News
NLC Says Cash Scarcity Shameful, Warns FG of Mass Protest
Nigeria Labour Congress (NLC) has described the current scarcity of naira being experienced by Nigerians as shameful, saying excuses would no longer suffice.
NLC also asked the federal government and the Central Bank of Nigeria (CBN) to find immediate solutions, adding that the CBN and federal government’s disregard for warnings meant they were deliberately inciting Nigerians against the system and constituted authority.
Joe Ajaero, president, NLC, who handed down this warning in Abuja at a press briefing said the patience of Nigerians was being stretched, adding that no government inflicts this level of pain on its citizenry and expects them to keep quiet for a long time.
The labour leader said, “The Nigeria Labour Congress (NLC) is deeply concerned about the recent cash crunch that has gripped the Nigerian economy, particularly as the nation approaches the festive season. This economic challenge has far-reaching implications for the citizens of our great nation, and urgent steps must be taken to address this issue to prevent further hardship for the already suffering Nigerian populace.
“Fresh in the minds of every Nigerian is the excruciating conditions that we were all subjected to as a result of the last cash crunch earlier this year, orchestrated by the ill-conceived and ill-implemented currency redesign policy of the immediate past government.
“The sorrow that the botched exercise foisted on us is not what Nigerians wish to witness again in one year. This time, there is no discernible reason by the CBN neither any explanation from the Government for why Nigerians should be subjected to this level of suffering once again in 2023.”
According to Ajaero, if the CBN claimed that those with ill-gotten wealth were stashing cash in their houses to avoid detection, it would be a heavy indictment on the government’s anti-corruption agenda.
Describing the development as “shameful”, the labour leader noted, “this is because what the CBN is saying is that since the assumption of office of this government, the level of graft has increased, resulting in the creation of hideouts for the slush funds.
“The question then is; should the ordinary citizens be made to suffer the apparent incompetence of government in prosecuting the anti-corruption war or is it that there is actually no anti-corruption war going on?”
He said Nigerians spend more time in the banks trying to source for cash, insisting that this undermines confidence of the public in the banks and may discourage the citizenry from patronising the banks.
The NLC President added, “Though we have heard reasons like; the increase in fake notes in circulation and the hoarding of the naira. These reasons are clearly unacceptable as we cannot see anything that will make any Nigerian hoard the naira. In any case, it is not the ordinary Nigerian that hoards money in their houses.
“It is shameful that Nigerians would have to spend a lot of money to gain access to their hard-earned income. We are creating another avenue for economic rentiers such as the PoS operators and their collaborators in the banks to fleece Nigerians.
“Subjecting us again to spend our meagre salaries buying our money automatically devalues our income. PoS operators currently charge around N400 to access N10,000. This is about four per cent reduction in the value of the income of poor Nigerians who hardly make use of electronic platforms to perform their transactions.”
The NLC President noted that for many citizens who were already impoverished by government policies, foisting on them another era of cash scarcity would amount to gross insensitivity and double jeopardy.
He added, “We are worried that by this action and others, the government may be inciting the people and mobilising them to seek alternative routes for protecting themselves from these perverse policies.
“We believe that the elastic limit of the patience of Nigerians is being breached and no government inflicts this level of pains on its citizenry and expects them to keep quiet for a long time. Forcing Nigerians into revolt by continuously taking actions that deny them basic access to survival will not augur well for our nation. This cash crunch is indeed another test of the already worn out patience of Nigerian masses and workers.
“During this Yuletide, which is traditionally a time of joy, celebration and familiar gatherings, the current cash shortage threatens to cast a shadow over the festivities for many Nigerians.”
Ajaero noted that the unavailability of cash had led to increased difficulties in meeting daily needs, exacerbating the economic challenges faced by ordinary citizens.
He said the NLC recognised the importance of a vibrant economy and believed that it was in the interest of the country to ensure that citizens enjoy the festive season without undue financial strain.
He stated further, “We call on the government to take immediate and decisive action to alleviate the cash crunch and mitigate its impact on the people. Government should therefore explore measures to inject liquidity into the economy, ensuring that there is sufficient cash flow to meet the demands of businesses and individuals.
“It is fairly tale to continue brandishing cash hoarding as an excuse. Nigerians want their money and it should be made available to them. Excuses are not what Nigerians want to hear but access to their money. We urge the government to collaborate with other financial institutions to improve banking services, such as ensuring the availability of cash at ATMs and bank branches to facilitate easy access for the public.”
He called on the CBN to provide clear communication to the public regarding the steps being taken to address the cash crunch and reassure citizens of the stability of the financial system.
“The Nigeria Labour Congress is not unmindful of the complexities of managing an economy, especially during challenging times. However, it is crucial for the government to prioritise the well-being of its citizens and take immediate action to alleviate their suffering.”
