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Nigerians groan as shortage of Naira cash in Banks persist accros the Country

As the holiday season approaches, complaints are mounting from both bank customers and Point of Sale (POS) operators across several states, who are grappling with an ongoing cash shortage.

The issue, which has persisted for over a week in several regions, has left many struggling to access the physical currency they need for increased spending during the yuletide shopping season.

The states most affected by the cash squeeze include Bauchi, Borno, Kaduna, Kano, Kebbi, Taraba, and various satellite towns of the Federal Capital Territory (FCT).

Residents in these areas are finding it increasingly difficult to withdraw cash, prompting concerns over how they will meet rising demands for goods and services.

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According to recent data from the Central Bank of Nigeria (CBN), the total currency in circulation has reached an impressive N4.14 trillion as of August 2024.

However, a staggering N3.87 trillion of this amount is currently held outside the formal banking system, with 93.34% of the nation’s currency in the hands of individuals and businesses.

Only a small fraction 6.66% remains within banks.

This persistent gap between currency outside the banking sector and the total money supply highlights a continuing reliance on cash, particularly in northern Nigeria, despite the increasing adoption of digital banking solutions.

For many, cash remains the preferred method of transaction, particularly in rural areas where banking infrastructure may be lacking.

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In addition, the CBN’s report shows a dramatic increase in currency in circulation, rising by N1.48 trillion or 55.8% year-on-year from N2.66 trillion in August 2023.

This sharp rise in the money supply underscores the growing demand for cash, even as the country grapples with the challenges of ensuring enough physical notes are available to meet the needs of consumers and businesses alike.

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Tinubu decided not to make me Minister – El-Rufai reveals private discussion with the President

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Tinubu decided not to make me Minister – El-Rufai reveals private discussion with the President

A former governor of Kaduna State, Mallam El-Rufai, has claimed that President Bola Tinubu did not want him in his cabinet.

According to him, the National Assembly did not reject him because of a security report from the Department of State Services, DSS.

Speaking on Arise TV on Monday night, El-Rufai said, “Forget what you read. The National Assembly did not reject me. President Bola Tinubu changed his mind about working with me.

“The security thing was a good excuse they used.

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“Since then, has anyone released that report telling us the security issue?

“Look, I was minister 20 years ago. I don’t need to be in politics. I have a private life.

“Tinubu appealed to me and begged me. He threw me a challenge that no president has sorted out electricity problems. He said you and I can do it. it was the challenge that made me accept it.

“I had the opportunity to serve my country. The person that gave me took it back and that is not a problem.”

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Housing Minister threatens to decamp from APC over Leadership issue

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Housing Minister threatens to decamp from APC over Leadership issue

The Minister of Housing and Urban Development, Yusuf Abdullahi Ata, says he will resign if the current APC state chairman, Abdullahi Abbas, is re-elected.

Ata made this statement at a press conference in Kano on Monday. He reaffirmed his position, stating he would resign from both his ministerial role and the party.

He said, “This is my position to this day. We oppose the reinstatement of the current APC leadership in Kano, given what happened in the last election.

“We will not accept this situation again. If the leadership remains, I will resign from my ministerial post and leave APC.

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Ata emphasised his strong moral values and respect for elders, noting, “We will not compromise our values.”

He expressed concerns over the party leadership’s statements, which he believed contributed to the party’s failure in 2023.

“We must engage individuals of integrity to gain the trust of Kano citizens,” Ata stressed.

He said, “Votes and money do not grant power; only God bestows authority.”

Ata urged politicians from all parties to promote peace, respect each other, and follow the rules. (NAN)

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Tinubu seeks security agencies’ synergy for effective crime-fighting at Senior Police Officers’ Conference

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Tinubu seeks security agencies’ synergy for effective crime-fighting at Senior Police Officers’ Conference

President Bola Tinubu has sought more synergy among security agencies in the country to combat crimes more effectively.

Tinubu, represented by Vice President Kashim Shettima, said this at the opening ceremony of the 2025 Conference and Retreat for Senior Police Officers, held in Abeokuta on Monday.

The News Agency of Nigeria (NAN) reports the programme is themed “Improving Nigeria’s Internal Security and Economic Prosperity Through Inclusive Policing”.

The president noted that synergy among all security agencies remained vital to eliminating banditry, kidnapping, armed robbery, and other forms of criminality.

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He stated that internal security was fundamental to creating an environment where businesses and investment flourish.

He added that his administration had prioritised security agencies under operational capability, ensuring they were well-equipped to confront emergencies and effectively combat crime.

The president stressed that the conference’s theme aligned seamlessly with his administration’s core objectives.

“We are committed to fostering economic growth by leveraging the vast potentials of our human and natural resources.

“However, this vision is unattainable without a stable internal security landscape from states under collaboration.

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“I reaffirmed our administration’s commitment to enhancing the institutional capacity of the Nigeria Police Force (NPF), ensuring it is more effective and well-positioned to fulfill its constitutional mandates,” he said.

Tinubu noted that the present administration was working to bridge existing security infrastructure and equipment gaps through comprehensive and sustainable programmes.

“The programmes include renovating police barracks, including mobility and upgrading essential combats and protective gears.

“These ongoing efforts, complemented by efforts of state governments, will certainly inspire confidence and reposition the Nigeria Police Force,” he said.

The president mentioned the implementation of the new minimum wage among many others as steps taken to enhance the welfare of Nigerian workers, including police personnel.

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“We will continue to collaborate with police leadership to provide financial incentives to motivate officers and all security personnel to perform at their highest level,” he said.

Tinubu explained that his administration remained committed to supporting NPF in meeting up with its crucial role of keeping Nigeria safe and united.

In his remarks, the Inspector-General of Police (I-G), Kayode Egbetokun, noted the gathering served as a crucial platform for assessing the police administrative and operational strategies.

Egbetokun explained that it was also an avenue to exchange insights and realign policing objectives with the nation’s evolving global security landscape.

“Building on the successes of previous conferences, we have undertaken major reforms in investigative procedures, prioritising forensic analysis, digital case management, and improved judicial collaboration.

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“The reorganisation of the Force Criminal Investigation Department (FCID) and other specialised units has been a priority, ensuring that our detectives operate in line with globally accepted best practices.

“Moving forward, all commands and formations have been mandated to implement a comprehensive action plan aimed at reducing crime rates by 50 per cent in 2025,” he said.

Gov. Dapo Abiodun of Ogun commended the leadership of NPF for its commitment to protecting the lives and property of Nigerians.

Abiodun reaffirmed that his administration would continue to assist all security agencies in safeguarding a peaceful state. (NAN)

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