Connect with us

News

Banks run out of old, new naira notes to pay customers as cash scarcity continues

Published

on

 

Despite the announcement by the Central Bank of Nigeria, CBN, that the old naira notes would remain legal tenders till December 31, 2023, many banks have ran out of both the old and new naira notes, dashing Nigerians’ hopes that the cash scarcity will ease soon.

Many Nigerians heaved a sigh of relief when the CBN announced on Monday that the old N1000, N500 and N200 banknotes would remain legal tender in compliance with the Supreme Court judgment.

But many bank branches remained shut across the country; those that had cash rationed it.

Across Nigeria, the story is the same as it was learnt that the CBN was yet to supply the old notes to the banks.

In many branches, crowds gathered in banking halls and at the Automated Teller Machines (ATMs).

In Jos, the Plateau State capital, customers were told there was no money.

An official, who pleaded not to be named, told our correspondent that the branch had no money to dispense.

He said: “The truth is there is no cash. The banks are interested in doing business, but CBN is yet to release cash to us.

“I have sympathy with our customers who are left stranded, but the truth is, there is nothing we can do about it. We don’t have the cash.”

In Imo, none of the ATMs our correspondent visited dispensed cash.

Some residents got to the bank before 6 am only to be told there was no money.

“We were told to return tomorrow (today) after they paid a few customers the old naira notes,” a resident, simply identified as Meshack, said.

In Lagos, banks set up canopies so customers could sit and wait.

In many of the branches in Ibeju-Lekki, Victoria Island and Ikoyi, many customers queued for hours to withdraw cash.

READ  JUST IN: IMF advises CBN to extend Feb 10 deadline for old naira notes

Mrs. Nkiru Onyema said she spent over three hours before she was paid N20,000 across the counter.

Another customer, Stephen Abiodun, said he came early, but was yet to be attended to an hour later.

The limit policy meant that each customer could not withdraw more than N20,000 daily.

Many banks within the Ajah axis of Lagos had no cash. Their ATMs were not working.

In many of the branches visited, only few ATMs were operational.

It was a similar tale across the country.

Customers were crowded in most banks in Calabar, the Cross River State capital.

Branches that had cash paid only N20,000 to each customer.

Banks are also not getting regular deposits, even of old notes.

A worker said customers would rather sell the new notes than deposit them.

In Anambra, few ATMs dispensed old notes, with frustrated residents struggling to get cash.

A university don, Prof. Dennis Aribodo, said: “The pain and hardship Nigerians go through to access their money is too much!

“Is it the man-hour lost, the insults, the crowd, the psychological trauma?

“The government is meant to make things easy for the people but this is not the case with the outgoing government.”

Residents of Benin and its environs in Edo State lamented the rationing of cash by banks.

Many ATMs were not loaded with either old or new naira notes, but banks were accepting old note deposits.

In Ibadan, the Oyo State capital, some customers were shut out of the banking halls due to a lack of space.

Some were fortunate to be paid N20,000.

An official at Access Bank in Bodija said: “The maximum a customer can withdraw is N20,000 so that the available cash can reach everyone.”

The cash scarcity also persisted in Ogun State, with the few that had money paying only N10,000.

READ  Unbelievable AGF: Malami compares Southern gov’s open grazing ban to north prohibiting spare parts trading

Many ATMs did not dispense cash, but at the popular Kuto market, Abeokuta, traders and transporters were happy that the notes had returned as legal tenders.

In Port Harcourt, the Rivers State capital, banks paid only N20,000 to each customer. None of the ATMs visited by our correspondent was dispensing cash.

Bank Customers Association of Nigeria (BCAN) President, Dr. Uju Ogubunka, said it would be difficult for the CBN to attend to banks’ cash requests at once.

The former Registrar of the Chartered Institute of Bankers of Nigeria (CIBN) said: “Many banks requested cash immediately after the CBN announced that the old naira notes remained legal tender.

“I believe it will be on a first come first served basis. Not all the banks will have their cash needs met at once,” he said.

According to him, it could take some time before the cash will reach all the banks’ branches and tackle the current cash scarcity.

An industry source said: “Only branches with leftover cash are paying customers.

“Those expecting cash from the headquarters are not paying customers until they get cash supply.”

