• Latest
  • Trending
With the money shortage hitting Nigerians worse, today is the day of reckoning.

With the money shortage hitting Nigerians worse, today is the day of reckoning.

February 10, 2023
Minister of Women Affairs Calls for Joint Action Against Human Trafficking

Minister of Women Affairs Calls for Joint Action Against Human Trafficking

September 10, 2025
Ossiomo Power Declares Ownership of Ologbo Power Infrastructure, Dismisses CCETC Claims

Ossiomo Power Scandal: Obaseki’s ‘Legacy Project’ Exposed as Private Venture

September 10, 2025
‎HON. JOHNSON ELEMA: THE PEOPLE’S CHOICE, OREDO’S NEW DAWN

‎HON. JOHNSON ELEMA: THE PEOPLE’S CHOICE, OREDO’S NEW DAWN

September 9, 2025
ADVERTISEMENT
One Dead, Seven Injured in Jigawa Building Collapse

One Dead, Seven Injured in Jigawa Building Collapse

September 9, 2025
Suspected Armed Robbers Attack Petrol Dealer in Minna, Flee with N8m

Suspected Armed Robbers Attack Petrol Dealer in Minna, Flee with N8m

September 9, 2025
Third Mainland Bridge Gridlock: Oworonshoki Residents Protest Demolition of Homes

Third Mainland Bridge Gridlock: Oworonshoki Residents Protest Demolition of Homes

September 9, 2025
FCT Police Investigate Discovery of Lifeless Body at National Assembly Car Park

FCT Police Investigate Discovery of Lifeless Body at National Assembly Car Park

September 9, 2025
Nigeria's Security Agencies Record Major Breakthroughs in August* Nigeria's security and regulatory agencies have conducted major nationwide operations in August, resulting in hundreds of arrests, large-scale drug seizures, asset recoveries, and multiple convictions. The Director-General of the National Orientation Agency (NOA), Lanre Issa-Onilu, disclosed these figures at a joint security briefing in Abuja. According to Issa-Onilu, the Nigerian Army executed 261 operations nationwide, repelling attacks, dismantling insurgent cells, and rescuing abducted civilians. Some notable achievements include: - *30 terrorists neutralized in Zamfara State* during air and ground strikes - *76 militants, including women and children, surrendered to security forces* in Zamfara - *141 kidnap victims rescued* by the police - *1,950 arrests linked to violent crimes, kidnapping, and banditry* made by the police The National Drug Law Enforcement Agency (NDLEA) also reported significant seizures, including over *66,000 kilogrammes of narcotics*. The Economic and Financial Crimes Commission (EFCC) secured *588 convictions* in August alone, recovering more than *₦21 billion* in assets from corruption cases. The NOA Director-General emphasized the importance of intelligence-sharing and public cooperation in disrupting criminal networks. He urged communities to report suspicious movements and resist spreading unverified alerts that fuel panic. *Key Highlights:* - *Nigerian Army:* 261 operations executed, 30 terrorists neutralized in Zamfara - *Police:* 1,950 arrests, 141 kidnap victims rescued - *NDLEA:* Over 66,000 kilogrammes of narcotics seized - *EFCC:* 588 convictions, ₦21 billion recovered in assets - *NOA:* Activated offices across 36 states and 774 local government areas to intensify grassroots engagement and counter misinformation

security and regulatory agencies have conducted major nationwide operations in September resulting in hundreds of arrests

September 8, 2025
Birthday: Ohonbamu lauds APC Chairman for Winning Streak…Urge Edo People To be patient

Birthday: Ohonbamu lauds APC Chairman for Winning Streak…Urge Edo People To be patient

