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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
News
President Tinubu: We’re Mobilising All Military Assets To Protect Nigerians, Crush Security Threats
President Tinubu: We’re Mobilising All Military Assets To Protect Nigerians, Crush Security Threats
** Procures mine-resistant vehicles, new armoured fleet for armed forces modernisation
** Charges troops on discipline, professionalism, adherence to constitutional order
By: Our Reporter
President Bola Ahmed Tinubu has restated his administration’s firm resolve to mobilise all military and law enforcement assets to crush security threats and protect the lives all citizens of Nigeria.
Accordingly, he announced the procurement of mine-resistant ambush-protected vehicles and a new armoured fleet for the military, as well as the refurbishment of over 100 Armoured Fighting Vehicles for return to active service.
President Tinubu disclosed this in Ojuelegba, Lagos State, on Monday when he declared open the Chief of Army Staff Annual Conference 2025.
Speaking at Nebo Hall, Abalti Barracks, venue of the conference, the President who was represented by his deputy, Vice President Kashim Shettima, reaffirmed that security remains a central pillar of his administration’s Renewed Hope Agenda.
“There is no nation that can achieve greatness without security. This government remains resolute in mobilising all military and law enforcement assets to eliminate security threats and protect the lives and property of all Nigerians,” he said.

The Nigerian leader noted that his administration is firmly committed to the modernisation of the Armed Forces through improved training, modern equipment and enhanced operational capacity.
He said beyond the recent induction of helicopters into Nigerian Army Aviation and the training of pilots, the government has advanced the procurement of additional Mine Resistant Ambush Protected Vehicles, Armoured Vehicles and Patrol Vehicles to boost troop protection and battlefield effectiveness.
His words: “Following the induction of helicopters into Nigerian Army Aviation and the training of pilots, we have advanced the procurement of additional Mine Resistant Ambush Protected Vehicles, Armoured Vehicles, and Patrol Vehicles.

“We have also refurbished over one hundred Armoured Fighting Vehicles, now returned to active service. These efforts reflect our clear commitment to strengthening the Nigerian Army’s operational readiness.”
He added that the Federal Government is deepening partnerships with friendly nations to promote research, innovation and indigenous defence production, with the long-term goal of achieving self-reliance in defence and security.
Commending the Nigerian Army for what he described as impressive gains in the fight against terrorism and other security challenges, President Tinubu said reports from various theatres of operation point to improved outcomes driven by professionalism, courage and effective joint operations with sister services and security agencies.
“The positive reports emerging from the various theatres of operation are encouraging and stand as testimony to your resilience and professionalism,” he said.

The President assured the military of the government’s unwavering support in fulfilling its constitutional mandate of safeguarding Nigeria’s territorial integrity, noting that security is one of the eight priority areas of his administration.
He also stressed the importance of discipline, professionalism and adherence to constitutional order, describing the apolitical posture of the Armed Forces as critical to sustaining public trust.
President Tinubu further praised the Nigerian Army’s civil-military cooperation initiatives across the country, noting that security efforts must also focus on winning hearts, restoring dignity and supporting development at the grassroots.
Paying tribute to fallen soldiers, the President said their sacrifices remain permanently etched in Nigeria’s national memory, assuring that the government will continue to support their families and improve the welfare of serving personnel in recognition of their service to the nation.

Earlier, Lagos State Governor, Babajide Sanwo-Olu, commended the Nigerian Army for its efforts in strengthening civil–military relations in the state.
He reaffirmed the commitment of the Lagos State Government to supporting the Army in the discharge of its constitutional responsibilities within the state and beyond.
In his remarks, the Minister of Defence, General Christopher Musa (rtd), confirmed the commitment of the Tinubu administration, through the Ministry of Defence, to providing continuous policy direction for the Nigerian Army.
He called on officers and commanders to remain loyal and united, stressing the need for collective support to enable the Army effectively address the country’s security challenges.
The Defence Minister also praised the officers and men currently deployed in various operations, even as he thanked Nigerians for their confidence in the Armed Forces, assuring that government would act with renewed vigour and decisiveness in tackling prevailing security threats.
In his welcome address, the Chief of Army Staff, Lieutenant General Waidi Shaibu, unveiled a range of welfare packages designed to enhance the wellbeing of officers and men of the Nigerian Army.
He explained that the welfare packages are part of deliberate efforts to boost morale and improve operational effectiveness across the Army.
The Chief of Army Staff also disclosed that President Tinubu has consistently provided the operational needs of the Nigerian Army since assuming office.