Old notes rejected

Some traders in various markets in the satellite towns of the FCT were sceptical about collecting the old notes.

Some at Karu, Nyanya, and Mararaba Markets said they would not accept the notes until further notice.

Mrs Beatrice Ibe, a tomatoes dealer at Nyanya Market, told the News Agency of Nigeria (NAN): “I am scared of collecting the old notes because it will be rejected by the people I buy my goods from.”

A trader at the Mararaba Market, Mr Alphonsus Iguru, said he had old notes but was unable to spend them.

Another trader at Nyanya Market, Mrs Philomena Joseph, said she was hearing about the directive for the first time.

READ  Former Nigerian leader, Abdulsalami Abubakar throws light into how MKO Abiola died

In Enugu, businesses were still reluctant to accept the old notes.

Customers refused to queue at ATM galleries where the old notes were being dispensed.

While a few petrol stations accepted the old notes, many traders and motorists reject them.

A Point of Sale operator, Pauline Ngene, told our correspondent that the old notes she collected from the bank were rejected by her customers.

In Ebonyi, the state government warned residents and businesses against rejecting the old notes.

Commissioner for Finance and Economic Development, Orlando Nweze, said in a statement: “Take notice that the CBN has announced that the old N200, N500 and N1,000 remain acceptable legal tenders till 31 December 2023”

“Any person or institution, banks inclusive, found refusing to comply with this directive should be reported.”

There was a mild drama in Minna, the Niger State capital when a resident’s car was seized at Mobil Filling because he wanted to pay with old naira notes.

Efosa Osayande said he was paid N10,000 old notes at a bank.

“After buying the fuel, I tried to pay with the money but they rejected it.

“They stopped me from leaving, saying I would not go until I paid them,” he said.

Osayande was delayed for two hours until the station manager intervened and asked the attendants to accept the old notes.

Banks in Minna, Bida and Kontagora paid the old notes, but most rejected them when sought to be deposited.

None of the ATMs across Minna metropolis dispensed cash, while only N10,000 was paid over the counter by the few branches that had cash.

A Jos resident, Mazi Uchendu, could not deposit his old notes at a First Bank branch.

He said: “I went to deposit cash and they told me to generate some code. I got angry and left.”

News

Kaduna Gov Sani offers free education to rescued Kuriga students

Published

on

By

 

Governor Uba Sani of Kaduna State has offered free education to the rescued Kuriga school students under his foundation. 

 

The governor also promised to rebuild the LEA primary and government secondary school in Kuriga, in addition to providing other basic infrastructure in the community.

 

Addressing the children at the state house before their departure to Kuriga on Thursday, Governor Sani assured them that the kidnapping incident, would not in any way affect their education, stating that adequate security has been provided to the Kuriga community, to ensure that the residents go about their daily lives without fear.

 

He also announced an N10m donation to the family of the head teacher, Abubakar Isah who died in captivity, as well as offered scholarships to his children up to university level.

 

“Yesterday, the parents came here, met the children and everyone was happy. I would like to give credit to the children who have since been handed over to the Kaduna State government. They were very patient with us. They also understand the situation they found themselves in. When they came back, we realised that some of their situations were serious mentally. That was why we decided to engage the services of psychologists, and they went through a lot of sessions with doctors and nurses, counselling and therapy. I am happy that all the children here are extremely happy and in high spirits.

READ  16 missing as boat capsizes in Lagos

 

“When we met two days ago, they told me they did not want to go back home, and that they wanted to stay with me for the next two weeks. But I told them it was not possible, and that they had to go home. Their parents are missing them after about 17 days since they last saw them.

 

“They will go home by the grace of God today. And I want to say here today, that all the 137, like I promised them; will be my students by the grace of God. I have already directed the Uba Sani Foundation which has been in existence for the past 16 years delivering free education and healthcare, to look after them.

 

“I have also directed, that a lot of renovation be put in place in the community and the schools because to me, Kuriga community is one of the most peaceful communities in Kaduna State.

READ  JUST IN: Ortom votes for Obi, dumps Atiku

 

“All the children are back safely, but we lost only one teacher, and may his soul rest in peace. Mallam Abubakar was a good man, and his children have missed him. We all miss him. He was one of the most resourceful teachers in the school, but we lost him.