September 8, 2025
2027 Election Won't Be Rigged, Says Lauretta Onochie

2027 Election Won’t Be Rigged, Says Lauretta Onochie

September 8, 2025
Bloody Weekend: 102 Killed in Borno, Sokoto, Katsina, and Edo

Bloody Weekend: 102 Killed in Borno, Sokoto, Katsina, and Edo

September 8, 2025
Nigeria:Woman Stabbed to Death by Ex-Lover in Lagos

Nigeria:Woman Stabbed to Death by Ex-Lover in Lagos

September 8, 2025
Retail
Wednesday, September 10, 2025
Login/Register
Advertise
  • Home
  • About Us
  • News
  • Entertainment
  • Music
  • Magazine
  • Contact us
No Result
View All Result
Obaland Magazine
No Result
View All Result
Home news

With the money shortage hitting Nigerians worse, today is the day of reckoning.

loveth joyce by loveth joyce
February 10, 2023
in news, Political
0
With the money shortage hitting Nigerians worse, today is the day of reckoning.

On Friday, Nigerian President Muhammadu Buhari is scheduled to make a decision as the country, which has the largest economy in Africa, fights a cash crisis. This comes on the same day that the Central Bank of Nigeria is due to begin phasing out the usage of older notes.

Mr Buhari is calling an emergency meeting of the National Council of State in order to tackle critical issues that are hurting the nation, such as the crisis in the country’s currency and the lack of gasoline. The preparations that have been made for the general election will also be discussed at this meeting.

YOU MAY ALSO LIKE

Suspected Armed Robbers Attack Petrol Dealer in Minna, Flee with N8m

Third Mainland Bridge Gridlock: Oworonshoki Residents Protest Demolition of Homes

Last week, the president acknowledged “hardship” in the country but urged citizens to give him seven days to resolve the cash crunch that has crippled businesses, caused suffering, and triggered protests across the country. The cash crunch has crippled businesses; has caused suffering; and it has triggered protests across the country.

It has been difficult for many people in Nigeria’s cash-based informal economy to conduct business, make payments, and take advantage of certain services as a result of the currency swap policy and the shortage of the new notes, both of which have been criticised by a significant number of the country’s residents.

Because of the haphazard introduction of the new naira design, millions of Nigerians have been left stuck, and some of them have been forced to sleep at ATM units. In some Nigerian towns, residents are permitted to withdraw a maximum of 20,000 naira from bank ATMs, however, in many other regions of the nation, these machines are unable to dispense cash.
The shortage of cash has also put a strain on the infrastructure that processes digital payments since more consumers are turning to online transfers. As a result, transactions are taking hours to complete or are failing entirely.

In the midst of these operational issues, a poll conducted by NEWS MEN, revealed that transaction fees charged at the Point of Sale (PoS) increased by 400% in the majority of cities throughout the nation over the previous week.

On Friday, the president is expected to make a decision, and many Nigerians are calling for the currency swap policy to be put on hold immediately and only resumed after the equivalent amount of money that has been removed from circulation has been printed and is available to replace the old currency notes. This call comes as the president is expected to make his decision.

On October 26, 2022, the Central Bank of Nigeria (CBN) made an announcement on the redesign of the 200, 500, and 1,000 naira notes that will be introduced into circulation. After some time, the currency was finally introduced in November, and on December 15th, 2022, the newly printed notes were put into circulation.

Additionally, the nation’s central bank imposed a limit of N100,000 per week for individuals and N500,000 per week for companies on the number of new banknotes that may be withdrawn. Following concerns voiced by experts that the withdrawal restrictions were too low and would place an undue burden on Nigerians, the central bank increased the limitations, increasing the limit for individuals to N500,000 per week and increasing the limit for businesses to N5 million per week.

However, a large number of Nigerians and concerned organisations voiced their opposition to the idea. The Nigerian Governors Forum and federal politicians have both urged for the policy to be suspended, at the very least until after the elections for general office scheduled for 2023.

The Central Bank of Nigeria (CBN) caved into criticism from a large number of Nigerians and delayed the deadline for phasing out the old notes from January 31 to February 10. Despite the extension, a large number of Nigerians have been forced to rush to obtain the new notes, while others have bemoaned the fact that they are unable to withdraw the money they have laboriously earned from their bank accounts.

