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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
One killed, five injured during violent clash at peace meeting in Plateau
One killed, five injured during violent clash at peace meeting in Plateau
By: Zagazola Makama
A peace meeting between local residents and Fulani community members in Pankshin Local Government Area of Plateau State turned violent on Thursday, leaving one person dead and five others injured after youths allegedly attempted to disarm soldiers deployed to maintain security during the engagement.
Security sources told Zagazola Makama that the incident occurred at about 3:00 p.m. on May 7 at Mier village, where troops of Sector 8 under Operation Enduring Peace (OPEP), deployed at Fier guard post, had organised a stakeholders’ meeting aimed at easing tensions between locals and Fulani residents in the area.
The sources said the meeting was part of ongoing confidence-building and peace restoration efforts by security forces following recent incidents of communal violence, cattle rustling, reprisal attacks, and growing mistrust between farming and pastoral communities across parts of Plateau State.

According to the sources, the meeting was progressing peacefully before a group of agitated youths reportedly became hostile and attempted to forcefully seize the rifles of two soldiers providing security at the venue.
“The situation suddenly turned violent when some youths moved aggressively toward the troops and attempted to disarm two soldiers,” a security source said.
The source added that amid the struggle and confusion, one of the soldiers discharged his weapon in self-defence to prevent the mob from overpowering the troops.
Following the incident, one local resident sustained fatal injuries and was later confirmed dead, while four other civilians and one soldier were injured during the confrontation.
The injured persons were immediately evacuated to nearby medical facilities for treatment, while the corpse of the deceased was deposited at the General Hospital morgue in Pankshin.
Security operatives subsequently reinforced the area to prevent further breakdown of law and order, while efforts were intensified to calm tensions among residents.
The four youths who attacked the soldiers were arrested.
The latest violence occurred amid heightened security concerns and recurring communal clashes across Plateau State, where troops of Operation Enduring Peace have continued to conduct patrols, peace engagements, arrests, and intelligence-driven operations to contain reprisals and attacks involving armed militias, bandits, and cattle rustlers.
Military and community leaders have repeatedly urged residents to avoid taking the law into their hands and to cooperate with security agencies to sustain peace efforts across the state.
One killed, five injured during violent clash at peace meeting in Plateau
News
ISWAP suffer losses after failed attack on Buni Gari
ISWAP suffer losses after failed attack on Buni Gari
By: Zagazola Makama
ISWAP terrorists suffered heavy losses in the early hours of Thursday after troops of Operation HADIN KAI repelled an attack on Headquarters 27 Brigade, Buni Gari, and a nearby checkpoint in Yobe State.
The terrorists had launched a coordinated assault at about 2:00 a.m. from multiple directions but were stopped by troops who held their ground and responded with superior firepower.
The Media Information Officer of the Joint Task Force North East, Operation HADIN KAI, Lt.-Col. Sani Uba, said the attackers were forced to retreat after coming under intense resistance.
He said several of the terrorists were neutralised during the encounter, while others fled with injuries.
“Exploitation of the general area confirmed the recovery of terrorist corpses and weapons in bushes and along withdrawal routes,” Uba said.
He added that traces of blood were found along escape routes, indicating that the fleeing attackers sustained significant injuries.
Uba explained that air support from the Air Component Command provided surveillance coverage during the operation, helping troops track movement of retreating fighters.
He said precision air interdiction was also carried out on confirmed fleeing elements, further increasing the losses suffered by the attackers.
Recovered items include AK-47 rifles, machine guns, RPG tubes, ammunition, magazines and other military-grade weapons used in the failed assault.
He said troops, working with hybrid forces, are continuing clearance operations in the area to prevent regrouping of the attackers.

Uba also confirmed that two soldiers died during the encounter, while wounded personnel are receiving treatment and are in stable condition.
He said Operation HADIN KAI remains committed to sustaining pressure on terrorist groups and denying them freedom of action in the North-East.
