Economy
POS Operators Lament Rationing of Cash by Banks, CBN Calls for Calm
By Dipo Olowookere
Some Point of Sale (PoS) operators in Lagos and other major cities across the country are lamenting the difficulty they face lately in sourcing cash to carry out their business operations.
A few of those who spoke with Business Post said the situation may force them out of business any time soon if the Central Bank of Nigeria (CBN) fails to step in.
They said getting cash from deposit money banks (DMBs) to transact business is now very difficult as commercial banks ration it to them.
One of the operators in the Egbeda area of Lagos State, who identified herself as Mrs Modupe Adediran told our correspondent that the banks are not helping matters.
“I was at Zenith Bank today (Thursday) to get N100,000 since that was what they gave out on Monday, but I was only given N50,000 and when I asked why, I was told they did not have enough cash at that moment,” Mrs Adediran said.
“Last month, Zenith Bank was still paying out N500,000 cash at once to their customers, though that is the allocation for the week per customer. But since the beginning of this month, they have been giving N50,000 per day until last Monday when they paid N100,000.
“This is already getting me frustrated because it is not enough for me to transact my business for the day.
“If the CBN does not quickly wade into this issue, we might return to the era of using Naira to buy Naira like we did earlier this year when we experienced a similar cash scarcity,” she added.
Another operator in the Ipaja area of Lagos, Mr Femi Ogundare, said he now buys cash from stores, petrol stations and others to keep his business going.
“I have resorted to buying cash from petrol stations, super stores and others because of the rationing of cash by banks.
“I went to First Bank to get some cash but I could not get more than N20,000, same as GTBank, which has not increased its allocation from N20,000 since the first cash scarcity period earlier this year,” he said.
For Ms Feyikemi Atanda, who operates in the Ikeja area of the metropolis, the cash scarcity is getting worse, forcing operators to increase their transaction charges.
“How do you expect me to pay to get cash from different sources and charge the same old fee for using my service?” she queried.
Her view was echoed by Mrs Adediran and Mr Ogundare, who emphasised that the cost of getting cash from other sources apart from the banks would be passed on to customers, who are already resisting this.
“I don’t argue with them (customers) when I tell them to pay N300 for N10,000 instead of N200. I just tell them they can go to their banks or ATM points to get their cash,” Mr Ogundare said.
However, an employee of one of the tier-1 lenders, who asked not to be named because he was not authorised to speak to the press on the matter, said it is not the fault of the banks to ration what they dispense to customers.
On Wednesday, the Central Bank of Nigeria (CBN), in a statement, blamed Nigerians for the recent cash scarcity, accusing them of hoarding cash, ostensibly in fear that the old currency would no longer be accepted as legal tender from December 31, 2023, despite the Supreme Court extending the validity of the banknotes beyond the date.
“The CBN has adequate cash to meet the day-to-day transaction needs of Nigerians.
“We appeal to Nigerians to be patient while the CBN does the needful to ensure the availability of cash, particularly during the Yuletide and beyond,” a statement signed yesterday by CBN’s Acting Director of Corporate Communications, Mrs Hakama Ali, said.
By Adedapo Adesanya
A 10 per cent equity stake has been acquired by Odu’a Investment Company Limited in a subsidiary of FCMB Group Plc, FCMB Pensions Limited.
The move is aimed at strengthening its presence in Nigeria’s growing pension industry.
The company disclosed that the transaction was completed after receiving all required regulatory approvals from the National Pension Commission (PenCom) and the Central Bank of Nigeria (CBN), while the Securities and Exchange Commission (SEC) has also been duly notified.
Odu’a Investment said the acquisition represents a strategic investment in a resilient and steadily expanding segment of Nigeria’s financial services sector.
The company added that the deal also reinforces FCMB Pensions’ shareholder base through the entry of a long-term institutional investor.
Chairman of Odu’a Investment Company Limited, Mr Bimbo Ashiru, said the investment aligns with the organisation’s strategy of partnering with strong institutions operating in sectors critical to Nigeria’s long-term economic stability.
“This investment reflects Odu’a’s strategy of partnering with strong institutions operating in sectors that are central to Nigeria’s long-term economic stability and growth,” he said in a statement.
“The pension industry plays a critical role in mobilising long-term savings and strengthening the financial system. FCMB Pensions has built a solid platform serving contributors across Nigeria, and we see a significant opportunity to support its continued growth and impact,” he added.
Also commenting on the transaction, the Managing Director of Odu’a Investment Company Limited, Mr Abdulrahman Yinusa, described the deal as a vote of confidence in FCMB Pensions’ leadership and long-term prospects.
“Our partnership with FCMB Group Plc reflects confidence in FCMB Pensions’ strategy, leadership, and long-term potential. Together, we will work to expand its reach, support its strategic objectives, and deliver sustained value to contributors and other stakeholders,” Mr Yinusa said.