According to the bank officials, they have not received nearly enough N2 trillion to replace the old ones that have been gathered. Banks in Nigeria have been accused of hoarding new money by anti-corruption officials.

Uncertainties
Amidst the chaos, a news correspondent stated that the Central Bank of Nigeria’s (CBN) supply of replacement notes has been drastically inadequate, making it impossible for commercial banks to satisfy clients’ needs.

But Central Bank Governor Godwin Emefiele defended the policy, saying it was necessary to combat counterfeiting, abduction, corruption, money laundering, and other sorts of illegal financial activities. Additionally, he said that the measure will put an end to vote-buying in advance of the 2023 elections.

Finance Minister Zainab Ahmed chimed in to call the programme a “success,” noting that it has resulted in the deposit of trillions of naira into the banking system, which the government hopes would encourage the use of electronic payment systems, reduce inflation, and reduce corruption.

The only negative is the suffering it has inflicted on the public, Ms Ahmed remarked.

Minister, Zainab Ahmed.

This mounting catastrophe, however, has taken on a political tone in the run-up to the presidential elections in less than two weeks. The presidential candidate for the APC, Bola Tinubu, has stated that the idea to redesign the naira is an attempt to undermine or postpone the elections.

Atiku Abubakar, of the main opposition PDP, called on the CBN not to grant any further extensions beyond 10 February, while Peter Obi, of the Labour Party, urged Nigerians to be “patient with the CBN and Federal Government in the hope that the general populace and Nigeria will harvest the gains that will come with the reforms.”

While this was going on, the governments of Kogi, Kaduna, and Zamfara States sued the federal government, claiming that the shortage of replacement notes was creating extreme hardship and that “insufficient and unreasonable time” had been given to finish the procedure.

On Wednesday, the Supreme Court issued a temporary restraining order preventing the CBN from carrying out the enforcement of its 10 February deadline for the usage of the old naira currency. A hearing was postponed until February 15 by the court.

In spite of the ambiguity, the central bank has not issued a statement about the Supreme Court’s decision.

The International Monetary Fund (IMF) demanded on Wednesday that the Nigerian government give the naira redesign programme additional time to be implemented because of “issues” with the implementation.

The IMF added that if issues persist in the next few days “despite steps made by the central bank to ameliorate the obstacles in the banknote swap procedure,” the central bank should think about extending the deadline.

Post Views: 757
Share
Tags: #LagosUnrest #AgegeUnrest #AgegeAbujaBenin CityEdo StateGovernor Godwin ObasekiLondonNigeria

Related Posts

Suspected Armed Robbers Attack Petrol Dealer in Minna, Flee with N8m
news

Suspected Armed Robbers Attack Petrol Dealer in Minna, Flee with N8m

September 9, 2025
Third Mainland Bridge Gridlock: Oworonshoki Residents Protest Demolition of Homes
news

Third Mainland Bridge Gridlock: Oworonshoki Residents Protest Demolition of Homes

September 9, 2025
FCT Police Investigate Discovery of Lifeless Body at National Assembly Car Park
news

