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POS dealers ATM make brisk businesses in Borno and Yobe state due to scarcity of naira notes

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3 years ago

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POS dealers ATM make brisk businesses in Borno and Yobe state due to scarcity of naira notes

By: Bodunrin Kayode

Naira sale has become big business in the capital of Borno and Yobe states as Point Of Sale (POS) agents are making brisk business beyond the normal charges from customers.

Even the Automated Teller Machines ATM which are supposed to give customers their cash as at when needed have restricted them badly to just N2000 in some cases even as our findings indicate that they drive big amounts of new cash in their private cars back to the bedrooms of those big time business men and politicians for fear of loosing their accounts to willing bank managers.

For those in Damaturu, a smaller town and capital of Yobe State, the scarcity of old naira notes still persists as it does in maiduguri but our investigations indicate that residents are trying to survive the tensed atmosphere this has quagmire has created.

The scarcity of naira notes has caused very long queues in most of the major towns around the two states such that there are worries that some people may never have respite even after the deadline issued by the central bank of Nigeria.

It’s the same sing song in Potiskum where a security source name withheld told this reporter that the policy should have been implemented long ago and not just when the election is at the corner.

“imagine you implement a policy that you think will cripple the political class who horde billions of this same naira for the election. Do you think some of them step into the bank? The answer is no. These bankers drive the cash back into their bedrooms. So who is loosing now? It’s the common man who has to buy naira at exorbitant prices.”he pointed.

Investigation conducted by this reporter indicates that because most of the council areas of these two states do not have branches of banks, there is an acute scarcity of even the old naira notes in the hinterland 200 to 300km outside the city of maiduguri and Damaturu.

A source who also prefers anonymity in Gamboru Ngala told this reporter that some residents in the border town that have relatives in Cameroon have resolved to buy most of their needs in foreign cfa currency which is available in their area as the bite of the scarcity of the naira persists.

She went on “We become lucky only when the POS agents travel to maiduguri and bring cash for us. Even that, they charge us 300 naira for every new N1000 we ask them to change for us. Some take half of the money in the name of selling new notes to us.

” This is our sad plight because we do not have banks here, not even micro finance banks to benefit from the enormous border trade going on with the gradual advent of peace in the place.

A drive round maiduguri within the period under review indicates that some of the banks deliberately refused to pay the old money to some customers and even POS agents on the counter since Monday and that is after the central bank of Nigeria had given a directive that they should dispense cash to them.

Service providers stranded

A tailor who called himself Bomboy complained that since Monday he has been working yet people were not coming to take their clothes and pay up even old notes for services.

He said those who want to pay him are met with stiff agency charges such as 1,500 taken from their salaries for every 5000.

“So if her salary is just N15,000 monthly you can imagine how she will feel loosing up to 4,500 from her pay if she wants to withdraw the cash for keeps so she can use accordingly.” said Bomboy.

At kasua fara which is part of konduga council area of Borno, charges rose from N100 for each N5000 withdrawal to about N500 which is ten percent of the money one desires to withdraw.

In the second largest town of Bama, the report was not different right up to Pulka and Gwoza, lack of money was a recurring decimal.

The POS sellers alleged that even though it is illegal to buy the naira, they have no choice but to buy behind the counter from some willing banks to go and sell for the customers who can afford to pay for the excess charges.

Paralysis of commercial activities

The scarcity has badly affected the buying and selling going on within the city because of the fear of losses they will incur if they get to the POS which is the only leeway to escape the mammoth crowd at the banks.

Some residents who spoke to this reporter noted that going out to the Atm centres of some banks is a waste of time because after two hours of waiting you realize that it can only dispense between 3 and 5,000.

“what if my wife is sick and we need to buy drugs worth more than 5000? Do that is how I will be restricted because they now dish out only 5000 in some ATM centres averagely which is bad for business.

Meanwhile, in these the CBN has set up committees that have been going round the states to enforce compliance. In Borno the committee is headed by Mohammed Tumala, a director of statistics in the CBN.

He told this reporter that the CBN is really serious about monitoring the whole exercise and would stick to the deadline which is why they are on ground to ensure enforcement by commercial banks.

He Saud that Borno Yobe has been taken care of because over N8. 4 billion was distributed to Borno as at last week while over N4 billion has been disbursed to Yobe alone.

He said that his team has been to many areas of the state and have disbursed directly to POS and other organized groups in need of the new notes.

The team leader said that they have been working with security agencies. Icpc, efcc and other relevant groups supporting the implementation of the policy by the CBN.

Reaction from Kano

Another anonymous source in kano said that it was true that some people were making brisk businesses from the currency business.

“But it is to our own disadvantage because our kids are the people I am thinking of. How will their generation live their lives? The masses are suffering and things are not getting better in anyway.

