Connect with us

News

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

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Nigeria: MSF/Borno Govt. Vaccinates 350,000 Children Against Diphtheria in Maiduguri

Published

on

Nigeria: MSF/Borno Govt. Vaccinates 350,000 Children Against Diphtheria in Maiduguri

By: Our Reporter

The humanitarian medical organization Médecins Sans Frontières (MSF) and the Borno State Ministry of Health have successfully completed a vaccination campaign against diphtheria targeting children up to 14 years old in Maiduguri Metropolitan Council (MMC), Borno State, northeast Nigeria.

The campaign began with a first round from 9 to 15 February 2026, which reached 490,000 children, far exceeding the initial target of 387,000. A second round was conducted from 9 to 15 April 2026, targeting 360,000 children reached during the first round to strengthen immunity. Despite the high number of children reached, limited vaccine availability constrained the scale of response.

Nigeria is grappling with one of its most severe diphtheria epidemics in history, with the National Centre for Disease Control (NCDC) reporting 65,759 suspected cases and 2,229 deaths as of 22 March 2026 since May 2022 and officially declaring an outbreak in 2023. In Borno State, one of the most affected areas, MSF has treated more than 7,400 suspected cases since 2023, with 4,200 treated in the past year alone. Furthermore, MSF is treating thousands of people suspected or confirmed to have diphtheria across the country, in close collaboration with state Ministries of Health, and currently supports activities in Bauchi, Borno, Kano, and Sokoto states.

Diphtheria is an acute infectious disease that spreads primarily through respiratory droplets or contact with infected wounds. Symptoms include a sore throat, fever, swollen lymph nodes, and a thick grey membrane in the throat that can obstruct breathing. In severe cases, the bacterial toxin can damage the heart, nerves, and kidneys, potentially leading to complications such as paralysis. For unvaccinated persons without proper treatment, diphtheria can be fatal in around 30% of cases, with young children at higher risk of dying.

MSF supported the Borno State Ministry of Health to run the vaccination campaign, providing comprehensive logistical support including vaccine storage, transportation, and remuneration for vaccination teams; health promotion and awareness activities; and program supervision. The Ministry of Health provided the vaccines used in the campaign. This collaborative effort ensured high coverage, with communities responding enthusiastically to outreach efforts across both rounds.

“This vaccination will help to significantly boost immunity levels of children below 14 years old in Maiduguri, the area responsible for most of the diphtheria cases we saw in our treatment center. This proactive step is essential to controlling and preventing the disease,” said MSF emergency coordinator for the project, Nao Muramoto.

In addition, MSF supported the diphtheria treatment unit (DTU) at Maiduguri Teaching and Training Hospital in collaboration with the Ministry of Health. The DTU saw a surge in suspected cases during the campaign, reflecting heightened awareness and improved referrals by community health workers during the vaccination efforts.

“Sustained routine immunization against diphtheria, improved access in volatile areas, and tackling vaccine hesitancy remain essential to prevent future surges of vaccine-preventable diseases like diphtheria. “Access to more vaccines is needed, as efforts to reach the children of Borno State should remain a priority to avoid further contaminations, to cut the transmissions, and to save lives,” concludes Nao Muramoto.

Beyond its support to diphtheria treatment and vaccination, MSF also supports the Comprehensive Emergency Obstetric and Newborn Care (CEmONC) in Maiduguri, a 60-bed referral maternity and obstetric emergencies hospital with an intensive care unit (ICU) and neonatal ICU, and the Shuwari Primary Healthcare Centre and the Nilefa Kiji nutrition hospital, where our teams treat children under five suffering from severe and moderate acute malnutrition with medical complications.

Nigeria: MSF/Borno Govt. Vaccinates 350,000 Children Against Diphtheria in Maiduguri

Continue Reading

News

Fiscal Storm: ActionAid Slams ₦34trn Revenue Deductions, Calls for Transparency

Published

on

Fiscal Storm: ActionAid Slams ₦34trn Revenue Deductions, Calls for Transparency

By: Michael Mike

ActionAid Nigeria has called for an urgent forensic audit of Nigeria’s revenue management system following revelations that more than ₦34 trillion was deducted from federal earnings before allocation to the three tiers of government.

The organisation said the scale of the deductions—accounting for over 40 per cent of federal revenue in recent years—points to systemic weaknesses in public financial management and poses a serious threat to fiscal stability and development financing.