FCT Police Investigate Discovery of Lifeless Body at National Assembly Car Park

September 9, 2025
Nigeria's Security Agencies Record Major Breakthroughs in August* Nigeria's security and regulatory agencies have conducted major nationwide operations in August, resulting in hundreds of arrests, large-scale drug seizures, asset recoveries, and multiple convictions. The Director-General of the National Orientation Agency (NOA), Lanre Issa-Onilu, disclosed these figures at a joint security briefing in Abuja. According to Issa-Onilu, the Nigerian Army executed 261 operations nationwide, repelling attacks, dismantling insurgent cells, and rescuing abducted civilians. Some notable achievements include: - *30 terrorists neutralized in Zamfara State* during air and ground strikes - *76 militants, including women and children, surrendered to security forces* in Zamfara - *141 kidnap victims rescued* by the police - *1,950 arrests linked to violent crimes, kidnapping, and banditry* made by the police The National Drug Law Enforcement Agency (NDLEA) also reported significant seizures, including over *66,000 kilogrammes of narcotics*. The Economic and Financial Crimes Commission (EFCC) secured *588 convictions* in August alone, recovering more than *₦21 billion* in assets from corruption cases. The NOA Director-General emphasized the importance of intelligence-sharing and public cooperation in disrupting criminal networks. He urged communities to report suspicious movements and resist spreading unverified alerts that fuel panic. *Key Highlights:* - *Nigerian Army:* 261 operations executed, 30 terrorists neutralized in Zamfara - *Police:* 1,950 arrests, 141 kidnap victims rescued - *NDLEA:* Over 66,000 kilogrammes of narcotics seized - *EFCC:* 588 convictions, ₦21 billion recovered in assets - *NOA:* Activated offices across 36 states and 774 local government areas to intensify grassroots engagement and counter misinformation
news

security and regulatory agencies have conducted major nationwide operations in September resulting in hundreds of arrests

September 8, 2025
2027 Election Won't Be Rigged, Says Lauretta Onochie
news

2027 Election Won’t Be Rigged, Says Lauretta Onochie

September 8, 2025
Bloody Weekend: 102 Killed in Borno, Sokoto, Katsina, and Edo
news

Bloody Weekend: 102 Killed in Borno, Sokoto, Katsina, and Edo

September 8, 2025

Search

No Result
View All Result

Recent Posts

  • Minister of Women Affairs Calls for Joint Action Against Human Trafficking September 10, 2025
  • Ossiomo Power Scandal: Obaseki’s ‘Legacy Project’ Exposed as Private Venture September 10, 2025
  • ‎HON. JOHNSON ELEMA: THE PEOPLE’S CHOICE, OREDO’S NEW DAWN September 9, 2025
  • One Dead, Seven Injured in Jigawa Building Collapse September 9, 2025
  • Suspected Armed Robbers Attack Petrol Dealer in Minna, Flee with N8m September 9, 2025
  • Third Mainland Bridge Gridlock: Oworonshoki Residents Protest Demolition of Homes September 9, 2025
  • FCT Police Investigate Discovery of Lifeless Body at National Assembly Car Park September 9, 2025
  • security and regulatory agencies have conducted major nationwide operations in September resulting in hundreds of arrests September 8, 2025
  • Birthday: Ohonbamu lauds APC Chairman for Winning Streak…Urge Edo People To be patient September 8, 2025
  • 2027 Election Won’t Be Rigged, Says Lauretta Onochie September 8, 2025

Categories

  • culture (3)
  • Education (1)
  • Electrical (14)
  • Entertainment (396)
  • fashion (13)
  • Feature (29)
  • Gist (25)
  • Gossip (34)
  • Government (355)
  • health (82)
  • history (11)
  • International (25)
  • INTERVIEW (9)
  • music (38)
  • Nature (3)
  • news (1,566)
  • News (2,752)
  • Non profit (16)
  • PHOTO (4)
  • Political (289)
  • press release (26)
  • Property (13)
  • review (18)
  • Science (8)
  • Sport (41)
  • Sports (297)
  • TECHNOLOGY (12)
  • Video (4)
  • world (96)

OUR SERVICE

OUR SERVICES

obaland podcast radio

  • Privacy & Policy
  • Contact Us

All right reserved© 2023 Obaland magazine

No Result
View All Result
  • About
  • Books
  • Checkout
  • Contact us
  • Home
  • Login
  • Magazine
  • Member Directory
  • My Profile
  • Order Confirmation
  • Password Reset
  • Privacy & Policy
  • Register
  • Reset Password
  • Sign Up

All right reserved© 2023 Obaland magazine

1
WhatsApp
Hello 👋
Can we help you?
Open chat