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Naira crisis: Queues gradually disappear as bank ATMs dispense cash

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Long queues at commercial banks in Lagos have suddenly disappeared following the injection of more bank notes by the Central Bank of Nigeria (CBN) into commercial banks, the News Agency of Nigeria (NAN) report’s.

 

The apex bank had on Thursday confirmed the evacuation of bank notes from its vaults to commercial banks across the country as part of a coordinated effort to ease the circulation of the banknotes of various denominations.

 

The bank also directed all commercial banks to open for operations on Saturdays and Sundays.

 

The apex bank said that a substantial amount of money, in various denominations, had been received by the commercial banks for onward circulation to their respective customers.

 

The CBN had directed all banks to load their Automated Teller Machines (ATMs) as well as conduct physical operations in the banking halls through the weekends.

 

Meanwhile, a correspondent of NAN who monitored some of the banks in the metropolis to check compliance, reported that the long queues drastically reduced, not all bank ATMs dispensed and banks only paid customers who are account holders in their banks.

 

The banks visited along Ajao Estate Road in Oshodi –Isolo and Alimosho local government areas are Guarantee TrustHolding Company (GTCO), Keystone Bank, First City Monument Bank, Zenith Bank, Firstbank, United Bank for Africa, Globus bank, Polaris Bank and Union Bank.

 

NAN also reports that banks who paid their customers had limits to what they pay, which ranges from N5,000, N10,000 and N20,000.

 

Some banks paid N10,000 to their customers, N5,000 to non-customers and others only to bank customers.

 

An official at one of the banks which pays N20,000 to its customers, told NAN that for a customer to be paid the amount, the person must put his or her BVN down with a thumb print to ensure that they do not withdraw above the specified limit.

 

Mr Ayotunde Dayo, a transporter, who expressed joy that the long queues were gone, urged the apex bank to adequately supply banks with enough cash that could go round for everyone to access.

 

“This rationing of cash that banks are doing is not the best, when I heard that CBN had asked banks to begin to pay customers cash even on weekends, I was happy because the suffering of the people would reduce.

 

“But from the look of things, the sufferings will still continue because many banks only pay to their customers, if you are a non-customer, nothing for you.

 

“I use GTB but because I heard Zenith was paying I had to stop over to withdraw, but on getting here, I am told that I have no business being here because they only pay to their customers and it’s N5,000. This is not good,’’ he said.

 

Mrs Paulina Ikechukwu, a Secondary School Teacher, urged the apex bank to ensure enough cash was moved to commercial banks and accessible by everyone.

 

“The banks need to be faster because the masses are dying of hunger since the naira redesign came on board.

 

“The CBN should monitor the banks and ensure they comply; the typical Nigerian banks that I know would start well now and do something else in the coming days,’’ she said.

 

Mrs Balogun Shokunbi, a petty trader in Ajao Estate Market, however, blamed the scarcity of cash on Point of Sale (POS) operators, saying they connived with bank officials and security men to empty cash from Automated Teller Machines (ATMs).

 

She urged the apex bank to monitor them and ensure they did not go to the banks in the night to empty the cash in the ATMs.

 

“I sell in the market and I have friends who render POS services and they have told me how they get the money they use for their business.

 

“ One of them was even boasting of the money that she has made since the redesigned notes policy came up. I pray CBN will continue to pump in money to the banks so that we can all go back to our normal lives,’’ she said.

 

 

 

 

 

 

 

 

 

 

Credit: NAN

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I Am Not Afraid Of Sack- Super Falcons Coach

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Super Falcons head coach Justine Madugu says he is not afraid of losing his job despite mounting pressure following Nigeria’s failure to qualify for the 2027 FIFA Women’s World Cup.

 

Madugu’s future has come under intense scrutiny after the Super Falcons suffered a 2-1 defeat to South Africa in the decisive CAF play-off in Morocco.

The loss ended Nigeria’s remarkable record of qualifying for every edition of the FIFA Women’s World Cup since the tournament began in 1991.

For the first time since 1991, Nigeria will miss the Women’s World Cup.

The pressure on Madugu intensified after the Super Falcons failed to secure automatic World Cup qualification at the WAFCON.

With calls growing for the Nigeria Football Federation (NFF) to make changes to the technical setup, Madugu insists he is prepared to accept whatever decision the football authorities make.

The coach said representing Nigeria has been a privilege and that he has no fear of being relieved of his position.

“I am not afraid of being sacked. To the glory of God, I have served my country. It was a privilege that was given to me,” Madugu said.

He added, “So far, I have played almost 28 games, won 19, lost four and drawn four. But this defeat came at crucial moments that people did not expect.”

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Gumi Explains Why Funding Mass Marriages Is Government Responsibility

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Islamic cleric, Sheikh Ahmad Gumi, says it is the responsibility of the government to use public funds to support marriage arrangements in states operating under Shariah law.

In a post on his Facebook page on Thursday, Gumi argued that governments in Shariah-governed societies have a duty to address social needs arising from the prohibition of sexual relationships outside marriage.

