Why there is Naira notes scarcity – CBN – Newstrends
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Why there is Naira notes scarcity – CBN

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Why there is Naira notes scarcity – CBN

The Central Bank of Nigeria says the seeming Naira notes scarcity in the country is caused by large volume of withdrawals of cash from various CBN branches by Deposit Money Banks.

The apex bank, which disclosed this amidst
complaints by some Nigerians about scarcity of Naira notes, said there is adequate supply of the currency.

Newstrends reports that many bank customers have raised concerns on scarcity of Naira notes at the counters, Automated Teller Machines (ATMs) Points of Sale (PoS), and Bureaux de Change (BDCs).

Some officials of Deposit Money Banks (DMBs) also claimed that the DMBs were not getting adequate supply of cash from the CBN.

But, according to a statement issued by the Corporate Communications Department of the CBN, there is no shortage of Naira notes, as there is adequate supply of the currency in the economy.

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It said that panic withdrawals by bank customers was also partly responsible for the seeming scarcity.

“The attention of the CBN has been drawn to reports of alleged scarcity of cash at banks, ATMs, PoS and BDCs in some major cities across the country.

“Our findings reveal that the seeming cash scarcity in some locations is due largely to high volume withdrawals from the CBN branches by DMBs and panic withdrawals by customers from the ATMs.

“While we note the concerns of Nigerians on the availability of cash for financial transactions, we wish to assure the public that there is sufficient stock of currency notes for economic activities in the country.

“The branches of the CBN across the country are also working to ensure the seamless circulation of cash in their respective states of operation,” it said.

The CBN advised members of the public to guard against panic withdrawals as there was sufficient stock to facilitate economic activities.

It also advised Nigerians to embrace alternative modes of payment, which would reduce pressure on using physical cash.

Why there is Naira notes scarcity – CBN

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Protest: Police combat ready, deploy 4,200 operatives to FCT strategic places

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Protest: Police combat ready, deploy 4,200 operatives to FCT strategic places

The police say they are combat ready to crush any form of violence that may result from nationwide protests planned for next Thursday August 1 by some Nigerians against hardship and bad governance.

Indeed, starting with the Federal Capital Territory, Abuja, the police said it had deployed armed operatives to strategic locations.

The FCT Minister Nyesom Wike had earlier warned the organisers of the protest that Abuja would not be available for any rally or demonstration on August 1.

But a statement by Police Public Relations Officer, SP Josephine Adeh, in Abuja on Friday, said the FCT Command had deployed a total of 4,200 police officers to curb any form of violence that might arise from the protest.

The command was reacting in anticipation of the planned nationwide protest by some human rights activists and Nigerian youths, to publicly express their displeasure over hunger and hardship.

The planned protest has since generated massive traction on social media, especially on X.

According to Adeh, the command has proactively deployed material and human resources across the nooks and crannies of the nation’s capital.

 

The deployment, he said, was aimed at ensuring public safety, protecting protesters, and preventing protests from being hijacked by non-state actors.

The police command said the action was part of visibility policing, involving deployment of explosive ordinance devices (EOD) experts, and personnel at various strategic locations, raids on identified black spots, uncompleted buildings/shanties, stop and search, vehicular and foot patrol, and synergy with sister security agencies.

The Commissioner of Police FCT, Benneth Igweh, while acknowledging the right of residents to protest, advised that it should be peaceful.

He wrote, “The CP vows to resist all forms of violent protest and lawlessness, as the police will not be stampeded into allowing the destruction of public and private properties or loss of lives.

Residents are also advised to be vigilant and take advantage of the police emergency lines, to report suspicious activities through 08032003913, 08028940883, 08061581938, 07057337653 PCB: 09022222352, and CRU: 08107314192.

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National Assembly urged to create more councils for Lagos

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National Assembly

National Assembly urged to create more councils for Lagos

National Assembly has been urged to create more local governments for Lagos State, to meet its current population, social, economic and environmental challenges.

The Red Chamber is also advised to enact laws granting the state a special status for being the country’s commercial city and economic melting pot.

Renowned socio-political activist and critic, Chief Adesunbo Onitiri, made the demands in a statement in Lagos.

The activist recalled that in 1976 when the military government created states and local governments, Lagos and Kano states had 20 councils each.

“Later, Kano State councils increased to 44, while Lagos councils remained at 20. When the Abacha government carved out Jigawa State out of Kano State, Jigawa got 27 local governments, while Kano was still having 44 councils.

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“It is an injustice for Lagos State to remain with only 20 local governments till today, despite its gigantic social, security and economic problems,” Onitiri said.

He recalled that when the then Governor of Lagos State, now Nigeria’s  President, Asiwaju Bola Ahmed Tinubu, created 37 additional councils in 1999, Chief Olusegun Obasanjo, then President, seized Lagos State federal allocations for two years.

He said Lagos State through the then Attorney-General, Prof. Yemi Osinbajo, sued the Federal Government, and the state government won the case against Federal Government at the Supreme Court.

He regretted that till now, National Assembly has not done the needful to enact a law to accommodate the 37 local governments created by Lagos State Government.

“Now that the National Assembly is making a law to create additional states for the people of Southeast, it is reasonable, fair and timely to create additional local governments for Lagos State.”

National Assembly urged to create more councils for Lagos

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FG warns LG chairs misusing FAAC funds will face jail term

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Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN)

FG warns LG chairs misusing FAAC funds will face jail term

The Federal Government has threatened jail terms for Local Government Area chairmen who tamper with Federation Accounts Allocation Committee funds.

Lateef Fagbemi (SAN), the Attorney General of the Federation and Minister of Justice, made the announcement yesterday at the Human Rights Writers Association of Nigeria’s 17th annual lecture event in Abuja.

He stated that none of the chairmen have immunity and will be imprisoned if they tamper with funds designated for the development of their areas. Fagbemi stated, “We have a situation on our hands; I know that it is still there; the conduct of elections must be done by the states.”

“But the distinction is this: don’t forget, the governors have immunity, the local government council chairmen or councillors, they have no immunity, so they have to choose between dealing with the funds of the local government as they like and risking going to jail. The choice is theirs (LG chairmen).

“If they want to tamper with these funds and end up in jail, it is their choice. If they want to write their names in letters of gold, activities like construction or road upgrades must be returned to the local government. They don’t all have to come to Abuja.

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“If they stay at the local government, we will be able to reduce the level of insecurity that we have in Nigeria today. What obtains offshore is that the security agents are able to perform optimally because of information that comes to them from members of the public and usually it is from the grassroots.”

The minister said the federal government opted to use the supreme court to achieve local government autonomy due to the challenges it will face at state assemblies, stressing that any speaker who would have supported the cause will not survive the tenure or lose his reelection.

The Minister stated that for over two decades, local government administration in the country has been in comatose with state governments not remitting funds meant for the local governments.

Fagbemi, who urged security agents in the country to stop keeping suspects in detention beyond the period allowed by the constitution, added that detention without any court order will no longer be tolerated as appropriate sanctions will be applied to those found guilty of contravening the law of the land.

On his part, the National coordinator of HURIWA, Comrade Emmanuel Onwubiko, urged the federal government to cut down on the cost of governance.

He blamed corruption for the insecurity and high unemployment rate in the country, which is responsible for impending protests in the country.

FG warns LG chairs misusing FAAC funds will face jail term

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