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POS dealers ATM make brisk businesses in Borno and Yobe state due to scarcity of naira notes
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
All Hands Must Be On Deck To Boost Nigeria’s Business Environment, Says VP Shettima
- Urges states, MDAs, others to work towards actualizing President Tinubu’s reforms at PEBEC Gala and Awards Night
By: Our Reporter
The Vice President, Senator Kashim Shettima, has implored state governments, ministries, departments and agencies (MDAs) of the federal government, the organised private sector, and other stakeholders to do more in advancing the business environment in Nigeria.
He acknowledged the successes recorded this year, describing them “as the triumph of collaboration over silos,” even as he said when the 36 states of the federation, MDAs, development partners and other critical sectors commit to working together across the board, it becomes a big win for Nigeria.
Senator Shettima gave the charge on Tuesday in Abuja during the PEBEC Gala and Awards Night organized by the Presidential Enabling Business Environment Council (PEBEC) to celebrate exceptional public service delivery, reform excellence, and collaborative efforts toward improving Nigeria’s business environment.
He said, “The end of this night does not signal the end of your pursuit of excellence because excellence is a culture, not an event. It lives only where it is nurtured. And so, in the new year, let us do even more to advance the reform agenda for Nigeria’s business environment.
“Let us build a nation where efficiency is normal, where transparency is routine, and where excellence is the governing creed of public service.”
The Vice President underscored the importance of working as a team, noting that while every organisation reflects the kind of people working within, the people cannot “achieve excellence in a vacuum.”
According to VP Shettima, excellence is cultivated – “the result of choices, of discipline, of a refusal to settle for the bare minimum,” adding that it is not something that is inherited.
He observed that it is for this reason that the Gala and Awards Night was organised “to honour the belief that public service can and must be synonymous with excellence.”
Reminding stakeholders that the ball is in their court to make a difference, the VP said, “His Excellency President Bola Ahmed Tinubu has laid the critical foundation for the reforms required to reset our economy, and the success of this depends on the awardees we celebrate tonight.
“Your dedication and excellence embody the spirit of this administration’s Renewed Hope Agenda. You represent the very best of our public sector, and your work is the foundation upon which our nation’s prosperity is built.”
Senator Shettima described the Gala and Awards Night as “a celebration of public servants across Nigeria who have refused to accept mediocrity as our national ceiling,” by working hard to actualize the ongoing reforms undertaken by the Tinubu administration.
“The Presidential Enabling Business Environment Council, PEBEC, has spent the last couple of years championing reforms that speak to the soul of our economic aspirations—reforms that make it easier to do business, that restore investor confidence, that ensure our institutions work at the speed of national ambition.
“And tonight, we salute the men and women driving this mission forward, those who have placed the national interest above their comfort zones,” he said.
Acknowledging that there had been interagency collaboration on reforms that rapidly improve the nation’s business environment, the Vice President cited the establishment of the Ports and Customs Efficiency Committee (PCEC), which he said is “already bearing significant fruit through joint inspection procedures at” the ports.
Earlier, the Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hadejia, said under the leadership of Vice President Shettima, PEBEC has continued to deliver reforms that is incrementally impacting businesses in different sectors across the country.
He, however, reminded stakeholders that the task of transforming Nigeria’s business environment is far from over, as every improvement celebrated at the 2025 awards will be the foundation upon which more lasting reform initiatives will be built.
On her part, the Director-General of PEBEC, Princess Zahrah Audu, outlined some of the achievements recorded by the agency in the past year through deliberate and result-oriented collaboration to transform operations across MDAs, noting that reform is embedded and remains a critical component of PEBEC’s service delivery.
She added that the scope of PEBEC’s achievements under the current dispensation reflects the depth of partnership established and nurtured by management with critical stakeholders across the country over the past months.
The highpoint of the occasion was the unveiling of the 2025 Business Facilitation Act (BFA) Compliance Report and the Subnational Ease of Doing Business Report, as well as the presentation of various categories of awards, including access to justice; legislative trailblazer; leadership of action and business advocacy and partnership, among others.
Also present at the event were the Deputy Governor of Benue State, Dr Sam Ode; Deputy Governor of Enugu State, Mr Ifeanyi Ossai; Chairman of NDLEA, Brig. Gen. Mohammed Buba Marwa; Executive Secretary of the Nigerian Shippers Council, Mr Pius Akutah; Executive Vice Chairman of Nigerian Communications Commission (NCC), Dr Aminu Maida; Managing Director of the Nigerian Ports Authority, Dr Abubakar Dantsoho, other heads of agencies and parastatals; members of the diplomatic corps, and captains of industry, among others.
