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Cash outside banks hits N4.3tn, CBN warns on scarcity

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Nigeria continues to face cash scarcity despite a significant year-on-year increase of N1.59 trillion in the amount of currency held outside banks.

Data from the Central Bank of Nigeria’s money and credit statistics shows that a substantial proportion of currency in circulation remains outside the banking system, with more than 90 per cent consistently held outside formal financial institutions in 2024.

The data revealed that currency outside banks surged to N4.29tn in October 2024, accounting for 94.3 per cent of the total currency in circulation of N4.55tn.

This represents a significant year-on-year growth of 59 per cent or N1.59tn from N2.70tn in October 2023, when 89.6 per cent of the total currency was outside banks.

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On a month-on-month basis, the amount held outside banks increased by 6.8 per cent or N270bn, compared to the N4.02tn recorded in September 2024.

In September 2024, currency outside banks stood at N4.02tn, representing 93.1 per cent of the total currency in circulation of N4.31tn.

This marked a year-on-year increase of 66.3 per cent compared to N2.42tn in September 2023, when 87.5 per cent of the total was outside banks. The month-on-month increase was 3.8 per cent.

In August 2024, currency outside banks rose to N3.87tn, which accounted for 93.3 per cent of the total currency in circulation of N4.14tn.

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This represented a year-on-year increase of 73.9 per cent compared to N2.22tn in August 2023, when 83.6 per cent of the total currency was outside banks.

The trend continued in July 2024 with N3.67tn held outside banks, representing 90.5 per cent of the total currency in circulation of N4.05tn.

Despite efforts to promote cashless transactions, the data shows that Nigerians remain deeply reliant on cash, which could hinder the country’s push for modernised financial systems.

The President, Association of Senior Staff of Banks, Insurance, and Financial Institutions, Olusoji Oluwole, attributed the worsening cash shortage across the country to the CBN’s inability to meet the cash demands of commercial banks.’

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CBN to fine banks

Meanwhile, the CBN on Friday announced a fine of N150m per branch on Deposit Money Banks found guilty of facilitating the illegal flow of mint naira notes to currency hawkers and unscrupulous agents.

Saturday PUNCH had reported the surge in the hawking of naira notes at exorbitant charges in different parts of the country, as Nigerians continue to struggle with limited access to cash in banking halls despite threats by the CBN.

The apex bank disclosed this in a circular issued on Friday, December 13, 2024 and signed by the acting Director of the Currency Operations Department, Mohammed Olayemi.

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The circular revealed that the CBN was concerned about the increasing prevalence of mint naira notes being traded by hawkers, a practice the bank described as impeding efficient and effective cash distribution to customers and the general public.

The circular, which referred to an earlier directive dated November 13, 2024, highlighted the apex bank’s determination to address the commodification of the naira.

Under the directive, any branch of a financial institution found culpable will face a penalty of N150m for the first violation.

Subsequent infractions, the CBN warned, would attract stricter sanctions under the provisions of the Banks and Other Financial Institutions Act 2020.

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To ensure compliance, the apex bank stated that it would increase periodic spot checks in banking halls and ATMs while deploying mystery shoppers to uncover illicit cash hawking spots across the country.

The circular read, “CBN will continue to intensify the periodic spot checks to the banking halls/ATMs to review cash payouts to banks’ customers, as well as mystery shopping to all identified cash hawking spots across the country.

“In this regard, erring deposit money banks or financial institutions that are culpable of facilitating, aiding, or abetting, by direct actions or inactions, the illicit flow of mint banknotes to currency hawkers and unscrupulous economic agents that commodify naira banknotes shall be penalised at first instance N150,000,000.00 (one hundred and fifty million naira) only, per erring branch, and at later instances, apply the full weight of relevant provisions of BOFIA 2020.”

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Just in: Gunmen invade pro-Wike group in Bayelsa

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Gunmen suspected to be hired political thugs disrupted a rally organised in support of Minister of the Federal Capital Territory, Nyesom Wike, on Saturday in Yenagoa, Bayelsa State.

The event, which also marked the inauguration of the NEW Associates group, was meant to thank President Bola Tinubu for appointing sons and daughters of Bayelsa into positions in his administration, while also showing support for Wike, who serves as the group’s grand patron.

Originally scheduled for April 12, the rally had been postponed to April 26 after another group, supporters of Governor Douye Diri, booked the same venue and date for their own rally.

Although both groups eventually rescheduled, tensions remained high.

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Supporters of NEW Associates had gathered early at the Church of God Mission Camp, ready for the event, when armed men suddenly emerged from nearby creeks and bushes, firing gunshots into the air.