He commended the Federal Government for meeting the operational demands of the Army, urging officers, particularly commanders and personnel on special operations, to justify the confidence reposed in them.
Reviewing the Army’s achievements over the past year, General Shaibu reaffirmed the readiness of the Nigerian Army to match government’s support with decisive action against terrorism and other security threats confronting the nation.
High point of the event was unveiling of a biography of the late former Chief of Army Staff, Lieutenant General Taoreed Lagbaja, by Vice President Shettima, alongside senior military officers and other dignitaries.
The Vice President presented 15 Toyota Hilux vehicles to deserving warrant officers as part of efforts to motivate personnel and encourage excellence in service.
He also witnessed the presentation of cheques under the Nigerian Army Personnel Insurance Scheme to the families of five fallen soldiers.
The event was attended by representatives of the President of the Senate, former Defence and Army Chiefs, and traditional rulers, among others.
President Tinubu: We’re Mobilising All Military Assets To Protect Nigerians, Crush Security Threats
News
Defence Minister urges unity, actionable strategies at COAS 10th annual conference to consolidate Nigeria’s security gains
Defence Minister urges unity, actionable strategies at COAS 10th annual conference to consolidate Nigeria’s security gains
By: Zagazola Makama
The Minister of Defence, General Christopher Musa, has called for a decisive shift from discussion to action in addressing Nigeria’s complex security challenges, stressing that the country’s gains against terrorism, banditry, and other criminal networks can only be sustained through joint operations, inter-agency collaboration, and collective national effort.
Speaking at the opening ceremony of the 10th Chief of Army Staff (COAS) Annual Conference 2025 in Lagos, on Monday, General Musa described the gathering as a critical forum for assessing the operational posture, readiness, and professionalism of the Nigerian Army while aligning the service’s priorities with the nation’s strategic security objectives.
“The importance of this conference cannot be overstated,” General Musa said. “Nigeria continues to face a combination of terrorism, banditry, criminality, and other asymmetric threats that demand sustained focus, strategic clarity, and adaptive leadership. The Army, together with other security agencies and the society at large, must operate in unison to confront these threats effectively.”
The Minister highlighted that the operational capacity of terrorist groups, insurgents, and criminal networks has been significantly degraded across multiple theatres, attributing these gains to the courage and professionalism of the troops, improved planning, education, and coordinated joint operations conducted within a multi-agency framework.
“The truth of the matter is that no single service, no single individual, can achieve this alone,” he said. “Success in today’s security environment requires the whole of society working together in synergy.”
General Musa emphasized that inter-service cooperation and intelligence sharing are no longer optional but fundamental to effective national defense. He urged the Army leadership to ensure that the recommendations from the conference are implemented through concrete operational actions, stressing that strategic discussions must translate into measurable tactical outcomes.
“While we celebrate our successes, we must never lose sight of the human dimension of service,” he added, paying tribute to fallen soldiers, wounded personnel, and the families who bear the enduring cost of national service.
He commended the families of the late Lieutenant General Tariq Lagbajan and Brigadier General Oba for their sacrifices and underscored the government’s continued commitment to the welfare, medical care, and long-term support of personnel and their families.
General Musa also lauded the Chief of Army Staff, Lieutenant General Waidi Shaibu, for his professional trajectory, from battalion and brigade commands in the North East to theatre command, culminating in his appointment as the Army Chief. “Your leadership exemplifies operational excellence and a deep understanding of the challenges on the ground. The challenge before all senior commanders is to evolve new strategies to defeat the enemies of the state,” he said.
He further highlighted that security remains central to the President’s Renewed Hope Agenda and reiterated the Federal Government’s unwavering support for the Armed Forces.
According to the Defence Minister, strategic direction, policy support, and capability development provided by the Ministry of Defence will ensure that the Armed Forces remain professional, responsive, and future-ready, while reinforcing institutional accountability and operational effectiveness.