 

“The Kaduna State government will be supporting the children of Mallam Abubakar through school. We will also be supporting the family with N10m because of what they went through. Mallam Abubakar died due to some medical conditions he had. May his would rest in peace,” he said.

 

The fresh move comes after the governor was said to have allegedly employed the services of a private negotiator, a move which had led to the release of the students from captivity.

 

The news of the children’s release met with further questioning from the public, who demanded an explanation of how the governor was able to secure their freedom.

 

However, while speaking on Channel Television’s Sunday Politics, the governor argued that it was irrelevant whether or not a ransom was paid to free the abducted Kuriga students.

READ  Nigerian Olumide Ayotunde jailed for fraud in US, ordered to pay over $1m restitution

 

According to him, what was important was the fact that the government had been able to rescue all of them unhurt.

 

He said: “What is more important today is that our children are back home. Most of those permutations are not necessary. If your child is kidnapped, will you be sitting down and talking about how he was released?

“For me, what is more important is that those children are back home. Their parents are extremely happy and what is important to them is to reunite with their children.

 

“But some people who have no business with the situation are the ones coming out with some irresponsible permutations about whether ransom is being paid, whether someone had gone into the kinetic or non-kinetic approach. What is important to us in Kaduna is that the children are back home.”

 

The schoolchildren were abducted from LEA Primary School and Government Secondary School, Kuriga, about four weeks ago, however, the Defence Headquarters, on Saturday, said they had been rescued.

 

Continue Reading

News

FAAN shuts KFC at Lagos airport over alleged discrimination against Gbenga Daniel’s son

Published

on

By

 

The Federal Airports Authority of Nigeria (FAAN) says it has shut down Kentucky Fried Chicken (KFC), an international fast food restaurant chain, at the Murtala Muhammed International Airport, Lagos, over discrimination against a passenger.

 

On March 27, Debola Daniel, son of Gbenga Daniel, former governor of Ogun state, had posted on his official X page about his experience at KFC, MMIA branch.

 

According to Daniel, the restaurant had stopped him and his family from entering, stating that “no wheelchairs were allowed”.

 

“Just as we were about to sit, the lady at the till – who was apparently the manager – called out loudly, ‘No Wheelchairs Allowed’,” he posted.

 

“She refused to listen to reason and stood her ground that at kfcnigeria Murtala Muhammed branch, wheelchairs and wheelchair users of all shapes and sizes were not permitted in the premises and we should leave immediately.

 

“I have never been the type of person to make a fuss or complain about my disability.”

 

READ  JUST IN: IMF advises CBN to extend Feb 10 deadline for old naira notes

Reacting to the development in a statement on Thursday, Obiageli Orah, director, public affairs and consumer protection at FAAN, said the authority had investigated the matter and made their decision.

 

 

Orah added that the shutdown will take effect from today, March 28.

 

“In line with Lagos State law on people with special needs, Part C, section 55 of General Provisions n Discrimination which states that, ‘A person shall not deprive another person of access to any place, vehicle or facility that members of the public are entitled to enter or use on the basis of the disability of that person’,” FAAN said.

 

“The management of the Federal Airports Authority of Nigeria (FAAN) has closed the KFC facility at the Murtala Muhammed International Airport in Lagos with effect from March 28, 2024.

 

“This is as a result of a social media report by a Passenger with Reduced Mobility (PRM), alleging discriminatory treatment he received at the Murtala Muhammed International Airport, Lagos.

 

READ  Naira redesign: Ekiti seeks to join suit against FG

The MD/CE of FAAN, Mrs Olubunmi, Kuku intervened swiftly by deploying a management team comprising the Director, Public Affairs and Consumer Protection,  Mrs Obiageli Orah, the Regional  Manager  South West, Mr Sunday Ayodele, Ag. General Manager Public Affairs, Mrs Ijeoma Nwosu-Igbo and the International Terminal Manager, Mr Kerri, to investigate the allegation. 

 

“It is based on the findings of the team that FAAN  has shut down the KFC facility at the MMA, where the incident occurred.”

 

Orah said the authority has instructed KFC management to tender an unreserved apology, in writing, to the affected PRM and a policy statement of non-discrimination be written and pasted conspicuously at the door post of their facility at MMIA before it resumes operation.

