News
Naira crisis: Banks ration old notes, NLC insists on seven-day ultimatum
This came about 24 hours after the CBN Governor, Godwin Emefiele, announced that old N1,000, N500 and N200 notes remained legal tender.
But despite the CBN’s statement on Monday night, the Nigeria Labour Congress on Tuesday insisted on the seven-day ultimatum it gave the Federal Government to end the cash crunch.
The apex bank’s position came on the heels of several weeks of confusion over the legal status of the old currencies amid a series of Supreme Court judgments in a suit between some state governments and the Federal Government.
The declaration by the CBN was expected to put an end to the scarcity of old and new naira notes that had inflicted pain on Nigerians but findings Tuesday revealed that the naira crisis might not be over soon.
Investigations by our correspondents revealed that banks were rationing old notes to their customers via over-the-counter payments with a few lenders loading their Automated Teller Machines.
But findings revealed that the majority of the lenders in Lagos, Abuja, Ogun, Kwara and other states were paying only N5,000 to each customer over the counters, while a few banks paid N10,000 only.
Further findings indicated that only a few banks loaded their ATMs and most of them were disbursing only N5,000.
Top bank executives revealed that most banks were paying what was left in their vaults, having sent a major chunk of old naira deposits to the CBN several weeks ago.
Other officials said lenders were also paying customers from little fresh deposits made by their customers.
Lagos banks
Due to the naira scarcity, Wema Bank at Ilupeju, Lagos placed a limit on its ATM withdrawals from other banks’ cards and was dispensing only old naira notes.
When out man visited the branch, the bank’s customers were able to withdraw only N10,000 with Wema Bank’s cards, while other banks’ customers could withdraw only N4,000 only.
At the Access Bank branch on CMD Ikosi Road, Lagos, customers were asked to generate a code from the CBN portal before they could be allowed to deposit.
They said this was mandatory although the CBN had declared old notes legal tender.
One of the bank officials who attended to our correspondent said, “We are paying the old notes but if you want to deposit them, you must go and generate the pin from the CBN portal.”
A visit to the First Bank branch at Mazamaza along Lagos-Badagry Expressway revealed that the bank had started dispensing the old notes via over-the-counter withdrawals.
At the Union Bank branch also in Mazamaza, the situation was the same.
The branches of United Bank for Africa, Access Bank, and Fidelity Bank at Oshodi in Lagos also dispensed old notes to their customers, though they had long queues.
At the Fidelity Bank branch, one of their three Automated Teller Machines was dispensing old N1,000 notes.
A customer, who collected the old notes from the ATM, Helen Orji, expressed relief.
She said this was the first time that she was able to collect cash from an ATM.
“It’s a major relief. PoS charges are killing. I wanted to buy baby formula on Monday, so I went to collect N5,000 and was given N4,000. It wasn’t enough for what I wanted to buy. To be able to go back to normal is a relief.”
Meanwhile, when a bus conductor plying the Mile 2-Oshodi route on Tuesday attempted to refuse the old notes, his passengers revolted and started handing him old N500 and N1,000 notes. He backed down and accepted the old notes.
By Okey Maduforo Awka
The Police Service Commission (PSC) has approved the promotion of the Commissioner of Police in Anambra State, Livingstein Ikioye Orutugu, alongside 12 other Commissioners of Police, to the rank of Assistant Inspector-General of Police (AIG).
The Commission also approved the promotion of 17 Deputy Commissioners of Police (DCPs) to the substantive rank of Commissioner of Police (CP).
In addition, the PSC approved the promotion of 93 senior police officers to their next ranks following their successful performance in the recently concluded written examination and oral interview conducted at the Commission’s Corporate Headquarters in Abuja.
The approvals were granted on July 1, 2026, at the PSC Corporate Headquarters in Abuja as one of the major resolutions reached during the Commission’s plenary meeting held the previous Wednesday.
Recall that CP Orutugu was appointed Police Commissioner and posted to Anambra state from the Zone 13 Police Command more than a year ago.
The Chairman of the Commission, DIG Hashimu Salihu Argungu (Rtd.), mni, while congratulating the promoted officers, urged them to remain truthful, transparent, and accountable in the discharge of their new responsibilities.
He further advised the officers to maintain the highest level of professionalism in the course of their duties, avoid involvement in civil disputes, particularly land-related matters, and remain mindful that there is life after retirement.
“Guard your reputation and integrity. Let your actions speak for you and not against you,” he said.
A founding member of the All Progressives Congress (APC), Mr Osita Okechukwu, has commended President Bola Tinubu for retaining His Excellency Kashim Shettima as Vice President for his second term.
Okechukwu, who is the former Director-General of Voice of Nigeria (VON), gave the commendation in a statement issued on Saturday in Enugu.
The APC Chieftain also advocated for the delegation of greater responsibilities to Shettima in overseeing the nation’s economic affairs.
Okechukwu said he was delighted that after all the speculation, rigmarole and political maneuvering surrounding the issue, President Tinubu graciously retained Vice President Shettima.
“May I commend President Bola Ahmed Tinubu, GCFR, for graciously retaining His Excellency Kashim Shettima as Vice President and humbly request that more powers be delegated to him to oversee economic affairs.
