrains alongside conventional petrol vehicles.

With rising registrations in major European markets, expanding technical development plans and strong demand for the Jaecoo 7, the brands are seeking to consolidate their position in an increasingly competitive automotive landscape.

Sustaining the momentum will depend on their ability to maintain product appeal, strengthen dealer and after-sales networks, and respond to the differing regulatory requirements and consumer preferences across Europe.\

 

Omoda, Jaecoo Storm Europe as Global Sales Surge 123% to 73,421

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NRC Denies Ticket Racketeering, Says Abuja-Kaduna Rail Demand Exceeds Seats by 10-Fold

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NRC Denies Ticket Racketeering, Says Abuja-Kaduna Rail Demand Exceeds Seats by 10-Fold
Managing Director (MD) of the Nigerian Railway Corporation (NRC), Dr. Kayode Opeifa

NRC Denies Ticket Racketeering, Says Abuja-Kaduna Rail Demand Exceeds Seats by 10-Fold

The Nigerian Railway Corporation has denied allegations that it deliberately creates artificial scarcity of tickets on the Abuja-Kaduna Train Service to facilitate their resale at exorbitant prices, blaming the persistent shortage on surging passenger demand and the activities of ticket touts exploiting the system.

The corporation, in a statement signed by its Chief Public Relations Officer, Callistus Unyimadu, said demand for rail services on the corridor had exceeded available capacity by more than 10 times, creating a severe imbalance between the number of passengers seeking tickets and the limited seats available.

The clarification followed a viral social media video by Instagram blogger Faizah Raji, operating under the handle @wearegst, who accused the NRC of withholding tickets from its official electronic booking platform and reselling them through unnamed agents at prices reportedly twice the approved fares.

However, the NRC described the allegations as misleading, insisting that the corporation neither buys nor sells train tickets but facilitates passenger access to the railway service through approved ticketing arrangements.

According to the management, Raji had acknowledged in her account that the corporation warned passengers to purchase tickets exclusively through authorised platforms but subsequently bought a ticket from an agent after failing to secure one through the official portal.

The NRC said while her experience might be genuine, patronising unofficial ticket sellers despite repeated warnings did not establish the corporation’s involvement in the alleged racket.

It warned passengers that tickets obtained through unauthorised agents, particularly those purchased with another person’s identification details, could be invalid and expose travellers to financial losses or denial of boarding.

The corporation explained that electronic ticketing across its standard-gauge railway operations was handled by private concessionaires under public-private partnership arrangements approved by the Infrastructure Concession Regulatory Commission and the Federal Executive Council before 2023.

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It identified SecureID/TPS as the ticketing service provider for the Abuja-Kaduna Train Service, Global Software Digital Solutions for the Lagos-Ibadan Train Service, and Fane Warri-Itakpe Ticketing Solutions Limited for the Warri-Itakpe Train Service.

NIN verification introduced to combat ticket fraud

The NRC traced the growing challenge of ticket racketeering to fraudulent practices that persisted despite measures introduced to strengthen passenger identification and railway security.

It said the government introduced the use of the National Identification Number as a condition for purchasing train tickets following the 2022 train attack, partly to curb ticket racketeering.

However, according to the corporation, fraudsters subsequently devised ways of obtaining multiple NINs to purchase tickets in bulk for resale to unsuspecting passengers.

To tackle the practice, the NRC introduced an additional verification procedure in 2025, modelled on the system used at the Murtala Muhammed International Airport Terminal 2 in Lagos.

Under the arrangement, passengers’ NIN details are checked against the information used to purchase their tickets, while personal identification cards are also required before boarding.

The corporation said its verification system at Idu and Kubwa in Abuja, as well as Rigasa in Kaduna, is integrated with the National Identity Management Commission database, enabling officials to retrieve the photograph associated with the NIN used for a ticket purchase.

This, it explained, helps officials identify passengers attempting to travel with tickets purchased using another person’s identity.

The NRC, however, acknowledged that security challenges at the Rigasa station, which it described as having been hurriedly adopted, had occasionally made enforcement difficult because of limitations in its access-control infrastructure.

NRC vows crackdown on racketeering

Despite the challenges, the corporation declared zero tolerance for ticket racketeering, warning that any employee found participating in or colluding with fraudulent ticket sellers would face summary disciplinary action.

It also said the electronic ticketing concessionaires had been directed to improve the accessibility and ease of use of their booking platforms to ensure passengers could obtain tickets more conveniently while complying with established procedures.

The management maintained that the growing preference for train travel among Nigerians had placed considerable pressure on available capacity, reinforcing the need for passengers to use only approved booking channels.

It described the purchase of tickets through third parties using another person’s NIN or name as unacceptable and an act of economic sabotage that undermines the integrity of the railway system.

The corporation assured passengers that it remained committed to improving customer service, strengthening security and ensuring that rail travel became a preferred alternative for Nigerians.

It reiterated its commitment to providing safe, affordable, reliable and convenient train services across the country’s railway corridors while intensifying efforts to prevent criminal activities and protect the corporation’s reputation.

 

NRC Denies Ticket Racketeering, Says Abuja-Kaduna Rail Demand Exceeds Seats by 10-Fold

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Naija Driver 2026: Online CBT Screening Holds today 

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Naija Driver 2026: Online CBT Screening Holds today 

 

LAGOS, NIGERIA — The race to identify Nigeria’s safest and most skilled drivers enters a decisive phase today, Saturday, October 17, as registered candidates nationwide prepare for the 11am online computer-based test (CBT) screening of the inaugural Nigerian Drivers Challenge, Naija Driver 2026.

The organisers have urged candidates to log in prepared, with a functional laptop or desktop computer, webcam and reliable internet connection, warning that smartphones and tablets will not be supported for the 20-minute, 40-question examination.

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