Economy
CBN threatens sanction over cash scarcity at ATMs
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The Central Bank of Nigeria has threatened to impose fines on erring players in the financial sector over cash scarcity at Automated Teller Machines.
This announcement was made by the CBN Governor, Olayemi Cardoso, on Friday at the annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria in Lagos.
There have been reports of cash scarcity at banks in recent times both at ATMs and over the counter in banks.
Cardoso stated, “We also recognise the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians.
“To address this, we are conducting spot checks across the Deposit Money banks, and we impose penalties on the underperforming institutions. Effective December 1. 2024, customers are encouraged to report any difficulties with joint cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states.
“Guidelines will be distributed widely to raise public awareness. We will also urge full regulative compliance by all stakeholders, including mobile money operators and POS agents, to promote digital transaction channels and improve service delivery. I repeat, financial institutions found engaging in malpractices or sabotage will face changing penalties.
“The CBN will continue to maintain a robust cash offering to meet the country’s needs, particularly during high demand periods such as the festive season and year-end.”
The CBN governor also stated that so far, nearly N1tn has been recovered from development programmes.
Cardoso had announced the discontinuation of intervention programs at the 2023 Bankers Dinner and revealed that CBN pumped over N10tn into the economy through different initiatives in sectors ranging from agriculture, aviation, power, youth and many others.
He said, “As previously noted, the Central Bank’s return to orthodox monetary policy means that we will refrain from direct intervention in developmental initiatives. That said, I am pleased to report that as of October 2024, nearly N1tn has been recovered or repaid under previous development finance programs, thanks to the enhanced monitoring and enforcement of the guideline.
“Our focus remains on ensuring the effective utilization and recovery of outstanding loans within the framework of established guidelines. While development finance has a role in the economy of Nigerians, it must be approached with proper governance to achieve meaningful impacts.”
“On the outlook, Cardoso projected that with the improved framework for deploying products targeting the Nigerian diaspora and efforts to establish a well-founded FX market, “We anticipate increased diaspora and foreign investment over the next 12 months building on more resilient and liquid FX markets.”
He added that the apex bank has in its sight a monthly inflow of $1m in diaspora remittance.
“I recall when we took the view that it was important to focus on the diaspora remittances, and at that time, we said double. People thought it was an impossible thing to do, and it happened. As a result of that, we are even more happy to look at a target of $1m per month in the not-too-distant future,” he added.
Meanwhile, the CIBN conferred fellowship of the institute on the CBN governor and the governor of Lagos State, Babajide Sanwo-Olu.
Some dignitaries at the event include the Minister of Budget and Economic Planning of Nigeria, Atiku Bagudu, Chairman, the Senate Committee On Banking, Insurance and Other Financial Institutions, Senator Tokunbo Abiru, among others.
Economy
Oyedele Delivers ₦39.63bn Lifeline to 24,814 Pensioners as PTAD Clears Long-Standing DBS Liabilities
L:R: Director General of PTAD, Mrs Tolulope Odunaiya in a warm handshake with the Minister of Finance, Mr Taiwo Oyedele in Abuja.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has reaffirmed his commitment to improving the welfare of Nigerian pensioners with the successful disbursement of ₦39.63 billion to 24,814 eligible Defined Benefit Scheme (DBS) pensioners, ending years of anxious waiting for thousands of retirees.
Working under the supervision of the Federal Ministry of Finance, the Pension Transitional Arrangement Directorate (PTAD) carried out the payments following the Minister’s directive to prioritise the settlement of verified pension liabilities, bringing relief to beneficiaries across the country.
Mr. Oyedele said the payment reflects the administration’s determination to ensure that retired public servants receive the benefits they earned through decades of dedicated service.
“A nation that values service must also honour those who gave their productive years in its service. This payment is about people, not just figures. It is about restoring confidence, rewarding sacrifice and giving thousands of pensioners and their families the reassurance that they have not been forgotten.”
The Minister explained that the disbursement covered three categories of outstanding pension obligations that had accumulated over the years.
According to him, PTAD paid ₦25,053,703,604.12 to clear the outstanding 35-month pension liability owed to 9,675 eligible Defined Benefit Scheme pensioners of the defunct NITEL/MTEL.
The Directorate also disbursed ₦9,481,886,576.53, representing the initial 50 per cent payment of the Back End Computation (BEC) arrears due to 3,959 eligible PHCN Defined Benefit Scheme pensioners.
In addition, PTAD paid ₦5,094,784,054.27, representing the outstanding 50 per cent balance of the 10.66 per cent and 12.95 per cent pension increment arrears due to 11,180 eligible Defined Benefit Scheme pensioners of the defunct Assurance Bank, NICON Insurance, NITEL and People’s Bank of Nigeria.
For many of the beneficiaries, the payments mark the end of years of uncertainty. They provide the means to meet pressing family needs, pay medical bills, support loved ones and enjoy retirement with greater peace of mind.
Mr. Oyedele said government remains mindful of the real lives behind every pension payment.
“Behind every approved payment is a retiree who served this country faithfully, a family that has waited patiently and a story that deserves a positive ending. We will continue to support measures that improve the lives of our senior citizens while maintaining fiscal discipline and accountability.”
The Minister commended the management and staff of PTAD for the prompt implementation of the directive, describing the successful disbursement as evidence of what can be achieved when institutions work together in the public interest.
“PTAD has demonstrated professionalism in implementing this exercise. The Ministry will continue to provide the policy direction and support required to strengthen pension administration and ensure that verified obligations are settled as resources become available.”
The Director-General of PTAD, Mrs. Tolulope Odunaiya, said the Directorate remained focused on delivering efficient pension administration and expressed appreciation to the Honourable Minister for his leadership and support, which made the release and prompt disbursement of the funds possible.
The latest payment represents another important step in the Federal Government’s efforts to improve the welfare of retirees and ensure that public institutions deliver meaningful outcomes for Nigerians under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The Black Market Dollar-to-Naira Exchange Rate for 3rd July 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 3rd July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1408 and buy at ₦1396 on Friday, 3rd July, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1408
Buying Rate ₦1396
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1373
Lowest Rate ₦1360
The Black Market Dollar-to-Naira Exchange Rate for 1st July 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 1st July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1390 on Wednesday, 1st July, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1400
Buying Rate ₦1390
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1385
Lowest Rate ₦1376
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