News
ATMs in Nigeria run dry due to short supply of new naira notes
Banks in Nigeria are running short of new naira notes, about four days to the deadline set by the Central Bank of Nigeria for old notes to be phased out.
This is coming as more people including traders have started rejecting the old N1,000, N500 and N200.
Some commercial banks still give old notes to their customers for Over- the- Counter Withdrawals (OTC) while very few Automated Teller Machines (ATMs) dispense the new naira notes.
Some officials of the commercial banks in major cities including Abuja and Lagos told customers they could only withdraw a maximum of N20,000 of the new notes while old notes are still being given to customers for withdrawals in the banking halls, against the directive of the CBN.
Daily Trust reported that the CBN had directed customers to start rejecting old naira notes from banks, insisting that the old notes cease to be legal tender by January 31 as earlier stipulated.
Our reporter who went to withdraw new notes was given old naira notes at a popular bank in the Garki Area of the FCT.
The bank officials simply told our reporter that “The central bank did not supply them and the little supply they have is what they load at ATMs in order to obey the CBN directive.
“Immediately the ATMs are loaded, customers rush immediately to exhaust the little cash in it.”
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Another bank Customer in Kano, Salihu Bello said “He was in the banking hall on Thursday where a customer was making trouble because he needed new cash to pay his own staff (labourers). The bank tellers said they didn’t have what they had expected to get today but they were not supplied. The bank is still paying old currencies”
Also another bank Customer, Ruth Tene stated that “Most banks today are claiming they don’t have cash to pay customers today, particularly Zenith Bank and GT Bank, Jabi all the same case,”
Meanwhile, Daily Trust observes that business owners in major markets and supermarkets have begun to reject the old naira notes.
At the popular Wuse Market in Abuja, Bashir Isa, a resident of the area who went to purchase some goods with the old naira notes could not do so as the traders there told him they won’t accept the old noted.
The same scenario is playing out at a popular Chinese store in the popular Jabi Lake mall located in the Jabi district where attendants are outrightly rejecting the old notes.
Reps tackle commercial Banks over new currency policy
Members of the House of Representatives Ad-hoc committee have tackled commercial bank operators over the hardship being experienced by Nigerians over the new currency policy imposed by the Central Bank of Nigeria (CBN).
Responding separately, the banks Chief Executives Officers (CEOs) revealed that the amount of new Naira notes allocated to the banks are not enough to meet the demands of their customers.
Speaking, one of the bank’s executives, Hadiza Ambursa informed that their bank collects about 10 per cent of what they deposit to the Central Bank.
On his part, Sterling Bank’s Orlando Umoren who corroborated what the Access Bank official said, noting that Sterling Bank received and disbursed varied amounts of the new notes.
He said: “We received a minimum of N150 million to be shared. In Kaduna, N150 million, in Kano, we received N100 million to be shared amongst the branches in the metropolis. They are being fed in the ATM only and not to be given to the customers across the counter. In Abuja here, what we are given is about 80 per cent. In Kano, it is less than 10.
“What we get in return is nothing comparable… The reason why the new naira note is not coming. It is in the furtherance of the cashless policy. The banks are still under pressure to ensure that they meet the deadline”.
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The Regional Executive for Heritage Bank, Oniko Daniel called on the public to understand the policy as put up by the CBN and the position of the commercial banks as entities regulated by the apex bank.
He said, “If you load a cartridge, which is about 8 million, in less than 2 hours that 8 million is finished. It must be understood. People want to deposit N10 million and want to collect N10 million, but It is not possible. CBN is doing cash swaps in rural areas. The public needs to know the guidelines and what the CBN is saying. CBN guideline is more or less a rule to the commercial banks”.
While speaking on whether the policy and the deadline set by the CBN on the new currency is feasible, the Chief Executive of Retail and Commercial Banking, North, First Bank Nigeria Plc, Shehu Aliyu said, they are guided by the guidelines put by the CBN and cannot determine anything regarding the policy.
