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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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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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Borno police arrest 15-year-old over infanticide in Monguno IDP camp

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Borno police arrest 15-year-old over infanticide in Monguno IDP camp

By: Zagazola Makama

The Borno State Police Command has arrested a 15-year-old girl for allegedly dumping a newborn infant’s body in a pit toilet within the Charamari Internally Displaced Persons (IDP) Camp in Monguno.

According to a Police source on May 22, 2025, at about 9:15 a.m., it was reported that earlier the same day at around 6:00 a.m., the body of a newly born infant was found abandoned in one of the camp’s pit toilets.

The sources said that the suspect, identified as Yafalmata Alhaji Mustapha, aged 15 years, and a resident of the camp, is currently in police custody for investigation.

“Police and medical experts visited the scene where photographs were taken, and the infant’s body was evacuated to General Hospital Monguno. The medical doctor confirmed the infant dead upon arrival, and the corpse was deposited at the hospital for autopsy,”said the sources.

Following the autopsy, the body was released to the Camp Chairman of Charamari IDP Camp for burial according to Islamic rites.

Borno police arrest 15-year-old over infanticide in Monguno IDP camp

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News

Angry villagers killed two Armed robbers in Gubio, Borno

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Angry villagers killed two Armed robbers in Gubio, Borno

By: Zagazola Makama

Two armed robbers were fatally injured by angry villagers following an attack at Charimeleri Bush in Gubio Local Government Area, Borno State.

Intelligence sources told Zagazola Makama that the incident occurred occurred on May 21, 2025, at about 5:30 p.m., when two unknown armed men armed with machetes, knives, bow and arrow pursued two young boys, Abdu Ali and Abba Ali who were grazing a flock of 25 sheep in Charimeleri Bush.

The suspects stole the entire flock and fled, but the boys ran home to alert their father, Bukar Umara. Villagers quickly mobilized and followed the rustlers’ footprints, eventually intercepting them and recovering the stolen sheep.

A violent confrontation ensued during which one of the robbers stabbed a villager, Fannami Bukar, in the chest. The villagers retaliated, fatally injuring both suspects, leading to their death.

Security forces promptly visited the scene, documented the incident with photographs, and recovered exhibits including a bow and arrow, a sheath knife, and two head veils.

The two injured robbers were rushed to Gubio General Hospital where they were certified dead by the attending doctor.

The stabbed victim was taken to the Primary Health Care Centre (PHCC) Gubio for treatment and is reportedly responding well to medical care.

Angry villagers killed two Armed robbers in Gubio, Borno

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Crime

Police officer arrested over alleged Cybercrime, Fraud in Ogun

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Police officer arrested over alleged Cybercrime, Fraud in Ogun

By: Zagazola Makama

The Nigerian Police Force in Ogun has arrested one of its officers, Police Constable Idris Oloyede, over alleged involvement in conspiracy, stealing, cybercrime and other related offences.

Zagazola was reliably informed that the arrest was carried out on Wednesday by operatives of the Anti-Kidnapping Unit of the State Criminal Investigation Department (SCID), Eleweran, Abeokuta.

A police sources told Zagazola that Oloyede, who bears Force Number 537972, is attached to the patrol team at Odeda Divisional Headquarters.

According to the police sources, the arrest followed credible intelligence and investigation that linked the officer to the suspected crimes.

The Divisional Police Officer (DPO) of Odeda Division immediately released the officer for further interrogation upon the arrival of the Anti-Kidnapping Unit. The suspect has been transferred to the SCID for detailed investigation.

Police officer arrested over alleged Cybercrime, Fraud in Ogun

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