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Fresh Naira scarcity hits Kano, Sokoto, Edo, others
Fresh Naira scarcity hits Kano, Sokoto, Edo, others
Despite recent assurances by the Central Bank of Nigeria that there is enough naira in circulation, reports of scarcity have emerged across the country.
A survey by The PUNCH, on Wednesday, confirmed scarcity in some parts of Abuja, Lagos, Kano, Kwara, Gombe, Edo, Sokoto, and Ekiti States. Many bank customers and Point of Sales operators, who spoke to The PUNCH, lamented that it is becoming a challenge to access cash for their economic activities.
This is coming weeks after the apex bank affirmed that it has enough currency notes in the market and hence no need for panic withdrawals by members of the public.
In a circular titled ‘All Banknotes Issued by the CBN Remain Legal Tender,’ signed by Director, Corporate Communications, Isa AbdulMumin, the bank stated that it was aware of reported scarcity of cash across some major cities. It noted that there have also been concerns among some members of the public over the legality of old naira notes.
The bank said, “For the avoidance of doubt, while reiterating that there are sufficient banknotes across the country for all normal economic activity, we wish to state unambiguously that every banknote issued by the Central Bank of Nigeria (CBN) remains legal tender and should not be rejected by anyone, as stipulated in Section 20(5) of the CBN Act, 2007.”
It cautioned members of the public to avoid panic withdrawals and stressed that it has enough currency notes to facilitate normal economic activities.
The concern from members of the public over the legality of old naira notes is connected to issues surrounding the naira redesign policy of the apex bank.
In October 2022, the former CBN governor, Godwin Emefiele, announced a plan to redesign some naira denominations (N200, N500, and N1000 notes) and reduce currency circulation. He also stated that the old versions of the redesigned notes will lose their legal status by January 31, 2023.
The plan was met with resistance and state governments dragged the apex bank to the Supreme Court on February 3, requesting for an extension of the deadline. By March 2023, the apex court invalidated the new naira design policy and extended the validity of the notes until December 2023.
Recently, the CBN announced plans to extend the validity of the old N200, N500, and N1,000 notes indefinitely. The bank noted that it was working with relevant authorities to vacate the subsisting court ruling on the same subject. A recent report in local media confirmed that the CBN has filed an application before the Supreme Court seeking an extension for old naira notes to remain in circulation.
According to a report from the CBN, the currency in circulation increased by 3.75 per cent to N2.76tn in September 2023.
Naira scarcity resurfaces in Lagos
However, cash scarcity, a major downside of the CBN’s naira redesign policy, has begun to resurface. Visits to some banks on Wednesday revealed scanty banking halls and ATM galleries.
A customer, who gave his name as Ganiyu Tunde, at the Union Bank branch along Oshodi Expressway in Lagos claimed that banks were only dispensing N5,000 via ATMs to non-customers.
Bank customers of Union Bank were, however, able to get up to N20,000 at the ATM and inside the bank. The rows of ATMs at an Access Bank branch nearby were empty because there was no cash in them as of the time of filing this report. A banker who spoke to The PUNCH on the condition of anonymity blamed the cash scarcity on weak supply from the CBN.
The banker said, “It is the CBN that is responsible for this cash scarcity. We are not getting enough from them. They are just causing unnecessary suffering for the masses.”
A bank teller who works with Guaranty Trust Bank Plc in their Palmgrove Branch, Lagos, affirmed to The PUNCH that customers are not allowed to withdraw more than N20,000.00 across the counter. According to the teller, the bank was experiencing a shortage of cash.
The PUNCH noticed that not all banks are experiencing shortages of cash. For instance, Union Bank’s Isolo branch showed no signs of scarcity. A staff member, who only gave her name as Ope, said, “You can withdraw money if you want. I have heard something like that, but we are dispensing funds.”
At Access Bank Oshodi branch, customers were observed withdrawing cash from ATMs outside the banking hall, with a bank staff member adding, “There is cash. Everybody is withdrawing.”
Scarcity hits Abuja, Kano, Kwara, Sokoto, Ekiti
A respondent in the Federal Capital Territory, Festus Okoromadu, was concerned that he could not withdraw at the First Bank branches in his area.
He said, “What I was told was that the bank’s network was temporarily unavailable, which made the transaction impossible. This has been the case at some of the banks in the FCT in recent times, withdrawing money is becoming more challenging.”
In Kano, some commercial banks were not honouring withdrawal requests from customers, and ATM galleries were dry when The PUNCH visited. Our investigation further showed that the few banks that were paying customers did not give beyond certain amounts.