He said “We have seen an upsurge of people coming to open accounts and deposit money into those accounts. We have been handling this as much as we can. After this hearing, we will bring details. We have been paying out new notes across the country.
Speaking, the Chairman of the committee faulted the CBN on the policy saying that it violated the CBN Establishment Act by setting up a deadline of January 31st for the old currency to cease as a legal tender.
He said, “Section 20(3) made it necessary, mandatory on the CBN not at any point to refuse to accept old notes simply because of the expiry date.
“The position of the law is that our old notes must continue under every circumstance to have value. The values of the old notes must be respected and protected by the CBN and the commercial banks.
Daily Trust
News
Tinubu jets out to France on three-day visit
Tinubu jets out to France on three-day visit
President Bola Tinubu will travel to France today (Wednesday) for a three-day state visit at the instance of the French president.
A statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, confirmed this.
It said, “The Nigerian leader’s three-day visit, which will focus on strengthening political, economic, and cultural relations and establishing more opportunities for partnership, particularly in agriculture, security, education, health, youth engagement and employment, innovation, and energy transition, promises significant benefits for Nigeria.”
Onanuga said Tinubu and Macron would harmonise positions on stimulating more interest in exchange programmes that focus on skill development for youths and improving their competencies in automation, entrepreneurship, innovation, and leadership.
“Both leaders will participate in political and diplomatic meetings highlighting shared values on finance, solid minerals, trade and investments, and communication,” he added.
“They will also witness a session by the France-Nigeria Business Council, which oversees private sector participation in economic development.”
The presidential adviser stated that the Nigerian first lady and her French counterpart would discuss solutions for empowering women, children, and the most vulnerable through the Renewed Hope initiative.
News
Yahaya Bello reports to EFCC office with lawyers
Yahaya Bello reports to EFCC office with lawyers
A former Governor of Kogi State, Yahaya Bello, on Tuesday visited the Economic and Financial Crimes Commission (EFCC) to honour another invitation extended to him over alleged misappropriation of funds.
Bello went to the anti-graft office with his lawyers in the morning.
The ex-Kogi governor reportedly drove himself to the EFCC’s office in a black Toyota Hilux van with some lawyers.
He was said to have been taken by some operatives of the agency and are currently being grilled.
This is coming after the Supreme Court judgment which dismissed a suit brought by some state governments challenging the constitutionality of the agency.
The EFCC at the last hearing on November 14, sought the adjournment till November 27 in the fresh case it instituted against Bello.
It stated that the 30-day window was still running for the summons earlier issued.
News
Just in: Ebonyi governor suspends two commissioners, Perm Sec for misconduct
Just in: Ebonyi governor suspends two commissioners, Perm Sec for misconduct
Ebonyi State Governor Francis Nwifuru has announced the immediate suspension of two commissioners with a permanent secretary among others for gross misconduct.
Those suspended are the Commissioner for Housing and Urban Development Francis Ori, and the Commissioner for Health, Moses Ekuma, with the Permanent Secretary of the Ministry of Health.
The suspension followed an incident on Saturday night, when the governor reportedly visited the Ministry of Health’s premises and was said to have found six officials diverting government materials.
Others suspended for three months are the Executive Secretaries of the State Primary Healthcare Development Agency and the Ebonyi State Health Insurance Agency
The suspension order was announced by the state Commissioner for Information, Jude Okpor, who cited alleged misconduct and dereliction of duties as the reasons for the disciplinary actions.
Okpor made the disclosure on Tuesday during a press briefing on the outcomes of the State Executive Council meeting held on Monday at the New Government House in Abakaliki, the state capital.
“Following cases of gross misconduct and dereliction of duties by some government officials and matters related thereto, the Chairman of Council directed the indefinite suspension of the Honourable Commissioner for Housing and Urban Development and three months suspension of the Honourable Commissioner for Health, respectively
“In view of the development, the Special Assistant to the Governor on Primary Health was directed to take charge of the ministry in the absence of the suspended commissioner.
Governor Nwifuru directed the suspended government officials to hand over all government properties in their possession including vehicles to the Secretary to the State Government.
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