 

The authority also apologised to Daniel and assured all airport users that they will continue to work tirelessly to ensure that the rights of every passenger are not infringed upon.

 

READ  16 missing as boat capsizes in Lagos

Continue Reading

News

JUST IN: Detained Binance’s executive drags Ribadu, EFCC to court

Published

on

By

Tigran Gambaryan, Binance’s head of financial crime compliance, has sued Nuhu Ribadu, the national security adviser (NSA) and the Economic Financial Crimes Commission (EFCC), alleging violation of his fundamental rights.

 

According to reports on February 28, Gambaryan was detained, alongside Nadeem Anjarwalla, Binance’s regional manager for Africa, by the Nigerian authorities after honouring the invitation of the office of the national security adviser (ONSA) and EFCC to discuss issues relating to the company’s operation in Nigeria.

 

Gambaryan and Anjarwalla’s passports were seized by ONSA.

 

However, on March 25, Anjarwalla escaped from custody and fled Nigeria with a smuggled passport.

 

Before escaping custody, on March 12, Anjarwalla was reported to have fallen illwhile in detention.

 

According to reports on Thursday, Gambaryan, in the originating motion dated and filed March 18 by his lawyer, Olujoke Aliyu, from Aluko and Oyebode Law Firm, sought five reliefs before Justice Inyang Ekwo.

 

Also, Anjarwalla filed a separate right enforcement suit before Ekwo.

 

Gambaryan and Anjarwalla, in the suits marked: FHC/ABJ/CS/356/24 and FHC/ABJ/CS/355/24, had sued the ONSA and EFCC as 1st and 2nd respondents.

READ  CBN to release re-designed Naira notes December

The duo sought the same relief.

 

Gambaryan, a US citizen, in his application, sought a declaration that his detention and seizure of his international travel passport contravened Section 35 (1) and (4) of the 1999 Constitution (As Amended).

 

He said the act amounted to a violation of his fundamental right to personal liberty as guaranteed by the constitution.

 

The Binance executive also sought an order directing the respondents to release him from their custody and return his international travel passport with immediate effect.

 

Gambaryan equally sought an order of perpetual injunction restraining the respondents and agents from further detaining him in relation to any investigation into or demands from Binance.

 

Also, he sought an order for the respondents to issue a public apology to him, and also prayed for the cost of the action on a full indemnity basis.

 

In a statement in support of the suit, Gambaryan said he is an American citizen who visited Nigeria on February 26, along with his colleague to honour the invitation of the ONSA and EFCC to discuss issues relating to Binance in Nigeria.

READ  Good morning! Here Are Some Major News Headlines In The Newspapers Today: CBN concludes plans to flood banks with old naira notes

 

Giving an 11-ground argument as to why his application should be granted, Gambaryan said he and his colleague, Anjarwalla, dutifully attended the meeting.

 

Gambaryan said after the meeting, they were detained by the respondents and had remained in detention since then, adding that he did not commit any offence during the meeting, nor was he informed in writing of any offence he committed in Nigeria at any other time.

 

“The only reason for his detention is because the government is requesting information from Binance and making demands on the company,” he said,

 

Gambaryan also said he was not a member of the board of directors of Binance.

 

ANJARWALLA’S SUIT WITHDRAWN

When the two suits were called on Thursday, Tonye Krukrubo, appeared for Anjarwalla and Gambaryan.

 

Krukrubo told the court that though the respondents were served two days ago, they were not represented in court.

 

READ  Ondo Assembly passes anti-Open Grazing, judicial autonomy Bills

The lawyer, however, drew the attention of the court to their notice of withdrawal of legal representation for Anjarwalla filed on March 26, without giving details of why they were withdrawing their legal representation.

 

Also, upon resumed hearing in Gambaryan’s suit, Krukrubo said though the processes had been served on ONSA and EFCC, they were still within time to respond.

 

He, therefore, sought an adjourned date, saying the respondents’ time to file their applications would expire next week Thursday.

 

In his judgement, Ekwo said having withdrawn their legal representation, “it means that the applicant has no legal representation and requires that the matter be adjourned for the applicant to seek legal representation and for the respondents to be given an opportunity to come to court”.

 

The judge adjourned the matter until April 8 for further mention.

 

Continue Reading

Trending News