Federal Airports Authority of Nigeria (FAAN) has announced plans to introduce a biometric identity verification system, known as V-Pass, to speed up passenger processing and enhance security at domestic airports nationwide.
This initiative is aimed at strengthening aviation security, reducing passenger processing time and eliminating dependence on physical identity documents.
A statement issued yesterday by Henry Agbebire, director of Public Affairs and Consumer Protection, FAAN, said the new facial recognition platform, developed in partnership with Verxid Technologies Limited, would enable passengers to verify their identities through biometric authentication, allowing them seamless access through airport security checkpoints and boarding gates.
According to him, the initiative formed the focus of a strategic meeting between FAAN and Verxid Technologies Limited, where both organisations reviewed deployment plans, security safeguards and measures to improve passenger experience.
The statement hinted that the authority centred on ensuring the successful rollout of the digital platform while maintaining high security standards.
The statement quoted, Adebola Agunbiade, director of Commercial and Business Development, FAAN, as describing the V-Pass as another milestone in the authority’s ongoing digital transformation programme.
According to her, the platform indicated FAAN’s commitment to deploying innovative technology that enhances passenger facilitation while reinforcing aviation security across domestic airports.
She assured that the system would provide every traveller with a secure digital identity through a one-time enrolment process.
Under the arrangement, Nigerian passengers would register using their National Identification Number (NIN) alongside facial biometric capture, while foreign travellers would enroll with their passports through Optical Character Recognition (OCR) supported by biometric authentication, the statement added.
FAAN said the system would verify passenger identities before they gain access to restricted airport areas and once again before boarding their flights.
The agency noted that the dual-verification process was designed to prevent identity fraud, impersonation and unauthorised access to airport facilities, while giving security agencies greater confidence in passenger authentication.
Passengers would be able to complete the verification process either through self-service kiosks or with assistance from trained FAAN personnel.
The deployment would also include electronic gates to automate access into controlled areas, reduce queues and improve passenger movement across airport terminals.
According to the developers, first-time registration is expected to take about one minute, while subsequent biometric verification would take less than 30 seconds.
Apart from passenger processing, the V-Pass platform would also provide airlines with secure digital access to flight schedules, passenger manifests and boarding statistics.
FAAN assured travellers that data protection remained a critical component of the project, stressing that the platform fully complies with the Nigeria Data Protection Regulation (NDPR).
The Central Bank of Nigeria (CBN) has launched a new system to monitor how Bureau De Change (BDC) operators buy foreign exchange in the country.
Under the new arrangement, all licensed BDCs must report their foreign exchange purchases through a platform called the FX BDC Purchase Tracker (FXBT). The portal will allow the CBN to monitor transactions in real time or on the same day they take place.
The directive was announced in a circular dated July 15, 2026, and signed by the Director of the CBN’s Trade and Exchange Department, Aderinola Shonekan.
According to the apex bank, the new framework is designed to support its February 2026 policy that allows licensed BDCs to buy foreign exchange directly from authorised dealer banks in the Nigerian Foreign Exchange Market (NFEM).
The CBN said the initiative will improve transparency, strengthen compliance, increase liquidity in the retail forex market, and ensure proper participation by market operators.
A major feature of the framework is the FXBT portal, which will serve as a central database for tracking all foreign exchange purchases made by BDCs from banks.
Under the guidelines, every licensed BDC must register on the platform and submit transaction details either in real time or on the same day the transactions occur.
The CBN stated that the system will help regulators identify violations, detect suspicious transactions, monitor compliance with market rules, and improve confidence in the foreign exchange market.
The framework builds on the CBN’s February 2026 decision to allow licensed BDCs back into the official foreign exchange market. Under that policy, each eligible BDC can purchase up to $150,000 weekly from authorised dealer banks at market rates.
The apex bank said only BDCs with valid licences will be allowed to access foreign exchange through the framework. Operators whose licences have been suspended or restricted due to regulatory issues will not be eligible until those restrictions are lifted.
The CBN also directed banks to carry out thorough Know Your Customer (KYC) and customer due diligence checks before onboarding any BDC. Required documents include valid operating licences, Tax Identification Numbers (TIN), Corporate Affairs Commission (CAC) registration documents, and information on beneficial ownership.
Banks have also been warned not to sell foreign exchange to BDCs that fail to meet the required compliance standards.
To encourage fair competition, the CBN said BDCs can buy foreign exchange from any authorized dealer bank of their choice. Banks are prohibited from forcing BDCs into exclusive arrangements or charging referral fees that limit their ability to transact with other banks.
Under the new process, BDCs must submit electronic requests for foreign exchange through a bank’s designated portal. Banks are required to acknowledge requests within two business hours and communicate approvals or rejections immediately after processing.
Requests can only be rejected for valid reasons, such as incomplete documentation, exceeding weekly purchase limits, unresolved compliance concerns, or internal risk management issues.
