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Nigerians groan as Naira scarcity persists nationwide

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A few days into the Christmas and New Year festivities, Nigerians are once again grappling with a shortage of Naira notes. Despite assurances from the Central Bank of Nigeria (CBN) regarding the availability of currency notes, the resurgence of Naira scarcity, akin to the cash crunch experienced in December last year and the first quarter of 2023 due to the failed Naira redesign policy, is beginning to impact Nigerians significantly.

As of Monday, Automated Teller Machines (ATMs) of Deposit Money Banks (DMBs) in various parts of the country are either not dispensing cash or are witnessing long queues. DMBs have imposed maximum withdrawal limits ranging from N20,000 to N50,000, and transaction fees through Point-of-Sale operators (PoS) have doubled due to the scarcity.

Despite the CBN attributing the Naira scarcity to panic withdrawals by Deposit Money Banks (DMBs) from various CBN branches, it insists there is no actual scarcity and that the economy has an adequate supply of currency. However, the prevailing situation contradicts the CBN’s assertion.

Dr. Uju Ogunbunka, the President of the Bank Customers’ Association of Nigeria, dismissed the CBN’s explanation as meaningless and emphasized the real scarcity of Naira in the country. He urged the CBN to fulfill its mandate by printing more currency to facilitate transactions.

Elegede Segun, the secretary-elect of the Mobile Money and Agent Banking industry in Nigeria, highlighted that PoS operators were severely affected by the Naira scarcity, resulting in increased charges to avoid losses. Banks’ cash withdrawal limits and scarcity-induced self-help measures among the public have contributed to the challenges faced by PoS vendors.

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Renowned economist Prof Segun Ajibola criticized the CBN’s reason for the Naira scarcity, urging the regulator to diagnose and address the problem swiftly to prevent counterfeiters from taking advantage.

Mr. Idakolo Gbolade, CEO of SD & D Capital Management, attributed the Naira scarcity to communication issues between the CBN, DMBs, and the public. He emphasized the need for improved communication from the CBN to assure Nigerians that there is no reason to hoard Naira notes.

The Naira redesign policy implemented from December 2022 to February 2023 led to a cash crunch until the Supreme Court extended the deadline to December 31, 2023, and later vacated the extension following a federal government request.

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Why rice price is decreasing in Nigeria – Millers

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The Association of Rice Millers has attributed the nationwide decline in rice prices to the reopening of the Nigeria-Niger border. Jonathan Joshua, the chairman of African Rice Millers in Nasarawa, conveyed this information in a statement.

Joshua, who also serves as the national president of the Association of Small-Scale Agro Producers in Nigeria, highlighted that the price of rice is anticipated to decrease even more in the next couple of months with the onset of harvest.

“Some mills that ceased operations due to a shortage of paddy last year and earlier this year are now resuming production as they can easily acquire the grain from neighboring countries following the reopening of the Nigeria-Niger border,” he stated.

“We anticipate further decreases in paddy prices when farmers begin harvesting in two months,” he added.

Despite the inflation rate rising to 33.20 percent in March 2024, rice prices have decreased by 19 percent.

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Dislodged criminals relocating to rural communities – Abia govt alerts citizens

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The Abia State government has reported that suspected criminals, who were previously displaced from their hideouts by the state’s joint security team, Operation Crush, are now relocating to other parts of the state, particularly rural communities, in order to evade detection by law enforcement.

This relocation, as stated by the state government, aims to avoid potential identification by security forces. The concern was raised over the weekend by Navy Commander Mac Donald Uba (Rtd), the Special Adviser on Security Matters to Governor Alex Otti, in a press release.

Uba urged residents of Abia State to remain vigilant regarding the movements of such criminal elements in their vicinity. He also appealed to traditional leaders, Presidents-General, village heads, and village chairmen to promptly report any suspected criminals or individuals with questionable backgrounds to the nearest police station or other security agencies.

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RUGA: South-East governors living in deceit, denial – Intersociety

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The International Society for Civil Liberties and Rule of Law (Intersociety), a non-profit organization dedicated to human rights and democracy advocacy through research and investigation, has accused South-East governors of proceeding with the establishment of Fulani herdsmen settlements across the region.

In a statement provided to DAILY POST on Monday, Intersociety alleged that many of these governors had their elections manipulated and were now executing the agenda of influential figures.

The statement, signed by Emeka Umeagbalasi, Chair of the Board; Chinwe Umeche, Head of Democracy and Good Governance Program; Obianuju Igboeli, Head of Civil Liberties and Rule of Law; Ndidiamaka Bernard, Head of International Justice and Human Rights; Ositadinma Agu, Head of International Contacts and Mobilization; and Chidinma Udegbunam, Head of Campaign and Publicity, warned of dire consequences if South-East lands were handed over to herdsmen.

Intersociety cautioned that the actions of the governors could potentially transform the South-East into a region prone to jihadist violence similar to Benue, Plateau, and Southern Kaduna. Despite previous warnings, evidence suggests a looming threat to the security and safety of the South-East and its inhabitants, particularly regarding freedom of religion, particularly Christianity.

The organization accused the governors of facilitating the influx of Fulani jihadists and their allies into the region, armed with illegal weapons and enjoying impunity. It suggested that the governors’ actions were motivated by their desire to maintain power, even at the cost of compromising the security and religious identity of their constituents.

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Intersociety highlighted a statement by the National Leadership of the Miyetti Allah Cattle Breeders Association of Nigeria as evidence of the governors’ complicity in ceding lands to herdsmen. It noted that communal lands, forests, and farmlands in indigenous Igbo areas had been invaded and seized by Fulani herdsmen, armed with illicit firearms.

Furthermore, the organization criticized the biased stance of the Anambra State Government and accused the Enugu State Government of coercing communities to surrender their lands for Fulani settlements.

Intersociety alleged that the Enugu State Government had issued veiled directives to communities, such as Elugwu-Akwu, to hand over their lands for settlement, demonstrating a disregard for the welfare and interests of their citizens.

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