The crowd quickly scattered in fear, while security forces including the Nigeria Police, the Nigeria Security and Civil Defence Corps (NSCDC), and the Department of State Services (DSS) responded by pushing back the attackers and searching the surrounding area to prevent further violence.

After the incident, Comrade Ebilade Ekerefe, Secretary of NEW Associates and former spokesperson of the Ijaw Youths Council, accused the state government of trying to disrupt their peaceful gathering.

He insisted the rally would go on, stating that their intention was simply to express gratitude to the President and show solidarity, and questioned why anyone would feel threatened by such an event.

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Similarly, Dr Pabara Igwele, the immediate past Commissioner of Health in Bayelsa, described the rally as peaceful and blamed the disruption on political motives.

He also vowed that the rally would continue despite the attack.

After the initial chaos, supporters regrouped to carry on with the event.

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Senator Manu Haruna Launches Quick Wins Training for Women and Youths in Taraba Central Senatorial District+Photos

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Senator Manu Haruna of the Taraba Central Senatorial District on Saturday concluded a three-day Quick Wins Training program dedicated to empowering women and youths in the District .

The event took place in Jalingo, the capital city of Taraba State, in collaboration with the Maryam Babangida National Centre for Women Development.

The training initiative is aimed to equip participants with practical skills and knowledge that can foster economic independence and stimulate community development. This program is a reflection of Senator Haruna’s commitment to improving the socio-economic status of underrepresented groups within his constituency.

The event was attended by prominent leaders, including Hon. Veronica Alhassan, Member of the House of Assembly for Bali I Constituency, and Hon. Alhassan Hamman, who presented certificates to participants on behalf of Senator Manu Haruna.

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The involvement of critical stakeholders underscored the importance of collaboration between government officials and community leaders in driving sustained progress in Taraba Central.

Among the distinguished attendees were Hon. Ubale Gambo, Hon. Bala Baba, Alhaji Muhammad Nagaggo, Alhaji Raubilu Umar, among others, all of whom are dedicated to fostering development within the region.

Senator Manu Haruna expressed his gratitude to the National Centre for Women Development and all partners involved in the initiative.

He stressed the transformative potential of empowering women and youths, noting the necessity for continued support and resources to ensure sustainable growth in Taraba State.

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This Quick Wins Training is poised to have a long-lasting impact on participants, equipping them with essential skills to make valuable contributions to their communities and the broader economy of Taraba State. By investing in the future of these underprivileged groups, the program seeks to inspire change and promote self-sufficiency among the local populace.

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Baptist Convention to Tinubu: Convene National Security Summit Immediately

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Disturbed by the resurgence spate of insecurity across the nation, the Nigerian Baptist Convention (NBC) has urged President Bola Tinubu to urgently convene a national security summit.

The proposed summit, according to the Convention, should bring together former Presidents, Heads of State as well as current and past security chiefs to chart a new course for tackling the worsening security crisis.

Speaking at a briefing ahead of the Convention’s 112th Annual Session and the 175th anniversary of Baptist missionary work in Nigeria, President of the Convention, Rev. Dr. Israel Akanji, said the proposed summit should include the Minister of Defence, Service Chiefs, the Inspector General of Police and heads of intelligence agencies.

He decried the deepening insecurity across the nation, citing recurring incidents of mass killings, kidnappings, and terrorist attacks in Plateau, Benue, Katsina, Zamfara, and Borno states.

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He said: “The spate of mass burials in Bokkos, Barkin Ladi, Bassa, and other communities is deeply disturbing and unacceptable. This is not the time for lip service.”

He reiterated the Convention’s call for the creation of State Police, insisting that the current centralized policing model is inadequate for Nigeria’s security needs.

While noting some improvements in foreign investment inflow, he called on the government to intensify efforts to make Nigeria more attractive to investors.

Speaking on the convention with the theme: “Entering into Newness through Fasting and Prayer,” the NBC Convention President said the event will open Saturday, April 26 at the Baptist International Convention Centre along the Lagos-Ibadan Expresswayand and hosted by the Providence, Ethiope, and Anioma Delta Baptist Conferences.

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Akanji also extended condolences to the Roman Catholic Church over the passing of Pope Francis, who died on Easter Monday, April 21, 2025, in Vatican City, a day after delivering his Easter message. “What a glorious exit,” he said.

The Nation reports that, the Nigerian Baptist Convention was established as a national body on March 11, 1914 during a meeting at First Baptist Church, Idikan Street, Ibadan.

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