News
Naira scarcity: Long queues persist, as banks ration old notes
Bankers told Sunday PUNCH that the naira supply situation was expected to gradually improve in the days ahead as the apex bank had matched its word with action by supplying the lenders with significant volume of the previously withdrawn old naira notes.
A manager in a Tier-1 bank in Lagos told one of our correspondents on Saturday that the naira supply situation had improved tremendously compared to a month ago as the CBN had made available old N1,000, N500 and N200 notes.
He said, “The information from our head office is that the CBN gave our bank N5bn in old notes earlier this week and this has been disbursed to the branches. I can confirm to you that we have started paying each customer N20,000 over the counter and people can also withdraw the same amount from our Automated Teller Machines unlike the situation in the past when they were restricted to N10,000 on the few occasions when we had cash.
“We expect to be able to pay customers more next (this) week as we anticipate increased supply by the CBN. We have removed the N100,000 weekly withdrawal limit or N20,000 daily imposed by the apex in the wake of the naira redesign and implementation of the cashless policy and reverted to the old limits of N500,000 for individual account holders and N5m for corporate bodies.
“I am personally relieved that the CBN has now decided to obey the Supreme Court judgment and make the old notes available. The past two months were extremely difficult for us bankers as we felt the pain that our customers felt, suffered bodily harm and our facilities were attacked by frustrated customers, who could not get their money out. We are currently battling to clear the backlog of failed transactions using alternative payment channels. I think the problem arose because of the lack of capacity to handle the huge volume of such transactions.”
One of our correspondents, who visited Access Bank in the Ibafo area of Ogun State around 1.42pm on Saturday, observed a large number of customers waiting for the bank to allow them access into the banking hall and ATM gallery.
The main gate was under lock and key, while some customers were leaning on the gate.
A customer, Titilope Oyediran, said she had been at the bank since 6am with the hope of withdrawing money because she heard on radio that the banks would be working.
Oyediran said, “I have been here since 6am and the bank has yet to open. The security man just told us that money had just arrived and they would answer us but since he said that over an hour ago, nothing has happened.
“If not because I heard on radio that the banks will be open today I wouldn’t have come; but now, I will wait till they answer me.”
An official of the bank, who spoke on condition of anonymity, told Sunday PUNCH that customers would be attended to but was not sure of the time.
“They just brought in cash and they are preparing to attend to customers. I don’t know when customers will be attended to; when we are ready, we will open the gate,” he said.
At the UBA also in Ibafo, customers were attended to in the early hours of the day but were limited to a maximum of N5,000.
This was later stopped and the customers were directed to the ATM gallery, where a long queue had been formed.
A customer, who identified himself simply as Bayonle said, “What is happening is that they first paid N5,000 to us inside the bank, but they later stopped and told us to go to the ATM gallery. I collected N5,000 over the counter, but it’s not enough. I want to use the ATM, that’s why I am waiting here.”
Banking halls across various commercial banks in the Federal Capital Territory were opened on Saturday to customers in accordance with the CBN directive although some banks refused to open for business.
The apex bank had on Friday directed commercial banks to open for operation on Saturday and Sunday as part of a coordinated effort to ease the circulation of banknotes of various denominations.
The CBN also confirmed the evacuation of banknotes from its vaults to commercial banks across the country.
Checks on Saturday by our correspondents revealed that while most banking halls were opened to customers, a few others were not opened for business.
However, large crowds of customers seeking to make withdrawals formed outside some of the ATM galleries of the banks.
At the Stanbic IBTC Bank in Garki Area 11, few customers were seen making withdrawals and other enquiries.
The bank’s ATMs were dispensing a maximum of N10,000 per customer or debit card, with most of the notes comprising the old N200, N500 and N1000. However, this caused a lot of frustration among customers who were hoping to withdraw larger sums.
Similarly, at the First City Monument Bank in Area 1, only a handful of customers were seen at the ATM gallery and in the banking halls.
Our correspondents also visited Guaranty Trust Bank, Zenith Bank, Stanbic IBTC and United Bank of Africa located along the Airport Road and Kuje Road.
