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
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Education
Oyo Muslim Leaders Receive Saudi Delegation, Intensify Drive for Muslim College of Nursing
Oyo Muslim Leaders Receive Saudi Delegation, Intensify Drive for Muslim College of Nursing
OYO, August 1, 2026 – Muslim leaders in Oyo Kingdom on Saturday received a high-powered delegation from the Kingdom of Saudi Arabia in a visit that underscored growing collaboration in education, healthcare and Islamic development, with renewed commitment towards the establishment of a Muslim College of Nursing in Oyo.
The delegation was accorded a warm reception at a gathering attended by prominent Islamic scholars and community leaders from Oyo Land.
Among the dignitaries present were the Grand Chief Imam of Oyo Land, Fadhilatu Shaykh Imam Bilaal Husayn Akinola Akeugberu; Ash-Shaykh Sulayman Akhyar, who served as the special guest; Ash-Shaykh Mainasaro, the Ameerul Muslimeen; the Aare Musulumi of Oyo Land, Alhaji Adebayo Kamarise; the Chairman of the Muslim Community of Oyo Land; Khalifa Hasbunallah Al-Oyowiyy; and several other religious leaders and stakeholders.
The gathering focused on mobilising support for the proposed Muslim College of Nursing, an initiative aimed at expanding access to quality healthcare education while promoting excellence in professional training within the Muslim community.
In his welcome address, the Grand Chief Imam of Oyo Land, Shaykh Bilaal Husayn Akinola Akeugberu, expressed appreciation to the Saudi delegation and other distinguished guests for identifying with the vision of establishing the institution. He described the proposed college as a strategic investment in human capital development that would benefit not only Muslims but the wider society.
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Also present at the event were the Muslim Ummah of Oyo Land and Fadhilatu Shaykh Dr. Rofeeu Adisa Ballo, who joined other leaders in reaffirming their commitment to ensuring the successful establishment and growth of the proposed college.
Speakers at the event stressed the importance of strengthening educational and healthcare institutions capable of producing highly skilled professionals while nurturing moral and ethical values rooted in Islamic teachings.
Special prayers were offered for the success of the proposed institution, with participants praying that Almighty Allah bless the sponsors, donors, scholars and all individuals contributing to the realisation of the project.
The visit also featured discussions on strengthening the longstanding relationship between the Muslim community in Oyo Kingdom and the Kingdom of Saudi Arabia. Participants emphasised the need for sustained cooperation in religious, educational and humanitarian programmes aimed at advancing the welfare of the Muslim Ummah.
In a symbolic gesture that drew commendation from attendees, the Grand Chief Imam granted approval for the head of the Saudi delegation to lead the Jumu’ah prayer at the Oyo Central Mosque, Akesan.
The honour, according to participants, reflected the spirit of Islamic brotherhood, mutual respect and unity among Muslims across national boundaries.
Addressing the gathering, the Chief Imam reiterated that Islam encourages peace, dialogue and cooperation among believers, urging Muslim communities around the world to work together in promoting justice, harmony and understanding.
He said such partnerships remain essential to addressing contemporary challenges through education, religious enlightenment and community development.
Responding on behalf of the delegation, its leader expressed gratitude to the Chief Imam, traditional Muslim leadership and the people of Oyo for the warm reception accorded the visitors.
He described the opportunity to lead the Jumu’ah prayer as a great honour and reaffirmed Saudi Arabia’s commitment to strengthening religious cooperation and supporting initiatives that promote peace, unity, education and mutual understanding among Muslims.
The delegation noted that collaborations centred on education and healthcare development would contribute significantly to the growth of Muslim communities and the overall advancement of society.
The event concluded with prayers for enduring peace, stability and prosperity in Nigeria, Saudi Arabia and the global Muslim Ummah.
Participants described the visit as a landmark engagement that not only reinforced the bonds of brotherhood between Oyo Muslims and their Saudi counterparts but also provided renewed momentum for the actualisation of the Muslim College of Nursing, which they said would serve generations of students and healthcare professionals.
Oyo Muslim Leaders Receive Saudi Delegation, Intensify Drive for Muslim College of Nursing
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News
CJN orders lawyers to stop using ‘Barrister’ before their names
News
FG to phase out electricity subsidy from 2027 as power sector debts rise
FG to phase out electricity subsidy from 2027 as power sector debts rise
The Federal Government has announced plans to gradually phase out electricity subsidies from 2027 as part of efforts to address rising debts in the power sector, improve financial sustainability and strengthen electricity supply across the country.