A customer who simply gave his name as Hayatudeen said, “Many banks lack money to give to customers and when you inquire, they will not give you any satisfactory explanation as to why.”
He noted that the story is the same with POS operators because they are also complaining of scarcity. He added, “Even though most of the POS operators are getting their money from traders and other business operators, they still complain of the scarcity.”
He further alleged that many POS operators have increased their charges by about 50 percent.
In Kwara, banks are rationing cash to their customers. The PUNCH gathered that some commercial banks are not allowing customers to withdraw more than N20,000 daily from their accounts.
Customers of Zenith Bank have it differently, they are still allowed to make daily withdrawals of up to N500,000. Further investigations revealed that this scarcity started three weeks ago and customers of UBA, GTB, First Bank, Union Bank, and others are the worst hit.
This scarcity also extends to customers who want to withdraw at ATMs, as they are not allowed to withdraw more than N20,000 daily from one account. Some of the bankers who spoke to The PUNCH noted that customers are no longer bringing in a lot of cash to save in their accounts leading to the shortage of cash.
One banker said, “Banks do not have enough cash to pay out to customers because people are not bringing money to the bank.
“We only ration the available money among the customers. Anyone that comes to withdraw is paid N20,000 but few highly placed customers are given N50,000 when they come to withdraw.”
In Ekiti State, an official at the Union Bank branch, Okesa Ado Ekiti, revealed that the branch was unable to meet the specific withdrawal demand of its customers because “there is no sufficient cash for now. We give what we can afford to ensure it goes around.”
A bank customer of one of the First Bank branches in the capital city, who only identified herself as Tope, lamented, “I do not know exactly what the problem is, but no customer was able to get more than N10,000 – N20,000 in the bank hall. I learnt it was the same story at their ATMs in the bank.”
At the ATM points of Wema Bank, Okesa area, bank customers with Wema Bank ATM cards could withdraw N20,000. Customers with ATM cards from other banks could only withdraw N10,000.
In Sokoto State, a resident, Kabiru Nura, told The PUNCH, “Even though the issue is becoming more relaxed the scarcity is still very much with us. The funniest part is at ATMs, you hardly get cash at ATMs these days. The last time this happened was during the naira redesign policy, and this should really be a thing of the past now.”
Edo, Gombe PoS operators bemoan naira scarcity
Point of Sale operators in Gombe State are worried about the resurging naira scarcity in the state. Adamu Salisu, who operates a stand in the Bagadaza area of the state, said, “All of a sudden, we cannot get free access to lump sum of cash. I and some of my colleagues now rely on traders in the market who get some cash from transactions to remain in business.”
Also speaking, Sandra James, a resident in the state, continued, “Many people prefer to do transfer through phone as just a few have access to funds. It is sad.”
Another PoS operator, Mohammed Rafi, added, “We are going through so much stress to get money to give customers, but customers are complaining because we have increased our charges as we had previously done during the early part of the year.”
In Edo, POS operators, store owners, and bank customers lamented their inability to get cash to The PUNCH.
A POS operator, who only gave her name as Faith, declared that cash is scarce in Benin as banks now ration the amount that can be withdrawn at the ATMs.
She said, “I noticed that the scarcity of cash began late last week. You can only get N20,000 from your bank’s ATM and those who come with other banks’ ATM cards may get N10,000. They also refuse to pay across the counter while you can get N10,000 if you are lucky.
“I also observed that the money they put in the ATM is not always enough and they (bankers) also come out to withdraw most of the cash. They (bankers) also do deals with big-time PoS operators, so it has been difficult for small-time operators to do business.
“What I do now is to get cash from a friend who sells on Lagos Street.”
A trader, Grace, who runs a shop on Sapele Road, added, “I have noticed that cash is in short supply and most people who buy from me either transfer or pay through my PoS. However, it has not affected business, which is a good omen.
We are unaware of scarcity — Bank customers association
According to the President of the Bank Customers Association of Nigeria, Dr Uju Ogunbunka, members have reported any such issues with cash withdrawals.
He said, “This news surfaced a few weeks ago, and some of the banks I visited gave out cash to their customers. If there is a limitation at all, then it means something is driving it. But I see no reason because there is no issue regarding whether it’s new notes or old notes; that problem has already been resolved. But if anything is driving this report, I think we need to find out.
“Maybe they want to encourage online banking and things like that. But I don’t think there is anything like a cash squeeze now. I will try to visit some banks and see for myself. The information I have now doesn’t suggest anything like a cash squeeze.”