At GTB, customers were allowed entry by 9am and cashiers paid N30,000 in old N1,000 per customers over the counter and N40,000 from ATMs.
The UBA branch in the Federal Housing, Lugbe, was opened to customers and dispensed cash over the counter; however, a large crowd had built up.
It was also observed that ATMs belonging to Wema Bank and UBA dispensed cash to customers.
Banks in satellite towns of the FCT also opened for business on Saturday.
The News Agency of Nigeria reports that huge crowds of customers were seen at banks’ ATM galleries in the satellite communities, while customers were also seen standing in queues at the gates in order to be allowed access into the banking halls.
Banks that opened for business along the Nyanya-Mararaba Road included FCMB, UBA, Zenith Bank, First Bank, Fidelity Bank, Ecobank and Access Bank, among others.
A customer at Access Bank, Mrs Ngozi Ugoh, said although she did not know about the CBN directive, she came to get cash from the ATM and saw a large crowd trying to enter the banking hall.
”I didn’t know about the directive of opening at weekends, but I was just passing by and saw people so I entered to see if I can get some cash,” she said.
Another customer at Zenith Bank, Mr Andy Jerry, described the development as a welcome one.
He said the banks were complying with the CBN directive to work during the weekend in order for the Nigeria Labour Congress to shelve its planned strike on Wednesday.
“I think the CBN compelled banks to work at weekends so that the protest by the NLC will not hold. I like this because it will give more time for people to access cash,” he said.
“If You Have Evidence Against Stanley Mbam, Charge Him; Otherwise, Release Him” — Oganiru Izzi
A socio-cultural organisation of Izzi extraction, Oganiru Izzi, has challenged Ebonyi State Governor, Chief Francis Ogbonna Nwifuru, to either release the state’s sacked Commissioner for Works, Mr Stanley Mbam, or charge him before a competent court if the government has credible evidence of wrongdoing against him.
The group said the continued detention of the former commissioner without a formal charge raises concerns about due process, constitutional rights and the rule of law.
The leader of Oganiru Izzi, Mr Godwin Mbam, made the demand while speaking with correspondents of National Issue Newspapers at the Crack Department of the Ebonyi State Police Command in Abakaliki.
Mbam condemned what he described as the prolonged detention of Stanley Mbam without allowing a court to determine whether he had committed any offence.
He challenged the state government to produce evidence if it believes the former commissioner committed a criminal offence.
“If there is credible evidence against him, charge him to court and let the court decide. If there is no case against him, he should be released,” Mbam said.
He also appealed to the Ebonyi State Police Command to uphold the Constitution and resist any pressure that could result in unlawful detention.
Vanco Flyover: “We Will Reveal the Full Details”
Mbam also issued a three-day challenge to Governor Nwifuru, declaring that if the former commissioner was not released or charged to court, his organisation would make public what it described as the “full details” of the Vanco Flyover project.
According to him, the proposed disclosure would address issues surrounding the project, including its funding, payments, contractual arrangements and other financial details.
“We will let the world know the full details of the Vanco Flyover and how the funds were utilised,” he warned.
He further challenged the state government to demonstrate transparency by making relevant documents concerning the project available to the public.
“What About the Alleged ₦1.5 Billion Forfeiture?”
The Izzi group also questioned what it described as the selective application of the state government’s anti-corruption campaign.
Mbam referred to allegations involving an account reportedly frozen by the Economic and Financial Crimes Commission (EFCC) and an alleged ₦1.5 billion forfeiture to the Federal Government.
He questioned why, according to him, the governor had allegedly not taken similar action if the facts surrounding the matter warranted it.
Mbam stressed that he was not opposed to the fight against corruption but insisted that any anti-corruption campaign must be comprehensive, transparent and applied equally.
“If Governor Nwifuru wants to fight corruption, let him fight it holistically. Nobody should be targeted while other serious allegations are ignored,” he said.
“If Nwifuru Says He Knows Nothing, We Will Produce the Facts”
Mbam further challenged Governor Nwifuru to publicly state whether he was aware of alleged corruption issues within the Ministry of Works.