” There is no scarcity in kano except that people are buying the notes and keeping them in their homes as surety for the dry day.

” A lot of people have turned the crave for new naira notes into business and that is the only time it becomes scarce. Imagine someone withdrawing a million while others do not have anything.

” The POS agents are equally not helping matters because they exploit people a lot, by selling the currency at cut throat prices.

” At least eighty percent of the currency in circulation is outside the banking system. Just 20 percent is within the system and that is not good for our economy.

“The cashless policy must succeed because we cannot continue to be a cash based society.

” That is why we are welcoming E naira because it will also make sure we are boarded from the cash system. It would be of great advantage to the country as such it should be embraced if we mean business with our economy.

Reaction from the Govt house

Except for those with verifiable constraints such as lacking supplies from the CBN, the State Governor, Professor Babagana Zulum has directed that any bank which refuses to dispense new naira notes via ATMs and banking halls should have its land revoked.

Zulum issued the directive over the weekend after visiting branches of banks to assess problems being faced by residents in trying to access new naira notes via long queues at ATMs amid acute scarcity and hopelessness.

“Any bank in Borno State that is not willing to ensure their ATMs are fully dispensing new naira notes cash to ease the suffering of our people, we will withdraw their land title immediately. We will only spare Banks with genuine constraints that are verifiable” Zulum said.

Before that declaration, Zulum expressed unhappiness when he saw hundreds of people queued at a bank’s branch, with only one out of 10 ATMs dispensing cash.

“As you can see here, only less privileged people are queued up. I didn’t see rich people here. Many people are said to been here since 3:00 am, some could not even eat anything. The new naira notes and even the old ones are not available and that is adversely affecting commercial activities in the state and people are suffering

“We just released salaries of about 5 billion naira and the banks don’t have money, some of the ATMs are not working. We don’t have any problem with the CBN policy or the withdrawal limit, they said individuals can only withdraw N20,000, but why can’t everyone have access to that N20,000?” he said.

“Yesterday I was in Gubio with a population of over 70,000 people but it was impossible to source N100,000 in the entire local government, neither of the new note nor the old notes. A ram that is worth N100,000 is now being sold for N35,000 because people are desperate for cash, and some wicked rich people are going to rural areas to exploit poor people. ” Said Zulum

The Governor urged the Central Bank of Nigeria (CBN) to ensure the availability of new notes at commercial banks for people to access their money.

“Right now in Borno State, I have visited more than ten ATMs and there’s no cash” Zulum said.

POS dealers ATM make brisk businesses in Borno and Yobe state due to scarcity of naira notes

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Military

Establishment of Army Depot in South-East Reflects FG’s Commitment to National Unity, Security and inclusiveness– COAS

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2 hours ago

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July 9, 2026

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Establishment of Army Depot in South-East Reflects FG’s Commitment to National Unity, Security and inclusiveness– COAS

By Zagazola Makama

The Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, has said that the establishment of the Depot Nigerian Army in Amasiri-Edda, in Ebonyi State is a clear demonstration of the Federal Government’s commitment to national security, inclusiveness, national integration and balanced development across the country.

Shaibu made the remarks while addressing dignitaries during activities marking the inauguration of the newly established military training institution in Abakaliki, Ebonyi State.

According to the Army Chief, the depot, which is the first primary recruit training institution of the Nigerian Army in the South-East geopolitical zone, represents a strategic investment by President Bola Ahmed Tinubu’s administration in strengthening national security and promoting equitable distribution of critical national institutions.

“The establishment of this depot reflects the Federal Government’s commitment to national security, inclusiveness, national integration and balanced development,” Shaibu said.

He described the inauguration of the facility as a landmark achievement in the ongoing transformation of the Nigerian Army under President Tinubu, noting that it would significantly enhance the Army’s capacity to train professionally competent and combat-ready soldiers.

The COAS disclosed that the first set of recruits trained at the new depot would graduate the following day, describing the event as a historic milestone not only for the institution but also for the evolution of recruit training within the Nigerian Army.

“Their graduation will not only mark the successful completion of basic military training but will also usher in a new chapter in the evolution of recruit training in the Nigerian Army,” he said.

Shaibu explained that since its establishment, the depot had steadily developed into a modern recruit training institution designed to produce disciplined, professional and capable soldiers in line with the Nigerian Army’s transformation agenda and long-term strategic vision.

He said the facility forms part of the Federal Government’s broader efforts to modernise the Armed Forces and expand military capacity to address Nigeria’s dynamic security environment.

The Army Chief expressed profound appreciation to President Tinubu for approving the establishment of the institution and providing the necessary resources for its successful implementation.

He noted that the new depot would not only improve military training capacity but also strengthen the strategic importance of the South-East within Nigeria’s security architecture.

