Connect with us

Politics

Breaking: Fresh Wave Of Naira Shortages Hits Kano, Sokoto, Edo, And Beyond

Published

on

Breaking: Fresh Wave Of Naira Shortages Hits Kano, Sokoto, Edo, And Beyond....KINDLY READ THE FULL STORY HERE▶

Despite recent assurances from the Central Bank of Nigeria regarding the ample circulation of the naira, reports of scarcity have surfaced nationwide. A survey conducted by The Nivo News on Wednesday confirmed shortages in various parts of Abuja, Lagos, Kano, Kwara, Gombe, Edo, Sokoto, and Ekiti States. Bank customers and Point of Sale operators expressed concerns about the increasing difficulty in accessing cash for their economic activities.

This scarcity comes weeks after the Central Bank reaffirmed the availability of currency notes in the market and discouraged panic withdrawals. The apex bank, in a circular titled ‘All Banknotes Issued by the CBN Remain Legal Tender,’ emphasized that every banknote issued by the CBN remains legal tender and should not be rejected.

The public’s concerns about the legality of old naira notes are linked to the naira redesign policy announced by the former CBN governor, Godwin Emefiele, in October 2022. The plan aimed to redesign certain denominations and reduce currency circulation, with the old versions losing legal status by January 31, 2023. However, the Supreme Court invalidated the policy in March 2023, extending the validity of the notes until December 2023.

Kano Governor Abba Yusuf Assures: “No Plans To Remove Emir Sanusi”.

Recently, the CBN announced plans to extend the validity of the old N200, N500, and N1,000 notes indefinitely, filing an application before the Supreme Court for this extension.

Despite the reported increase in currency circulation by 3.75% to N2.76tn in September 2023, cash scarcity is resurfacing, particularly impacting Lagos. Some banks are reportedly dispensing only N5,000 via ATMs to non-customers. Bankers and customers attribute this scarcity to weak supply from the CBN, causing inconvenience and suffering for the public.

The scarcity is not uniform across all banks, with variations observed in different states. Customers in Abuja, Kano, Kwara, Sokoto, and Ekiti have reported difficulties withdrawing cash, while some banks in Lagos and Isolo branches have not experienced shortages.

The court adjourns as Ekweremadu's organ trafficking case experiences a setback.

In Gombe and Edo States, Point of Sale operators lamented the resurging naira scarcity, causing them to rely on traders for cash. Some POS operators have increased charges due to the scarcity. The Association of Mobile Money and Bank Agents in Nigeria called for increased alternatives to cash to address the issue effectively.

Despite these challenges, the President of the Bank Customers Association of Nigeria and the National President of the Association of Mobile Money and Bank Agents in Nigeria downplayed reports of a cash squeeze, suggesting the need to investigate underlying causes and explore additional payment channels.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Advertisement

latest

2027: Hayatu-Deen Declares For ADC Presidential Ticket.

Published

on

Renowned economist and banker, Mohammed Hayatu-Deen, has declared his intention to contest the presidential ticket of the African Democratic Congress (ADC) ahead of the 2027 general elections, pledging to address economic hardship, insecurity, and governance challenges in the country.....KINDLY READ THE FULL STORY HERE▶

Speaking in an interview on Arise Television, Hayatu-Deen said Nigerians are facing rising living costs and worsening insecurity, stressing the need for urgent and effective leadership intervention.

He noted that food and fuel prices continue to increase, making daily survival increasingly difficult for many citizens.

According to him, the situation does not reflect the Nigeria citizens deserve, adding that it is time for a change in direction.

He criticised what he described as a growing disconnect between the government and the people, arguing that current policies have placed heavy pressure on households and businesses.

Nigerians React As Abia State Deputy Governor Assures Swift Resolution Of Lingering-Boundary Disputes With Neighbouring States

Hayatu-Deen said insecurity has also intensified, while public resources are not being properly managed to protect vulnerable citizens.

He pledged to present a credible alternative focused on stabilising the economy, improving security, and restoring public trust in governance.

He emphasised the need for experienced and steady leadership capable of rebuilding systems, creating jobs, and protecting lives and livelihoods.

Drawing from over four decades of experience in banking and economic management, he highlighted his involvement in financial reforms, investment mobilisation, and institutional restructuring.

He also urged members of the ADC to remain united as the party prepares for the 2027 elections, stressing that unity would be key to becoming a strong opposition force.