The CBN also introduced stricter rules on how purchased foreign exchange can be used. All transactions between banks and BDCs, as well as between BDCs and customers, must be conducted through accounts held with licensed financial institutions. Third-party transactions remain prohibited.
In addition, BDCs are not allowed to keep unused foreign exchange purchased through the official market. Any unused funds must be sold back into the market within 24 hours after the permitted usage period expires.
The apex bank warned that failure to comply could lead to forfeiture of funds and suspension from the market.
BDC operators must also disclose any unused balances from previous allocations when applying for new purchases, while banks are expected to consider those balances when calculating weekly allocations.
Beyond reporting through the FXBT portal, BDCs must continue submitting weekly reports to the CBN. These reports must include details of foreign exchange purchased from banks, sales to end users, unused balances, and settlement records.
The CBN said the reporting requirements will improve transparency and help regulators better monitor foreign exchange flows in the retail market.
The bank warned that violations of the framework could attract penalties under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Foreign Exchange Act. Sanctions may include fines, suspension from the foreign exchange market, withdrawal of BDC licences, revocation of banks’ authorised dealer status, and referrals to law enforcement agencies where necessary.
The CBN’s Trade and Exchange Department will oversee compliance through regular and surprise inspections carried out in collaboration with other departments.
The apex bank said the new directive is part of its wider efforts to reform the foreign exchange market, improve transparency, boost liquidity, and restore confidence in the system.
Concerns over compliance breaches, speculative trading, and abuse of foreign exchange allocations had continued even after BDCs were reintroduced into the official market earlier this year.
The Corporate Affairs Commission (CAC) has announced the commencement of another exercise to remove 100,000 companies from Nigeria’s register of companies for failing to comply with statutory requirements under the Companies and Allied Matters Act (CAMA), 2020.
In a public notice issued on Thursday, and dated July 15, 2026, the commission said the exercise was being carried out pursuant to Sections 692(3) and 692(4) of the Companies and Allied Matters Act, 2020.
The notice stated: “This is to notify the General Public and Esteemed Customers that the Corporate Affairs Commission has commenced another round of striking off names of companies from the Register pursuant to the provisions of Section 692 (3) and (4) of the Companies and Allied Matters Act, 2020.”
According to the commission, the affected companies are listed on its official website.
“The list of the affected One Hundred Thousand (100,000) companies can be accessed at the Commission’s Website,” the notice said.
The CAC directed all affected companies to update their records by filing outstanding annual returns and beneficial ownership information within 90 days.
“The affected companies are hereby advised to take steps to file all outstanding Annual Returns (and by extension Persons with Significant Control/Beneficial Ownership information) and regularize their records within ninety (90) days of this notice,” the commission said.
It added that companies must send proof of compliance to the designated email address, [email protected], within the stipulated period.
The commission warned that failure to comply would result in the affected companies being removed from the register without any further notice.
“Please note that companies that fail to comply within the stipulated timeline shall be struck off the Register without further notice,” the notice stated.
The CAC reiterated its commitment to improving service delivery, saying, “The Commission remains committed to providing prompt and efficient services to the satisfaction of our valued customers.”
FAAN to Replace Physical ID Check with V-Pass Biometric Verification
World Bank Says 79 Percent of Nigerians Still Trapped in Poverty despite Reforms
SEC Begins Drive to Recover Unclaimed Dividends
ntel Plays Down Calls and Data Services, Moves to BET Agenda
Nigeria Facing Rising Cybercrime Losses – Report
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
Nigeria Launches FreeTV Nationwide
NASENI Moves to Digitize CCB’s 5m Assets Declaration and Operations
Lebara Nigeria Launches Lebara Play, Africa’s First Telecom-Owned Micro-Drama Platform
CANAL+ Partners Samsung to Pre-Load DStv Stream on New Samsung TVs In Nigeria, Other African Countries
E-Business3 days agoTD Africa Sponsors Check Point Secure 360 Summit to Boost Cybersecurity in Nigeria
Telecom3 days agoMTN Foundation, MUSON Celebrate Emerging Music Talents at 2026 Graduation Ceremony
News3 days agoGuinness Rolls Out Nationwide Consumer Rewards Promotion
Telecom3 days agoNITDA Calls for Digital Infrastructure Expansion to Drive Nigeria’s Industrialisation
E-Financial3 days agoNext Currency Crisis May Turn $300Bn in Stablecoins into National Currencies
E-Financial3 days agoGigbanc Nigerian Fintech Startup Closes Shop after 3 Years
General News3 days agoFirst Trustees Advocates Estate Planning as an Essential Tool in Every Wealth Creation Strategy
Broadcasting3 days agoMbunabo, Nigerian Filmmaker Accuses Ghana TV Stations of Pirating Nollywood Films