“If Nwifuru publicly claims that he is unaware of corruption in the Works Ministry, I will make public the facts available to me. The facts will shock the state,” he declared.
He insisted that the matter should not degenerate into a political vendetta, arguing that the appropriate place to determine criminal liability is a court of law.
According to him, the people of Ebonyi State deserve clear answers concerning the Vanco Flyover and other issues involving public funds.
“Everybody Should Be Subject to the Law”
The Oganiru Izzi leader maintained that the controversy should be resolved through transparency, documentary evidence and due process.
“If there is a case, charge him. If there is no case, release him. The government cannot claim to be fighting corruption while abandoning the principles of justice and the rule of law,” he said.
Mbam warned that failure to address the issues could compel the organisation to make further disclosures concerning the Vanco Flyover and other matters it considers to be in the public interest.
By Our Correspondent
As Nigeria celebrates its 66th Independence Anniversary, the candidate for the House of Representatives seat representing the Ezza South/Ikwo Federal Constituency, Hon. Chief Kevin Tobias Chukwu, has called on Nigerians to remain hopeful and committed to building a better country.
Chukwu, also known as Ochiri Ozua 1 of Amagu Ikwo, made the call in an Independence Day message to Nigerians, particularly the people of Ezza South/Ikwo Federal Constituency and Ebonyi State.
He described the anniversary as not only a moment for celebration but also an opportunity to reflect on the state of the nation and the responsibilities of leaders in building a Nigeria that meets the aspirations of its citizens.
According to him, Nigeria’s journey since independence has been marked by significant challenges, with millions of citizens currently facing economic hardship, while young people continue to search for opportunities and many communities contend with insecurity and uncertainty.
Despite these challenges, the Ebonyi politician said the resilience of Nigerians remained a source of hope for the country’s future.
“I believe in the resilience of our people. I believe in the ingenuity of our youths, the strength of our women, the wisdom of our elders and the determination of ordinary Nigerians who wake up every morning and refuse to give up on this country,” he said.
Chukwu, however, stressed that hope must be matched by responsible leadership, arguing that public office should be viewed as a responsibility rather than a privilege.
He called for leadership that prioritises the protection of lives, creation of economic opportunities, provision of infrastructure, strengthening of institutions and responsible management of national resources.
The candidate also emphasised the need to create an environment where young Nigerians can pursue successful lives within the country and where hard work, merit and enterprise are rewarded.
He said Nigeria had “come too far to surrender to hopelessness,” urging citizens and leaders alike to remain committed to the country’s progress.
“A better Nigeria is still possible, but it will require responsible leadership, accountable institutions and citizens who refuse to give up on their country,” he said.
Chukwu concluded by expressing optimism about Nigeria’s future, declaring: “Nigeria will rise. Nigeria must rise. And together, we must build the Nigeria we deserve.”
He also paid tribute to the nation’s past heroes, praying that their sacrifices would continue to inspire the country.
“May the labour of our heroes past never be in vain,” he said, as he wished Nigerians a happy 66th Independence Anniversary.
By Okey Maduforo, Awka
As Nigeria celebrates its 66th anniversary of independence from colonial rule, democracy in the country has continued to evolve and deepen, the Anambra State Chairman of the All Progressives Congress (APC), Senator Emma Anosike, has said.
Anosike made the observation in a message to mark Nigeria’s Independence anniversary, noting that despite the challenges the country had encountered since 1960, its democratic system had continued to improve under successive administrations.
According to him, since the return to democratic rule in 1999, Nigeria has witnessed relatively smooth transitions from one administration to another, while citizens have continued to exercise their fundamental rights to hold governments accountable for their performance.
“Before the return of the democratic process, it was indeed difficult and near taboo to challenge the leadership of the country, and those who may have attempted it in the past faced grave consequences.
“Similarly, we have had smooth transitions from one dispensation to another, producing five presidents through the ballot and not through the barrel of the gun. These elected presidents were produced by different political parties.”