Benin City Shuts Down As Throngs Of Edolites Rally Behind Labour Party’s Olumide Akpata And Peter Obi In Unprecedented Show Of Support (Photos)

Hayatu-Deen, who previously served as Managing Director and Chairman of FSB International Bank and chaired the Nigerian Economic Summit Group, has also contributed to national economic policy discussions and advisory platforms.

He was awarded the national honour of the Order of the Niger (OON) in 2000 for his service to Nigeria.

With his declaration, he joins other prominent political figures, including former Vice President Atiku Abubakar, Rotimi Amaechi, and Peter Obi, who have also indicated interest in the 2027 presidential race.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Continue Reading

latest

Abure Heads To Supreme Court Over Labour Party Crisis.

Published

on

The leadership crisis within the Labour Party has escalated as Julius Abure rejected the recent ruling of the Court of Appeal and announced plans to challenge it at the Supreme Court of Nigeria.....KINDLY READ THE FULL STORY HERE▶

News reports that the Court of Appeal in Abuja dismissed Abure’s case and upheld an earlier judgment removing him as the party’s national chairman. The court also affirmed recognition of Nenadi Usman as the legitimate leader of the party.

The dispute traces back to a Federal High Court ruling, which relied on a Supreme Court decision that nullified the process that brought Abure into office. The courts maintained that his tenure had ended and directed the Independent National Electoral Commission to recognise Usman’s leadership.

The court adjourns as Ekweremadu's organ trafficking case experiences a setback.

However, Abure rejected the judgment, insisting that the 2024 party convention that produced him remains valid and supports his claim to leadership.

He has now instructed his legal team to approach the Supreme Court in a bid to overturn the Appeal Court’s decision.

Abure described the ruling as unacceptable to him and his supporters, arguing that it contradicted established legal principles and internal party autonomy.

He maintained that the Labour Party’s 27 March 2024 convention in Nnewi remains valid for four years, claiming the court failed to properly consider it in its decision.

Nigeria's Preparedness To Host African Central Bank By 2028 Reassured By Tinubu To AU Leaders

He also faulted the Umuahia meeting that produced a caretaker committee, describing it as unconstitutional under the party’s rules, arguing that only the National Chairman and National Secretary have the authority to convene NEC meetings.

Abure reaffirmed that the judgment would be appealed, stating that his legal team has already been mobilised to take the matter to the Supreme Court for final determination.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Continue Reading

latest

INEC Chairman, Anyanwu Face Possible Jail Term As Court Issues Contempt Notice.

Published

on

The High Court of the Federal Capital Territory (FCT), Abuja, has issued a notice of consequences for disobedience of court order against Samuel Anyanwu and the Chairman of the Independent National Electoral Commission (INEC), Joash Amupitan.....KINDLY READ THE FULL STORY HERE▶

In a Form 48 dated April 20, 2026, the court warned that both individuals could face imprisonment if they fail to comply with its judgment delivered on January 12, 2026.

The judgment had earlier dismissed Anyanwu’s suit challenging his expulsion from the Peoples Democratic Party (PDP).

The notice stated in part that continued disobedience of the court’s order would amount to contempt, punishable by imprisonment.

The case, Suit No. CV/1050/2025, listed Anyanwu as respondent, while senior PDP officials, including Iliya Umar Damagum representing the party’s National Executive Committee, appeared as applicants.

Jonathan To Lead Commonwealth Team For Observing Pakistan's Electoral Process

The dispute originated from the PDP’s decision to expel Anyanwu over alleged anti-party activities, a move recommended by the party’s National Disciplinary Committee in March 2025 and later approved by its leadership.

Although Anyanwu filed an appeal on April 10, 2026, a faction of the PDP insists that the original judgment remains valid and enforceable.

The party referenced Section 287(3) of the 1999 Constitution, arguing that filing an appeal does not automatically suspend the execution of a court judgment.

It further maintained that Anyanwu is no longer a member of the party and therefore cannot act in any official capacity.

The court adjourns as Ekweremadu's organ trafficking case experiences a setback.

The development reflects ongoing tensions within the PDP, which is currently divided into rival factions.

One faction is led by Tanimu Turaki (SAN) and supported by governors such as Seyi Makinde and Bala Mohammed, while another group is aligned with Nyesom Wike.

In a related letter dated April 16, 2026, the Turaki-led faction urged INEC to withdraw recognition of Anyanwu as PDP National Secretary, warning that failure to comply could trigger contempt proceedings against the commission’s leadership and further legal action.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Continue Reading

Trending

Copyright © 2023 NIVONEWS

×