All Hands Must Be On Deck To Boost Nigeria’s Business Environment, Says VP Shettima
PRESIDENT TINUBU NOMINATES GENERAL CHRISTOPHER MUSA AS THE NEW MINISTER OF DEFENCE
By: Our Reporter
President Bola Ahmed Tinubu has nominated General Christopher Gwabin Musa as the new Minister of Defence.
In a letter to Senate President Godswill Akpabio, President Tinubu conveyed General Musa’s nomination as the successor to Alhaji Mohammed Badaru Abubakar, who resigned on Monday.
General Musa, 58, on December 25, is a distinguished soldier who served as Chief of Defence Staff from 2023 until October 2025. He won the Colin Powell Award for Soldiering in 2012.
Born in Sokoto in 1967, General Musa received his primary and secondary education there before attending the College of Advanced Studies in Zaria. He graduated in 1986 and enrolled at the Nigerian Defence Academy the same year, earning a Bachelor of Science degree upon graduation in 1991.
General Musa was commissioned into the Nigerian Army as a Second Lieutenant in 1991 and has since had a distinguished career. His appointments include General Staff Officer 1, Training/Operations at HQ 81 Division; Commanding Officer, 73 Battalion; Assistant Director, Operational Requirements, Department of Army Policy and Plans; and Infantry Representative/Member, Training Team, HQ Nigerian Army Armour Corps.
In 2019, he served as Deputy Chief of Staff, Training/Operations, Headquarters Infantry Centre and Corps; Commander, Sector 3, Operation Lafiya Dole; and Commander, Sector 3 Multinational Joint Task Force in the Lake Chad Region.
In 2021, General Musa was appointed Theatre Commander, Operation Hadin Kai. He later became Commander of the Nigerian Army Infantry Corps before being appointed Chief of Defence Staff by President Tinubu in 2023.
In the letter to the Senate, President Tinubu expressed confidence in General Musa’s ability to lead the Ministry of Defence and further strengthen Nigeria’s security architecture.
End
Finally, DSS Arraigns Sowore on alleged Cybercrime Offences
By: Our Reporter
Judge bars him from inciting public, undermining national security
The Department of State Services (DSS) on Tuesday arraigned a politician and online publisher, Omoyele Sowore, before a Federal High Court in Abuja, for alleged cybercrimes, with the court barring him from further making statements that are detrimental to the peace and security of the country.
Justice Mohammed Umar, in a ruling, threatened to revoke the bail granted Sowore’ should he ever make such statements. The arraignment came after two previous attempts, with the politician’s lawyer introducing what the DSS lawyer, Akinolu Kehinde SAN, called legal obstacles.
On Tuesday, however, Justice Umar held that since there was evidence that Sowore was a presidential candidate in the country before and having also earlier been granted bail by the court, with his international passport still being held by the court, he was entitled to be granted bail on self-recognition.
The ruling was on a bail application argued by his lawyer, Marshall Abubakar, shortly after Sowore was arraigned on a five-count charge, in which he is accused of defaming President Bola Tinubu by referring to him as a criminal in his posts on X and Facebook.
When the charge, being prosecuted by the Department of State Services (DSS), was read to him, Sowore pleaded not guilty.
In the charge, Sowore, the presidential candidate of the African Action Congress (AAC) in the 2019 and 2023 elections, is accused of contravening the provisions of the the Cybercrimes (Prohibition, Prevention, etc) Amendment Act, 2024 and the Criminal Code Act by calling President Bola Tinubu a criminal
The two other defendants listed in the charge, marked: FHC/ABJ/CR/484/2025 are X Incorp (formerly Twitter) and Meta (Facebook) Incorp.
Details shortly.
Finally, DSS Arraigns Sowore on alleged Cybercrime Offences
All Hands Must Be On Deck To Boost Nigeria’s Business Environment, Says VP Shettima
PRESIDENT TINUBU NOMINATES GENERAL CHRISTOPHER MUSA AS THE NEW MINISTER OF DEFENCE
Finally, DSS Arraigns Sowore on alleged Cybercrime Offences
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