“I am making this humble appeal based on the fact that the economic reforms of President Tinubu have yielded significant gains at the macroeconomic stability level.
“However, hunger and poverty remain pressing challenges, which invariably require the urgent delegation of greater economic responsibilities to the Vice President, given his background in rural development and economic management,” Okechukwu said
The APC Chieftain recalled that the International Monetary Fund (IMF), godfather of neoliberalism and leading advocate of neoliberal economic policies, noted in its 2026 Article IV Consultation on Nigeria that the country requires more inclusive growth.
He quoted IMF as saying “approximately 63 per cent of Nigerians now live below the national poverty line”.
Okechukwu stressed that while the President’s economic reforms had improved key macroeconomic indicators, greater attention must be directed toward translating those gains into tangible improvements in the living standards of ordinary Nigerians.
“Shettima’s academic background in Agricultural Economics, experience in banking, and record in public service place him in a strong position to support efforts aimed at reducing poverty, promoting rural development, and ensuring that economic growth becomes more inclusive,” he added.
A Catholic priest from Nigeria who was on a pastoral mission to the United States of America has taken his own life after the expiration of his visa and following prevailing new visa policy of the USA.
Reverend Father Benjamin Okwy Madu (Father Ben) as he was fondly called by his parishioners, aged 54, took his own life Thursday evening, July 2, 2026 after he reportedly expressed unwillingness to go back to Nigeria because he had fallen in love with the community of Cape Ann, the city of North Shore including the parishioners.
Boston Archbishop Richard G. Henning sent a message to fellow priests confirming that Father Ben took his own life.
Local law enforcement and the Essex County District Attorney’s Office investigated the scene and noted that no foul play was suspected.
“Sincerely, it is not my wish to return home right now, but circumstances beyond my control have warranted that my time in the United States come to an end,” Father Ben wrote.
“My heart is broken, yet my joy remains. I will miss the home I found away from home… I will deeply miss the seaside, where I often drive to after Mass to call my family and hear about their Sundays.” he was reported to have posted a farewell message on the parish newsletter.
Father Ben, a 54-year-old Nigerian national from the Diocese of Abakaliki, had been serving as a beloved hospital chaplain and parish priest on the North Shore of Massachusetts since 2021.
His R-1 religious worker visa was expiring, and he was ordered to return to Nigeria. Just days before his death.
The Boston Globe reported that he had expressed deep fears about what would happen to him upon returning to Nigeria, where clergy frequently face severe perils, including violence and kidnapping
The outbreak is said to have spread across several ISWAP enclaves, exposing worsening sanitary conditions and the dwindling availability of medical care within the insurgents’ camps.
Security analyst Zagazola Makama disclosed the development in a post on X, citing intelligence sources familiar with the situation.
According to the sources, two other ISWAP fighters who contracted the highly infectious disease were allegedly executed by members of the group after efforts to treat them in Kimba village proved unsuccessful.
The incident is believed to reflect the increasingly difficult conditions inside the terrorist camps, where sustained military offensives have disrupted supply routes and severely limited access to medicines, healthcare and other essential resources.
Intelligence sources said the combination of poor hygiene, inadequate medical facilities and mounting operational pressure has left many of the insurgents vulnerable to disease outbreaks.
The sources further disclosed that military commanders have been advised to intensify efforts to intercept medical supplies and pharmaceutical products suspected of being destined for terrorist hideouts. Security officials believe cutting off access to healthcare supplies could further weaken ISWAP’s ability to treat injured or sick fighters and reduce the group’s operational capacity.
While the reports have not been independently verified, the development is seen as another indication of the mounting challenges facing the insurgent group as security forces continue sustained operations across the North-East.
The development was disclosed on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
In a shared post on his verified X handle, Onanuga simply announced that the victims had been released by their abductors.
“Finally, all the kidnapped pupils and teachers in Orire, Oyo have been rescued by our security agencies,” he wrote.
As of the time of filing this report, details surrounding their release, including whether any ransom was paid or the circumstances leading to their freedom, had yet to be disclosed.
The abductions occurred on May 15, 2026, when armed men attacked three schools; Community Grammar School, Baptist Nursery and Primary School, and L.A. Primary School, in the Esiele and Yawota communities of Oriire Local Government Area.
No fewer than 39 pupils and seven teachers, including a principal, were taken during the attacks.
During the attack, a teacher, Joel Adesiyan, was killed while attempting to escape.
Another teacher, Michael Oyedokun, was beheaded in the kidnappers’ den.
The terrorists holding the victims had reportedly made a four-point demand before agreeing to free the captives, including the release of detained terrorist commanders, payment of ransom, two Hilux vehicles and the implementation of Sharia-related law.
The Oyo State Government had consistently maintained that no ransom would be paid to secure the release of any victims.
The incident had triggered weeks of public anguish, with the Nigeria Union of Teachers embarking on a month-long strike in the state to press for the victims’ rescue before suspending the action in July.
It also drew federal intervention, with military and police authorities repeatedly assuring Nigerians that operations to secure the victims’ freedom were ongoing.
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