According to him, locating the institution in Ebonyi State underscores the government’s determination to ensure that all parts of the country benefit from national development initiatives while fostering greater national cohesion.

Shaibu also commended Ebonyi State Governor Francis Nwifuru for his unwavering support towards the establishment and successful take-off of the depot.

He said the state government provided accommodation, logistics and other essential support that contributed significantly to the successful training of the pioneer batch of recruits.

“From facilitating the historic groundbreaking ceremony to providing sustained support for this institution, the governor has demonstrated remarkable patriotism and an enduring commitment to national security,” he said.

The COAS further described the Government and people of Ebonyi State, as well as the entire South-East, as indispensable partners in the establishment and growth of the institution.

He also acknowledged the contributions of traditional rulers, political leaders, religious leaders, community leaders and residents of the state for creating a peaceful and conducive environment for the depot to thrive.

Shaibu reaffirmed the Nigerian Army’s commitment to deepening its partnership with host communities and stakeholders, stressing that sustained collaboration between the military and the people remains critical to enhancing national security and maintaining lasting peace.

According to him, the state’s sustained support demonstrates a strong commitment to national security, peace and development.

The Army Chief further commended traditional rulers, community leaders, members of the State Development Committee, political and religious leaders, and other stakeholders for fostering a peaceful environment that enabled the successful establishment of the Depot.

He reaffirmed that the Nigerian Army values its partnership with the state and pledged to continue strengthening collaboration in pursuit of improved security and national development.

The COAS also paid tribute to distinguished retired senior military officers from the region for their contributions to the growth and development of the Nigerian Army.

The establishment of the Depot Nigerian Army in Ebonyi is widely regarded as one of the landmark military infrastructure projects under the Tinubu administration, aimed at expanding recruit training capacity while promoting inclusiveness, national integration and balanced development across Nigeria’s six geopolitical zones.

Establishment of Army Depot in South-East Reflects FG’s Commitment to National Unity, Security and inclusiveness– COAS

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Troops, CJTF Arrest Suspected ISWAP Informant Accused of Identifying Kidnap Targets in Borno

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2 hours ago

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July 9, 2026

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Troops, CJTF Arrest Suspected ISWAP Informant Accused of Identifying Kidnap Targets in Borno

By Zagazola Makama

Operatives of the Military Intelligence Brigade (MIB) under Sector 3 of Operation HADIN KAI, working in collaboration with the Civilian Joint Task Force (CJTF), have arrested a suspected Islamic State West Africa Province (ISWAP) informant in Monguno Local Government Area of Borno State.

Intelligence sources told Zagazola Makama that the suspect, identified as Isa Janyu, 30, was tracked and apprehended at about 7:20 p.m. on July 4 during a targeted intelligence-led operation at Kasuwan Shanu in Monguno town.

According to the sources, items recovered from the suspect included a Tecno mobile phone, a knife, a comb, a mirror, and ₦10,000 in cash.

Preliminary investigation revealed that the suspect is a native of Arianna Mai Massallachi Village in Kukawa Local Government Area and allegedly specialised in identifying wealthy residents for ISWAP elements to facilitate kidnapping operations for ransom.

The suspect is currently in the custody of the Headquarters Sector 3 Military Intelligence Brigade for further investigation and other necessary actions.

Military sources said the arrest was part of ongoing intelligence-driven operations aimed at dismantling terrorist support networks and disrupting the activities of informants providing critical information to insurgent groups in the North-East.

They added that although the general security situation across the theatre remains relatively calm, it is still unpredictable, with troops maintaining a high level of operational readiness and sustained offensive pressure against terrorist elements.

Troops, CJTF Arrest Suspected ISWAP Informant Accused of Identifying Kidnap Targets in Borno

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FG Moves to Stem Human Trafficking, Irregular Migration as Over 1,000 Nigerians Return from Crisis Routes

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18 hours ago

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July 8, 2026

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FG Moves to Stem Human Trafficking, Irregular Migration as Over 1,000 Nigerians Return from Crisis Routes

By: Michael Mike

The Federal Government on Tuesday unveiled a renewed strategy to curb irregular migration and dismantle human trafficking networks, warning that worsening economic hardship and the growing use of digital platforms by traffickers are exposing more Nigerians, particularly women and young people, to exploitation across Africa, the Middle East and Europe.

The renewed commitment came as the government and its international partners marked the fifth anniversary of the Comprehensive Protection, Reintegration and Assistance to Migrants and Communities (COMPASS) Programme, revealing that more than 1,000 stranded Nigerians have voluntarily returned from countries including Libya, Lebanon, Morocco, Mali, Egypt, India and the United Arab Emirates, while over 900 vulnerable returnees have received psychosocial care, healthcare and livelihood support to rebuild their lives.