Anosike said the administration of President Bola Ahmed Tinubu had sustained the country’s democratic principles and created an avenue for Nigerians, irrespective of tribe, race or religion, to express their views on government policies and programmes.
“Under the stewardship of President Bola Ahmed Tinubu, Nigerians have been enjoying the freedom to express themselves over issues, policies and programmes of government, and those expressions have been shaping and guiding the administration of Mr President,” he said.
The APC chairman said Nigeria’s 66th independence anniversary provided an opportunity for citizens to reflect on the country’s journey as a nation and the progress made since independence.
He said President Tinubu’s Independence Day broadcast had offered another opportunity for Nigerians to renew their hope for a greater and more prosperous country.
Anosike also commended what he described as the “enormous infrastructural development” taking place across the country under the Tinubu administration.
He urged Nigerians to continue to support and have faith in the administration as the country approaches the 2027 general elections.
An Elder Statesman, Chief Hycienth Ngwu, has called on political leaders and policies formulators to ensure governmental policies and programmes directly touch lives of the people and reduce hardship in the country.
Ngwu, who is a prominent community leader in Enugu, urged Nigerians to maintain peace within neighbourhoods and communities, as no meaningful development can take place without peace.
The statesman made the call on Thursday in Enugu while reacting to the developmental efforts of Nigeria at its 66th Independence.
He said that previous and present administrations had put in place policies and programmes to reset the socioeconomic fabric of the nation.
Ngwu said that while the removal of fuel subsidy, and unification of the foreign exchange had good intentions, their impact is yet to reflect on the lives and livelihoods of vast majority of Nigerians.
He urged leaders to ensure that public resources were properly managed while citizens remained patient with reforms aimed at improving the socioeconomic status of the country.
The elder statesman noted that at 66th independence, the country was still struggling on keeping its peace and co-existence as a country; adding that the founding leaders of Nigeria envisaged a closely united, bonded and peaceful country.
He called for return to policies that promote local production, indigenous industries and entrepreneurship, arguing that excessive dependence on imports had continued to weaken the country’s productive capacity.
According to him, we are yet to achieve economic independence even as we needed to do more on non oil revenue earns as the greater part of the world is moving towards greener and clean energy.
“Greater emphasis should be on skills acquisition, creativity and entrepreneurship education system, as academic qualifications without practical skills could leave graduates dependent on scarce white collar jobs.
“We ought to be economically productive nation capable of producing and exporting goods while developing its human capital,” he said.
Ngwu noted that current insecurity and social instability could be partly attributed to poverty and ignorance, while calling for greater honesty and trust between leaders and citizens.
“Corruption, tribalism and selfishness must be addressed if Nigeria is to achieve peace and lasting progress,” he added.
He also called for the scrapping of state electoral commissions as they have not helped in deepening democracy at that level. The National Election body should take over that responsibility.
As Nigeria marks its 66th Independence Day, Macmaduson Concepts Limited, a leading provider of HVACR,industrial parts, sensors, electrical and plumbing materials, has extended warm Independence Day greetings to its customers, clients and business partners across the country.
In a goodwill message to mark the occasion, the company expressed appreciation to its valued customers for their continuous support, trust and partnership over the years.
Macmaduson Concepts Limited, which specialises in HVACR,Industrial Materials, sensors, air-conditioners, refrigerators, cold rooms, chillers, refrigerants, electrical materials and plumbing materials, said the occasion provides an opportunity to celebrate Nigeria and reflect on the nation’s journey.
The company wished Nigeria continued growth, unity, peace and prosperity, while expressing hope for a brighter future for all Nigerians.
The message from the company reads in part:
At Macmaduson Concepts Limited, we celebrate our great nation, Nigeria, and appreciate our valued clients for their continuous support, trust and partnership. May Nigeria continue to grow in unity, peace and prosperity.”
The company concluded its Independence Day message with the theme: “One Nation, One People, A Brighter Tomorrow.”
Happy Independence Day, Nigeria!
Happy 66th Independence Anniversary from Macmaduson Concepts Limited.
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