The investment brings together two established institutions with complementary strengths and a shared focus on long-term value creation. According to the company, the partnership positions FCMB Pensions to deepen market penetration and enhance service delivery within Nigeria’s contributory pension scheme.
Odu’a Investment Company Limited is an investment holding company jointly owned by the governments of the six South-West states of Nigeria.
The firm manages a diversified portfolio spanning real estate, financial services, hospitality, agriculture, and industrial investments, with a mandate to generate sustainable economic value and support regional development.
By Aduragbemi Omiyale
The chief executive of the Nigerian Exchange (NGX) Group Plc, Mr Temi Popoola, has said Nigeria’s capital market is undergoing a re-rating as global investors begin to reassess the country’s economic trajectory and investment potential.
“What we are seeing is a gradual re-rating of Nigeria. investors are beginning to look at the data more closely, the returns, the reforms, and the improving macroeconomic direction, and that is changing sentiment,” he said during a live interview on BBC Newsday in London.
He is in the United Kingdom as part of broader investor and stakeholder engagements during President Bola Tinubu’s state visit to Buckingham Palace.
Mr Popoola explained that Nigeria’s equity market has delivered strong returns in recent months, positioning it more competitively among emerging and frontier markets. According to him, this performance is helping to recalibrate long-held risk perceptions and attract renewed interest from international investors.
He added that improvements in Nigeria’s energy landscape, including increased domestic refining capacity and ongoing sector reforms, are helping to reduce the economy’s exposure to external oil price shocks, further strengthening investor confidence.
Mr Popoola emphasised that beyond short-term market movements, consistency in policy implementation will be critical in sustaining this shift in perception. “Global capital responds to clarity and consistency. As those elements become more evident, Nigeria naturally becomes more investable.”
He also highlighted the importance of sustained engagement with global financial centres, noting that platforms such as London play a key role in connecting Nigeria’s capital market to international pools of capital.
According to him, Nigeria’s evolving market structure, combined with ongoing reforms, is strengthening its position as a viable destination for long-term investment. “There is a broader recognition that Nigeria offers significant opportunities. The focus now is ensuring that this recognition translates into sustained capital flows.”
The NGX group chief concluded that Nigeria’s capital market is increasingly being viewed through a more balanced and data-driven lens, reflecting both its resilience and its long-term growth potential.
By Adedapo Adesanya
Global cryptocurrency platform, Luno, has launched a structured crypto prediction markets product in Nigeria, which will enable customers to apply their market knowledge to short-term crypto price events and earn USDC when their insights are correct.
The prediction market allows customers to express a view on whether the price of selected crypto assets, being BTC, ETH, SOL, DOGE, and XRP, will be above or below the daily price event. The market operates daily with clearly defined rules and settlement periods, offering customers structured, time-bound opportunities to act on their conviction.
Nigeria remains one of the most active crypto markets globally, with increasing demand for tools that combine simplicity and transparency. By introducing Prediction Markets focused solely on price levels, Luno aims to provide a fast, confident, and opportunity-forward format for market engagement.
Unlike traditional gaming or prediction firms like Polymarket and Kalshi, in which the odds are set by the company, Luno’s Prediction Market, powered by Limitless, is focused exclusively on crypto asset price movements within the Luno platform.
This means customers are not purchasing the underlying asset, but participating in a defined, outcome-based market that settles transparently based on real-time price data.
According to a statement, the launch reflects a broader shift in how customer behaviour is evolving in Nigeria’s growing crypto asset ecosystem, particularly as crypto asset adoption matures, many users are seeking more flexible and responsive ways to engage with markets beyond long-term holding or traditional spot trading.
Luno’s Prediction Markets product is designed to meet this demand within a familiar and regulated platform environment. The feature builds on how customers already interact with crypto asset prices – analysing charts, following market news, and forming views- and provides a structured framework for expressing those views.
According to Mr Ayotunde Alabi, chief executive of Luno Nigeria, the company is combining crypto education with a secure platform to help Nigerians confidently apply their market knowledge in a responsible and practical way.
“We are seeing a clear shift in how Nigerians want to engage with crypto assets. Many already follow price movements closely and form strong market views; we want to lead with education as well as provide a safe and secure platform to help them apply that knowledge. This feature is designed to be a natural extension for those who enjoy forecasting.
“By tying this to our ongoing educational initiatives, such as our scholarships with AltSchool, we are encouraging users to apply what they have learned about market analysis into a practical, responsible framework. Our priority is ensuring that where confidence meets opportunity, it is supported by the standards of trust our customers expect.”
Luno said it will further support the rollout with Learn & Earn educational content and tutorials explaining market mechanics and price determination. To promote informed decision-making and ensure the product is used responsibly,
Luno has embedded specific controls, including customers reading and acknowledging a risk disclosure before participating, as well as moving funds from their ordinary USDC wallet to a separate prediction wallet, which will be used to participate in prediction markets.
The firm also said that customers cannot hold both sides of the same market, in this case, Above and Below at the same time.
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