“The Nigerian Army and indeed the Armed Forces have stabilized this country and will continue to do so. We must take these security challenges as our own and contribute individually and collectively to winning this war,” General Musa stated.
The 10th COAS Annual Conference, themed “Examine the Correct Landscape of Terrorism Through the Lengths of Diplomatic and Military Action: Strategies for Long-Term Prevention and Stabilization,”brings together senior commanders, security stakeholders, and resource persons to reflect on lessons learned, examine emerging threats, and propose practical measures to enhance operational readiness and effectiveness in the year ahead.
The Defence Minister concluded by thanking Nigerians for their support and the Governor of Lagos State for hosting the conference, noting that collaborative engagement between the government, security agencies, and citizens is key to sustaining national peace, security, and stability.
Defence Minister urges unity, actionable strategies at COAS 10th annual conference to consolidate Nigeria’s security gains
News
FG pledges full support for Army modernization, welfare at COAS annual conference 2025
FG pledges full support for Army modernization, welfare at COAS annual conference 2025
By: Zagazola Makama
President Bola Ahmed Tinubu, has pledged the federal government’s unwavering support for the Nigerian Army, emphasizing modernization, operational readiness, and the welfare of personnel. The statement was made during the opening ceremony of the Chief of Army Staff (COAS) Annual Conference 2025 in Lagos on Monday.
Represented by the Vice President of the Federal Republic of Nigeria, Senator Kashim Shettima, Tinubu highlighted the critical role of the Nigerian Army in safeguarding the nation’s territorial integrity and maintaining peace amid evolving security challenges.
“There is no nation that can achieve greatness without security. The Nigerian Army has always risen to the nation’s call, and this administration remains resolute in mobilizing all military and law enforcement assets to eliminate threats and protect lives and property,” he said.
The Vice President commended the leadership of the Chief of Army Staff, Lieutenant General Waidi Shaibu and officers across all ranks for transforming the Nigerian Army into a professional, resilient, and adaptable force capable of operating decisively within joint and multi-agency frameworks.
He noted that since assuming leadership, the government had closely monitored the army’s progress in training, administration, and operations.
The conference, themed “Examining the Current Landscape of Terrorism through Diplomatic and Military Lenses: Strategy for Long-term Prevention and Stabilization”, was described as timely and critical to national security planning.
“I urge frank and constructive discussions guided by realism and experience. Lead your engagements here, produce enduring strategies that will strengthen our collective resolve to secure Nigeria today and stabilize it for generations to come,” he stated.
The Vice President reaffirmed the government’s commitment to the modernization of the armed forces, citing the induction of helicopters into the Nigerian Army Aviation, the training of pilots, procurement of additional mine-resistant ambush-protected vehicles, armored and patrol vehicles, and the refurbishment of over 100 armored fighting vehicles now returned to active service.
“These measures underscore our clear commitment to strengthening operational readiness and enhancing the army’s capacity to confront evolving threats,” he said.
In addition to operational support, Senator Shettima emphasized the welfare of personnel, noting the administration’s resolve to improve amenities and programs that reflect appreciation for the sacrifices of officers and soldiers.
“We must continue to motivate and enhance the welfare of serving personnel through improved amenities and programs that reflect our appreciation for your selfless service,” he said.
Paying tribute to past and present army leaders, the Vice President acknowledged the contributions of former Chiefs of Army Staff, retired generals, and serving commanders whose leadership shaped the army’s enduring legacy.
He also recognized the presence of members of the National Assembly, senior military personnel, and other distinguished guests attending the conference.
Concluding his address, Senator Shettima declared the COAS Annual Conference 2025 officially open on behalf of President Tinubu, reiterating the government’s firm support for the Nigerian Army’s constitutional mandate to defend the nation.
“With a deep sense of duty and unshakable faith in your professionalism, it is my singular honor and privilege to declare this conference open,” he said.
Zagazola report that the conference provides a platform for rigorous evaluation, strategic planning, and the formulation of practical, actionable solutions to reinforce national security, stabilize the nation, and secure Nigeria’s future.
FG pledges full support for Army modernization, welfare at COAS annual conference 2025
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