The National President of the Association of Mobile Money and Bank Agents in Nigeria, Victor Olojo, added that more needs to be done in terms of increasing alternatives to cash.
He told The PUNCH, “The CBN hardly has control of the whole cash issues, and they need to be very clear on if it is the old currency we are using or the new, they are the custodian of our currencies. However, we as a country are on a good trajectory. In terms of raising other channels of payments, more needs to be done.”
@PUNCHNG
FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
For millions of Nigerians, homeownership has long felt like an ambition deferred. Squeezed by rising property prices, persistent double-digit inflation and high commercial lending rates, the dream of owning a home has remained just that – a dream.
But that narrative is quietly changing. Thanks to FirstBank.
The N1 Trillion Intervention Reshaping Access
In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has unveiled a mortgage opportunity that could redefine access to housing finance in Nigeria.
Backed by the Federal Government’s N1trillion mortgage fund, the initiative is designed to empower Nigerians with affordable, long-term credit to own their homes.
9.75% Interest Rate in a 30% Lending Environment
MREIF is priced at 9.75% per annum, dramatically lower than prevailing commercial loan rates. Eligible Nigerians can access up to N100 million and repay within 20 years. This translates into significantly more manageable monthly repayments and greater long-term financial stability.
Built for Salary Earners, Entrepreneurs and the Diaspora
The MREIF mortgage facility has been structured to be inclusive. It is available to salary account holders, business owners and diaspora customers. Whether you are a young professional aiming to exit the rent cycle, an entrepreneur building generational stability, or you’re a Nigerian abroad looking to secure assets locally, the product opens a pathway that has historically been out of reach for many.
Taking the First Step
For those who have been waiting for the right time, this is definitely it. The question is no longer whether homeownership is possible. The real question is: will you act before the window narrows?
Visit https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ and in no time you could be the latest homeowner in town.
Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
Dangote Refinery Prioritises Domestic Supply Amid Global Energy Turbulence
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
“Nigeria insulated from international fuel shocks as Dangote Petroleum commits to uninterrupted local delivery.”
Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to prioritising the domestic market, pledging to shield Nigerians from the ripple effects of ongoing global energy disruptions. The assurance, delivered in Lagos on 5 March 2026, comes as international refinery operations experience shutdowns or reduced output due to escalating Middle East geopolitical tensions, which have sent crude oil and petroleum product prices soaring worldwide.
“Our mandate remains clear: Nigeria’s local market takes precedence. In times of global supply shocks, we will continue to ensure that domestic availability of petrol, diesel, and kerosene is uninterrupted,” said Mr. Folorunsho Alakija, spokesperson for Dangote Petroleum Refinery.
The refinery’s declaration arrives amid mounting concerns over fuel scarcity, triggered by export restrictions imposed by major international producers, including China, and shipping delays that have further tightened global petroleum supply chains. Industry analysts have hailed the domestic focus as a critical buffer against volatility that could otherwise push Nigeria into deeper energy insecurity.
Domestic Shield Against Global Disruption
Dangote Refinery, Africa’s largest oil processing facility, has leveraged its multi-million-barrel refining capacity to mitigate Nigeria’s historical dependence on imported petroleum products. The company emphasised that prioritising local supply provides a strategic advantage in insulating the nation from international market shocks.
“Our refinery’s scale allows Nigeria to withstand short-term external disruptions. We have the infrastructure and capacity to meet local demand even when global supply chains falter,” explained Mr. Chijioke Okonkwo, Operations Director at Dangote Refinery.
The proactive approach is particularly significant as several international refineries have either reduced throughput or temporarily halted operations, causing a global scarcity of refined products. Experts warn that without domestic cushioning, fuel prices in Nigeria could have surged sharply, exacerbating inflationary pressures in a fragile economy.
Managing Costs While Prioritising Supply
In response to rising procurement costs for crude oil amid the international crisis, Dangote Refinery introduced a modest ₦100 per litre increase in the ex-depot price of Premium Motor Spirit (PMS), absorbing roughly 20 percent of the cost escalation to lessen the impact on consumers.
“We are balancing operational sustainability with affordability. While global prices have risen sharply, we have chosen to absorb a significant portion to protect Nigerian households and businesses,” noted Mr. Emmanuel Adeyemi, Chief Finance Officer.
This pricing strategy underscores the refinery’s dual focus: ensuring uninterrupted supply while cushioning the public from abrupt spikes that could destabilize economic activity. Industry observers have lauded the approach as pragmatic, considering the volatility in international oil markets.