The Islamic scholar noted that government intervention to assist people who cannot afford marriage should be viewed as part of responsible governance, especially where prostitution, fornication, adultery and promiscuity are prohibited by both religious principles and state laws.

According to him, public resources could legitimately be used to support young people in urgent need of marriage, as well as women who face limited opportunities to find suitable spouses.

“In a Shariah law-driven state, where prostitution, fornication, adultery, and promiscuity are prohibited by both divine and state laws, using public funds to facilitate the marriage of women who are in excess of the available pool of eligible men, or of any young person in dire need of marriage, is a legitimate and responsible component of good governance,” he wrote.

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Tinubu Says Democratic Regime Not Easy To Manage “Full Of Twists And Turns….”

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President Bola Tinubu decried the big task of successfully managing a democratic government, highlighting what he described as
It’s twists, turns, hills and valleys, even as the president assured Nigerians that the nation’s refineries will bounce back.

 

The President also lamented that the expected benefits from the introduction of Compressed Natural Gas (CNG) are going into the pockets of truck owners.

This came as the President of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), Comrade Salimon Akanni Oladiti, pleaded with President Tinubu to help stop the casualisation of workers in the oil industry.

Speaking when he received the NUPENG leadership at the Presidential Villa, Abuja, the President said the union has been a very good partner in government’s progress.

“You occupy a very critical nerve of the economy of this country,” he said.

He recalled the promise he made while seeking the presidency that he would remove the fuel subsidy and the threat by oil and gas workers to down tools. “We had threat of possible strike and something, and I served notice; you may strike all you want, but fuel subsidy will be gone. And today, to the benefit of our great country.”

“I will soon publish how it is being utilized,” he said, adding that workers at local, state and federal levels are reaping the benefits of subsidy removal through prompt payment of salaries, while landmark infrastructural projects are underway across the country.

“Yes, the economy is not child’s play. It’s a system of financial re-engineering and reset that you impress, and I want to thank you for the cooperation, collaboration and understanding.

“But I’m glad you have seen the effect of being able to find funding for long-term projects: Lagos–Ibadan Road, Abuja–Kaduna, Abuja–Kano, Sokoto–Badagry and other highways and road networks. It’s all for the good of our people and our economy.

“Equally, the introduction of compressed natural gas — well, I will appeal to you: we will do more and encourage you, but ask your drivers to let the benefits trickle down to commuters too, because whatever benefit is coming from CNG is going into the pockets of truck owners. It’s not spreading as fast as I would like, but it should spread.

“The refineries you mentioned are going to come back to work. We’re just building a very firm reset and structural reworking of the economics of it. Ordinary flame and smoke from a refinery doesn’t mean that it’s working until it’s profitable and yields the value for which it was built.

“I’m not a man who will look back and blame everyone, because I’ve accepted the assets and liabilities of my predecessors. No matter what happened in the past years, it’s my responsibility now as President to fix it and make it work for the greatest common good of our population. I take responsibility for that, and I’m going to do it.”

He added: “It’s not easy to manage a democratic regime, full of twists and turns, hills and valleys. But through perseverance, endurance and good determination we can bring about relief — like the joy of a newborn baby after a difficult pregnancy. Motherhood is painful, but the joy is everlasting. I promise you, you will enjoy a better Nigeria.”

Speaking earlier, NUPENG president Comrade Oladiti appealed to the President to check the casualisation of workers in the oil industry.

The NUPENG president, who described the trend as unwholesome, expressed concern that efforts to make oil companies, particularly in the upstream sector, stop the practice have been constantly rebuffed.

He said: “Your Excellency, our relationship with the international oil companies and indigenous players in the upstream sector has been very cordial. However, we want to seize this opportunity to bring to your attention an unhealthy trend we have been trying to correct with little to no success. It is the casualisation of workers, particularly in the upstream sector.

“For a sector that is strategic and taken as the economic jugular of the nation, NUPENG and its counterpart PENGASSAN have been tolerating these unwholesome practices, knowing full well the enormous disruption that any industrial action could cause to the economy.

“We also do not want to be seen as hostile to the Minister of Labour, Muhammad Maigari Dingyadi, who has been very supportive and operates an open-door policy in his relationship with our union.

“We have engaged the management of some of the affected companies without results. Mr. President, we urge you to use your good offices to stop the casualisation of workers in our sector.”

While commending the present administration for rehabilitation and dualisation of federal highways — which he noted will ease movement of petroleum trucks — Oladiti also appealed to President Tinubu to see to the resuscitation of the Nigerian Pipelines and Storage Company (NPSC) depots across the country.

He maintained that injecting life into the depots would complement the ongoing efforts to revive the ailing refineries.

He said: “We’ve seen real progress in the rehabilitation of federal highways, making journeys safer for our tanker drivers.

“We also want to commend your administration’s move to revive the Warri and Port Harcourt refineries through partnership with Chinese firms. Your Excellency, we humbly request that the same energy and drive to inject life back into the refineries be extended to the decaying Nigerian Pipelines and Storage Company depots across the country.

“We strongly recommend they be handed over to private investors to manage under an equity arrangement.”

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