In a statement issued on Thursday, ActionAid said findings by the World Bank confirmed that a significant portion of government income is being absorbed through pre-distribution charges, including cost-of-collection frameworks and agency remittances, with limited transparency on their composition and utilisation.

“These findings reinforce long-standing concerns about Nigeria’s widening fiscal constraints and rising debt burden,” the group said. “The persistence of large-scale revenue leakages represents both a governance failure and a missed opportunity to strengthen fiscal stability.”

According to the organisation, the deductions—estimated at more than ₦34 trillion—have continued to rise alongside government revenues, leaving federal, state, and local governments with significantly reduced resources to fund public services.

ActionAid warned that the trend is worsening Nigeria’s reliance on borrowing, citing projections by the International Monetary Fund that the country’s debt-to-GDP ratio could climb to 33.1 per cent by 2027.

“The widening gap between gross revenue and distributable income is constraining development financing and increasing dependence on debt,” the statement added.

The group expressed particular concern over what it described as “opaque and fragmented” revenue channels, noting that substantial portions of national income pass through multiple layers before reaching the Federation Account.

It said the lack of public disclosure around these deductions—including their justification, structure, and end-use—raises critical accountability questions.

“There is limited transparency on how these funds are managed,” the organisation stated. “This opacity weakens fiscal oversight and undermines public trust in governance.”

ActionAid also pointed to broader implications for national development, warning that reduced public revenue is limiting government capacity to invest in essential sectors such as healthcare, education, security, and social protection.

The Country Director of ActionAid Nigeria, Andrew Mamedu, said the consequences are already being felt by millions of Nigerians.

“For citizens grappling with rising inflation, declining purchasing power, and economic hardship, the continued reduction in available public resources means fewer investments in essential services,” he said.

He added that weakening fiscal capacity is also exacerbating insecurity, as economic pressures fuel crime, displacement, and social instability.

“At a time when livelihoods are becoming more fragile, the erosion of public revenue further limits the government’s ability to respond effectively to these challenges,” Mamedu said.

The organisation further criticised the lack of transparency surrounding major public expenditures, citing concerns over projects such as the Nigeria Revenue Service building, where cost details and procurement processes have not been publicly disclosed.

“Citizens have a right to know how public funds are utilised,” the group said, stressing that accountability must extend beyond revenue collection to expenditure.

ActionAid warned that without urgent reforms, Nigeria risks entrenching a system where public resources are consistently depleted before they can deliver meaningful impact.

“The continued expansion of unchecked deductions poses a direct threat to equitable development, fiscal stability, and public trust,” it said.

To address the issue, the organisation called on the Federal Government to undertake a comprehensive and transparent review of all revenue deduction frameworks, with a view to ensuring accountability and efficiency.

It also demanded the immediate publication of detailed breakdowns of all deductions, strengthened independent oversight of revenue-generating agencies, and reforms to eliminate systemic leakages.

In addition, ActionAid urged the National Assembly to intensify its oversight role through public hearings and scrutiny of deduction structures, while calling on state governments, civil society, and the media to increase pressure for transparency.

“An independent forensic audit of all deduction mechanisms is critical to restoring public confidence,” the organisation said.

ActionAid added that Nigeria’s development trajectory depends not only on revenue generation but on how effectively public resources are managed and deployed.

“This is not just a fiscal issue; it is a matter of justice,” Mamedu said. “Every naira that fails to reach essential services denies Nigerians access to healthcare, education, and dignity.”

Fiscal Storm: ActionAid Slams ₦34trn Revenue Deductions, Calls for Transparency

Continue Reading

News

Troops rescue two kidnapped victims in Benue

Published

on

Troops rescue two kidnapped victims in Benue

By: Zagazola Makama

Troops of Sector 1 under Operation Whirl Stroke (OPWS) have rescued two kidnapped victims in Ukum Local Government Area of Benue State.

Security sources said the incident occurred at about 3:50 a.m. on April 15 when troops deployed at Kyado responded to a distress call on kidnapping activities in the area.

According to the sources, the troops swiftly moved to the scene, prompting the kidnappers to abandon their victims and flee.

The sources added that the troops successfully rescued the two victims and reunited them with their families.

Security operations have been intensified in the area to track down the fleeing suspects and prevent further incidents.

Troops rescue two kidnapped victims in Benue

Continue Reading

Trending

Verified by MonsterInsights