Stakeholders warned that trafficking syndicates are becoming increasingly sophisticated, exploiting technology, poverty and unemployment to lure desperate Nigerians into dangerous migration routes where many end up trapped in forced labour, sexual exploitation and other forms of abuse.

Speaking at the anniversary event, the Chief of Mission of the International Organisation for Migration (IOM) in Nigeria, Sharon Dimanche, said migration itself was not the problem but the absence of safe and legal pathways.

She said: “Migration is not the problem. The challenge is ensuring that migration is safe, orderly and regular, while protecting the dignity of every migrant.”

Dimanche said the COMPASS Programme had significantly strengthened Nigeria’s migration governance architecture by improving policies and institutional coordination while placing the protection of migrants at the centre of migration management.

Highlighting the programme’s impact, she recounted the story of “Joy”, a Nigerian woman trafficked abroad and subjected to severe exploitation before returning home traumatised.

According to her, through IOM’s psychosocial support and reintegration programme, Joy rebuilt her life, established a fashion business and now employs several young women.

“Joy is no longer defined by what happened to her. She is defined by what she has become,” Dimanche said, describing the story as evidence that effective reintegration can transform survivors into productive members of society.

The Minister of Humanitarian Affairs and Poverty Reduction, Dr. Bernard Doro. reaffirmed the Federal Government’s commitment to protecting returning migrants, refugees, internally displaced persons and vulnerable communities.

He said the government’s “One Humanitarian, One Poverty Reduction” framework under President Bola Ahmed Tinubu’s Renewed Hope Agenda was designed to integrate humanitarian assistance with long-term poverty reduction.

“Migration, when properly managed, presents opportunities for national development. We will continue to strengthen institutions, expand livelihood opportunities and ensure that returning migrants are empowered to rebuild their lives with dignity.”

The Minister of Women Affairs and Social Development, Imaan Sulaiman-Ibrahim, who was represented at the event, by the Director and Special Adviser Administration, Mrs. Erimfolami Ola, warned that women and children continue to bear the greatest burden of irregular migration and human trafficking.

According to her representative, the ministry has worked closely with partners under the COMPASS Programme to facilitate the voluntary return of over 1,000 stranded Nigerians while strengthening institutional responses to trafficking and forced displacement.

She stressed that interventions in Edo State had demonstrated that addressing poverty and unemployment significantly reduces the factors driving irregular migration.

Representing the Minister of Youth Development, Ayodele Olawande, represented by the the Head of Youth Migration and Climate Action Resilience, pecial Adviser (Administration), Adedoyin Oyekan, said creating sustainable opportunities for young Nigerians remains one of the most effective responses to irregular migration.

The ministry pledged to deepen collaboration with IOM and development partners in expanding entrepreneurship, skills acquisition, innovation and employment programmes aimed at discouraging dangerous migration.

Also speaking, the Ambassador of the Kingdom of the Netherlands to Nigeria, Bengt van Loosdrecht, announced plans for a football-based youth initiative that would equip young Nigerians with coaching and life skills while educating communities about the dangers of irregular migration.

He said the programme would empower participants to become community ambassadors for safe migration.

According to the ambassador, “Migration is fundamentally a human issue. Through COMPASS, we are investing not only in stronger institutions but also in protecting people, supporting survivors and preventing others from falling into the hands of traffickers.”

Van Loosdrecht explained that the Netherlands established the COMPASS Programme to consolidate migration support into a coordinated framework capable of providing survivor care, mental health services, institutional strengthening and protection for vulnerable migrants.

Also addressing the gathering, the Director-General of the National Agency for the Prohibition of Trafficking in Persons (NAPTIP), Binta Bello, described the COMPASS Programme as one of Nigeria’s most strategic partnerships in the fight against human trafficking.

She said the initiative had strengthened the agency’s capacity to investigate and prosecute trafficking cases through specialised training for investigators and prosecutors while improving support for victims.

Warning that trafficking networks continue to evolve, Bello said: “Traffickers are adapting to technology, exploiting economic hardship and taking advantage of the aspirations of vulnerable young Nigerians. We must therefore strengthen partnerships among government, international organisations, civil society and communities to stay ahead of these criminal networks.”

The renewed commitment comes amid persistent concerns over the thousands of Nigerians who, in recent years, have embarked on perilous journeys across the Sahara Desert and the Mediterranean Sea in search of better economic opportunities. Many have perished, while others have been rescued from detention camps, trafficking rings and exploitative labour conditions abroad.

Stakeholders at the event agreed that while stronger law enforcement remains essential, tackling poverty, unemployment and social vulnerability is critical to addressing the root causes of irregular migration and sustaining Nigeria’s fight against human trafficking.

FG Moves to Stem Human Trafficking, Irregular Migration as Over 1,000 Nigerians Return from Crisis Routes

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