ISWAP suffer losses after failed attack on Buni Gari
News
Cuba Slams New US Sanctions as ‘Economic Warfare,’ Warns of Deepening Humanitarian Crisis
Cuba Slams New US Sanctions as ‘Economic Warfare,’ Warns of Deepening Humanitarian Crisis
By: Michael Mike
The government of Cuba has accused the United States of escalating economic warfare against the island nation following a sweeping new executive order and fresh sanctions that Havana says could worsen an already severe humanitarian and economic crisis.
In a strongly worded statement issued Thursday in Havana, Cuba’s Ministry of Foreign Affairs condemned the May 1, 2026 Executive Order signed by the White House, describing it as one of the harshest measures imposed against the communist nation in decades.
The Cuban government also denounced a subsequent decision by the United States Treasury Department on May 7 to place Cuban conglomerate Gaesa and mining company MoaNickel S.A. on the List of Specially Designated Nationals, effectively cutting them off from the American financial system and exposing foreign businesses dealing with them to possible secondary sanctions.
Havana described the move as a “ruthless act of economic aggression” aimed at tightening the long-standing United States blockade against Cuba and isolating the country from global trade and financial networks.
According to Cuban authorities, the latest measures threaten to deepen the island’s economic hardship at a time when the country is already battling chronic shortages of fuel, food, medicine and foreign exchange.
The Foreign Ministry argued that the sanctions go beyond bilateral relations between Washington and Havana by attempting to punish foreign companies, banks and governments that maintain economic ties with Cuba.
“The sovereign right of all states that have or wish to maintain economic, commercial and financial relations with Cuba is being explicitly attacked,” the statement declared.
Cuba accused senior United States officials, particularly the Secretary of State, of using intimidation and political pressure to force the international community into compliance with the blockade policy.
The statement further alleged that the new measures were intended to provoke economic collapse and social unrest within Cuba.
Havana warned that worsening economic pressure could create conditions for instability and potentially serve as justification for more aggressive actions against the island.
The Cuban government also accused Washington of attempting to manufacture a humanitarian crisis capable of triggering political upheaval.
The latest confrontation marks another sharp downturn in relations between the two Cold War-era adversaries whose ties have fluctuated between cautious engagement and hostility over the last six decades.
The United States first imposed trade restrictions on Cuba in the early 1960s following the Cuban Revolution led by Fidel Castro and the subsequent nationalisation of American-owned assets on the island. Relations deteriorated rapidly after Cuba aligned itself with the former Soviet Union during the Cold War.
In 1962, Washington formalised a broad economic embargo against Cuba, arguing that the measures were necessary to pressure Havana toward democratic reforms and respect for human rights.
Over the decades, the sanctions evolved into one of the world’s longest-running economic blockade regimes, affecting trade, banking, investment and travel.
Although there were signs of rapprochement during the administration of former President Barack Obama — including the restoration of diplomatic relations and the easing of some restrictions — many sanctions were later reinstated and expanded under subsequent administrations.
In recent years, Cuba has faced mounting economic difficulties caused by declining tourism revenues, inflation, fuel shortages and limited access to international credit markets.
The Cuban government has consistently blamed the United States embargo for worsening living conditions on the island, while Washington maintains that Havana’s centrally controlled political and economic system is primarily responsible for the country’s struggles.
The renewed sanctions are expected to intensify debates within the international community, where many countries and global organisations have repeatedly called for an end to the embargo.
For more than 30 consecutive years, the United Nations General Assembly has overwhelmingly voted in favour of resolutions urging the United States to lift its economic blockade against Cuba, describing the measures as harmful to ordinary citizens and contrary to international law.
Despite the growing pressure, both governments remain firmly entrenched in their positions, raising fears that tensions between Havana and Washington may continue to escalate in the coming months.
Cuba Slams New US Sanctions as ‘Economic Warfare,’ Warns of Deepening Humanitarian Crisis
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