Minister of Power Joseph Tegbe disclosed the plan during a media interactive session on Friday, saying the government would introduce the changes gradually while ensuring that Nigerians continue to have access to electricity.
Tegbe said the Federal Government had received a mandate from President Bola Tinubu to clear outstanding debts in the electricity industry and establish a sustainable system that would prevent the accumulation of new obligations.
“We have the mandate of Mr President to clear the legacy debt and come up with sustainable structures to make sure this doesn’t pile up any more,” the minister said.
He expressed confidence that the government would bring an end to the current electricity subsidy arrangement in 2027 while working to improve the quality and reliability of power supply.
“I promise you, next year, by God’s grace, we will put a stop to this so-called subsidy in the power sector,” Tegbe said.
The minister assured consumers that the planned reforms would not result in a loss of access to electricity services.
According to him, the government’s objective is to reduce the financial burden created by the subsidy system while improving the performance of the electricity sector.
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“Mr President, we will not deprive Nigeria of anything. We’ll make sure Nigerian consumers continue to have power and improve power services,” he added.
Tegbe also stated that there was no immediate plan to increase electricity tariffs, despite concerns that the proposed phase-out of subsidies could lead to higher electricity bills.
However, the minister did not provide details on the timetable for the subsidy withdrawal, the categories of consumers that may be affected or the measures that would be introduced to protect low-income and vulnerable households.
The planned reform comes amid growing concerns over the financial challenges facing Nigeria’s electricity industry.
The Federal Government previously estimated the cost of electricity subsidies at about ₦3 trillion as of February 2024, while power generation companies, known as GenCos, have continued to report significant unpaid obligations.
The Association of Power Generation Companies has said electricity generation companies are owed about ₦6.5 trillion, raising concerns about the financial health of the sector and its ability to sustain electricity generation.
The outstanding debts include unpaid invoices and other obligations linked to electricity supplied to the national grid.
To address the problem, President Tinubu recently approved a ₦4 trillion power sector debt reduction programme aimed at settling verified legacy debts and improving liquidity across the electricity value chain.
The programme is expected to support the payment of outstanding obligations owed to power generation companies and other participants in the sector.
In January 2026, the Federal Government issued an inaugural ₦501 billion bond under the Presidential Power Sector Debt Reduction Programme.
The bond was designed to help settle verified debts owed to electricity generation companies and support efforts to stabilise the sector.
On July 20, the government announced a second tranche of about ₦729 billion to settle additional verified debts owed to power generation companies.
The debt-settlement programme is expected to reduce financial pressure on electricity producers and improve their capacity to maintain operations, pay gas suppliers and invest in power infrastructure.
The proposed subsidy phase-out also aligns with recommendations by the International Monetary Fund (IMF), which has encouraged Nigeria to gradually reduce broad electricity subsidies and adopt more targeted support for households that need assistance.
Supporters of the reform argue that reducing subsidies could improve the financial viability of the electricity market, attract private investment and help power companies maintain and expand infrastructure.
However, consumer groups and businesses have raised concerns that higher electricity costs could increase financial pressure on households and raise operating expenses for companies.
The impact of the proposed reform may depend on the government’s ability to improve electricity supply, expand access to prepaid meters, reduce estimated billing and ensure that consumers receive better services.
Earlier this year, President Tinubu also directed ministries, departments and agencies to apply existing electricity laws in determining how subsidy costs should be shared among the federal, state and local governments in the 2026 budget.
The move is expected to support a more coordinated approach to electricity financing following reforms that expanded the role of state governments in electricity generation, transmission and distribution.
As the 2027 target approaches, the Federal Government is expected to provide more details on the implementation framework, consumer protection measures and the steps that will be taken to prevent the reforms from causing undue hardship.
The government will also face growing pressure to ensure that improvements in electricity generation, transmission and distribution accompany the gradual withdrawal of subsidies.
For many consumers, the success of the policy may ultimately be measured by whether it delivers more reliable electricity, fair billing, improved customer service and better value for money.
FG to phase out electricity subsidy from 2027 as power sector debts rise
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