Nigerians decry shortage of cash in Banks as CBN threatens sanction
Nigerians decry shortage of cash in Banks as CBN threatens sanction
Some small business operators and residents in the Federal Capital Territory (FCT), have decried the scarcity of Naira notes for various transactions.
They spoke to the News Agency of Nigeria (NAN) on Sunday in Abuja.
Over the past few days, bank customers had experienced difficulty trying to get cash from banks’ Automated Teller Machines (ATMs) Point of Sale (POS) agents.
This has resulted in the hike in withdrawal charges by some of the POS operators.
Mary Isaac, a POS operator in Mabushi, complained that she spent more than five hours in the bank on Friday trying to get cash.
According to her, at the end, I only got very little cash which was not adequate for business..
“For every transaction, now the charge is from N200 and above, and it will go higher this December.
” This is not our fault but the Central Bank of Nigeria (CBN) which has not put more cash in circulation,” she said.
Mr Paul Uzor, a businessman who came to withdraw cash from a PoS agent said that he was charged N500 to withdraw N10,000 .
Uzor said that the extra charge was not fair on the masses, considering the harsh economic situation.
He called on the CBN to prevail on all Deposit Money Banks (DMBs) to make enough cash available, both in the ATMs and the banking halls.
Isah Abba, a trader, said that the scarcity of cash was particularly hurting small business owners who rely on cash for their daily business transactions. .
“We can not run our business like this.
“Both businesses and customers do not have enough cash, and when we go to the POS, they also do not have cash,” he said.
He urged the CBN to address the acute scarcity of cash before the festive season sets in.
Meanwhile, the CBN has threatened to impose fines on erring banks over scarcity of cash at the ATMs.
The CBN Governor, Yemi Cardoso, said this at the annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria in Lagos at the weekend.
Cardoso said that the apex bank would be conducting spot checks across the DMBs, and would impose sanctions on underperforming banks.
He urged customers to report any difficulties in accessing cash directly to the CBN for prompt action.
“We also recognise the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians.
“To address this, we are conducting spot checks across the DMBs, and we will impose penalties on the underperforming institutions.
“Effective Dec. 1, customers are encouraged to report any difficulties withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states,” he said.
He said that guidelines would be circulated widely to raise public awareness.
He called for full regulative compliance by all stakeholders, including mobile money operators and POS agents, to promote digital transaction channels and improve service delivery.
He emphasised that financial institutions found engaging in malpractices or sabotage would face penalties.
“The CBN will continue to maintain a robust cash offering to meet the country’s needs, particularly during high demand periods such as the festive season and year-end,” Cardoso said. (NAN)
News
Two men docked for allegedly defiling underaged girl
Two men docked for allegedly defiling underaged girl
The police in Lagos on Friday, charged two men before an Ikeja Chief Magistrates’ Court for allegedly defiling an 11- year-old girl.
The defendants are: Prince Tomnyie, 40, a businessman, who resides at Agege, and Micheal Adenuga, 24, a furniture maker, who resides at Atere Street in Lekki.
They are standing trial on charges of defilement, and had each pleaded not guilty to the charges.
The prosecutor, ASP Adegoke Ademigbuji told the court that they committed the offence sometimes in December 2024, and September 2025, at Langbasa Ajah and Igbara Lekki, Lagos .
The prosecutor alleged that the victim’s father, had taken his daughter for medical check and it was discovered that the minor had been defiled.
The prosecution alleged that the victim had told her father that his friend, Tomnyie, defiled her sometimes ago.
Ademigbuji alleged that the victim also mentioned the second defendant’s name who lives in their neigbourhood.
The offence contravenes the provisons of section 137 of the Criminal Law of Lagos, 2015.
The Chief Magistrate, Mr L. A Owolabi, granted the defendants bail in the sum of of N600,000 each, with two sureties each in like sum.
He adjourned the case until March 5, for mention. (NAN)
News
Report any officer asking for money for release of suspect as Police insist bail is free
Report any officer asking for money for release of suspect as Police insist bail is free
The Police Command in the Federal Capital Territory (FCT) has insisted that bail is free, and called on the public to report any officer asking for money to release a suspect on bail.
The Police Public Relations Officer in the FCT, SP Josephine Adeh, said this in an interview with the News Agency of Nigeria (NAN) on Friday in Abuja.
Adeh spoke in reaction to public outcry that some police officers were demanding money to release suspects on bail in the territory.
She said the report of the erring officers would serve as a deterrent to others, adding that it was fraudulent to demand for money to release a suspect on bail.
Adeh blamed the yielding to such fraudulent demand on ignorance on the part of the victims who refused to stand on their rights.
“A similar case was reported where an officer demanded money to release a suspect on bail and when the matter was reported, we requested for evidence from the victim.
“The evidence was provided because the money was transferred to the officer’s account and actions are being taken on the issue.
“So, I encourage the public to take advantage of the FCT Police Complaint Response Unit (CRU) lines on 08107314192 to report such misconduct with evidence,” she said.
Adeh urged the public to always insist on their rights and refuse any form of payment to release a suspect on bail.(NAN)
News
Former President sentenced to five years in prison by Court
Former President sentenced to five years in prison by Court
South Korea’s former president Yoon Suk Yeol was on Friday sentenced to five years in prison for obstruction of justice.
The Seoul Central District Court found that the 65-year-old conservative, with the help of the presidential security service, had tried to prevent his own arrest and deleted multiple documents related to the investigation against him.
Yoon shocked the nation by imposing martial law on December 3, 2024, amid a budget dispute with the opposition, plunging the country into a political crisis.
He justified the drastic measure as necessary to protect South Korea’s democratic order and accused the left-leaning opposition of being infiltrated by communists with ties to China and North Korea, though he provided no evidence for these claims.
In a separate trial, prosecutors have sought the death penalty for Yoon on charges of incitement, with a verdict expected on February 19.
While the death penalty remains legally in force in South Korea, it has not been carried out for nearly 30 years.
Yoon’s actions previously alarmed international investors and led to withheld investments, damaging the reputation of South Korea as a political and economic model for the region.
Since last summer, South Korea has been led by President Lee Jae Myung, a left-leaning centrist and long-time political rival of Yoon. (dpa/NAN)
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