Strategic Distribution Initiatives
Beyond refining, Dangote Petroleum has initiated Compressed Natural Gas (CNG) powered trucks to enhance nationwide distribution efficiency. The initiative seeks to reduce logistics costs and carbon emissions while ensuring a more reliable delivery network to petrol stations across urban and rural areas.
“Logistics is a critical part of the energy supply chain. By deploying CNG-powered trucks, we reduce dependency on expensive diesel, lower delivery costs, and improve supply reliability across the country,” explained Ms. Funke Adedoyin, Head of Logistics Operations.
This strategic move reflects a broader commitment to modernising Nigeria’s petroleum distribution infrastructure, reducing bottlenecks that have historically contributed to scarcity at retail outlets.
Implications for National Energy Security
Nigeria has historically struggled with fuel imports to meet domestic demand, making the country vulnerable to international market fluctuations. Dangote Refinery’s prioritisation of local supply mitigates this vulnerability by leveraging home-grown refining capacity, which allows for timely access to petroleum products and less reliance on foreign shipments.
“With Dangote Refinery leading local prioritisation, Nigeria is less exposed to global fuel shocks. The country is moving towards self-reliance in petroleum product supply,” commented Dr. Halima Suleiman, energy sector analyst.
Experts note that sustained operations at the refinery not only enhance energy security but also preserve foreign exchange, reduce import bills, and stabilise domestic market prices.
Corporate Social Responsibility and Market Stability
The refinery’s commitment is part of a broader corporate responsibility framework. Dangote Petroleum continues to engage with government agencies and regulatory bodies, ensuring that domestic supply is coordinated with Nigeria’s Petroleum Product Pricing and Regulatory Agency (PPPRA) to prevent panic buying and market distortions.
“We are in constant consultation with the government to ensure that our supply strategies align with national economic priorities,” said Mr. Alakija.
Such collaboration helps avert artificial shortages, stabilises pump prices, and maintains confidence in the domestic fuel market. Analysts argue that this approach exemplifies how private sector capabilities can complement governmental policies to enhance national resilience.
Navigating Global Uncertainties
The refinery operates in a complex global environment, where geopolitical crises, shipping constraints, and crude oil volatility can trigger disruptions. Dangote Petroleum’s domestic-first approach positions Nigeria to weather such crises more effectively.
“Global uncertainties are unavoidable, but our infrastructure and strategy ensure that Nigerians remain insulated from immediate shocks,” said Mr. Okonkwo.
This emphasis on resilience aligns with global best practices, where national refining capacity is leveraged to protect local markets from international supply disruptions.
Stakeholder Reactions
The government, civil society, and industry stakeholders have welcomed Dangote Petroleum’s strategy. Officials from the Federal Ministry of Petroleum Resources noted that prioritising local supply aligns with Nigeria’s energy security policies and reduces the burden of foreign exchange expenditures on crude imports.
“Dangote Refinery is demonstrating leadership. Its domestic prioritisation ensures that the Nigerian economy remains insulated during turbulent global markets,” said Dr. Tunji Olumide, Special Adviser on Energy.
Consumers have also expressed cautious optimism. Retail operators and commuters reported steadier fuel availability in Lagos and other cities, though concerns remain about sustained pricing and distribution efficiency.
The Road Ahead
While Dangote Refinery’s strategy provides immediate relief, experts argue that long-term stability requires further investments in alternative energy, diversified refining infrastructure, and strategic reserves. This ensures that Nigeria can withstand global shocks without relying excessively on imports or temporary supply adjustments.
“Short-term measures like prioritising local supply are critical, but long-term energy security demands diversification, renewables adoption, and consistent policy implementation,” said Dr. Suleiman.
The refinery is exploring additional initiatives, including expanding storage capacity, upgrading pipeline networks, and adopting technology-driven monitoring systems to ensure supply continuity across the country.
Final Take
By prioritising domestic fuel supply amid global market turbulence, Dangote Petroleum Refinery and Petrochemicals has demonstrated its role as a stabilising force in Nigeria’s energy sector. Through strategic logistics, modest pricing adjustments, and engagement with government regulators, the refinery is insulating the nation from international shocks while maintaining operational sustainability.
“Our responsibility extends beyond profitability; it’s about ensuring Nigerians have reliable access to essential fuel. We take that mandate seriously,” concluded Mr. Adeyemi.
The refinery’s actions offer a blueprint for how large-scale domestic capacity can protect national economies in times of global energy instability, underscoring the critical intersection of private sector resilience, public policy, and national energy security.
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