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Cash Crunch: CBN Orders Banks To Open On Weekends

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In an effort to facilitate the circulation of banknotes of different denominations, the Central Bank of Nigeria has issued a directive to all commercial banks to operate on Saturdays and Sundays.

Additionally, the Central Bank of Nigeria has confirmed that it is currently in the process of evacuating banknotes from its own vaults to commercial banks throughout the country.

This directive was announced in a statement by Isa AbdulMumin, the Acting Director of the Corporate Communications Department at the CBN, on Friday in Abuja.

According to the statement, commercial banks have already received a significant amount of money in various denominations, which will be distributed to their respective customers. The CBN urged banks to conduct physical operations in their banking halls over the weekends in order to facilitate this process.

Excerpts of the statement read: “The CBN has directed all banks to load their Automated Teller Machines, as well as conduct physical operations in the banking halls through the weekends.

“Branches of commercial banks will operate on Saturdays and Sundays to attend to customers’ cash needs.

“The Governor of Central Bank of Nigeria, Mr Godwin Emefiele, would personally lead teams to monitor the level of compliance by the banks in various locations across the country,” it stressed.

The CBN also urged Nigerians to remain patient as the current situation regarding the circulation of banknotes would soon improve with the injection of additional funds.

As a result of a recent Supreme Court ruling and an upcoming protest by the Nigeria Labour Congress next week, authorities have increased their efforts to put an end to the severe currency scarcity that has affected millions of bank customers throughout Nigeria. This was reported by BIZTELLERS.

 

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NEWS

Senate, House of Reps Exclude JAMB From 2025 Budget

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JAMB announces new textbooks for languages

The Senate and House of Representatives have resolved to exclude the Joint Admissions and Matriculation Board (JAMB) from the Federal Government’s 2025 budget, citing concerns over the agency’s financial practices and its dependence on public funds.

The decision was reached during an interactive session on revenue projections for 2025, held by the joint committee of the Senate and House of Representatives, chaired by Senator Sani Musa (APC, Niger East) on Monday.

READ MORE: Death Toll Rises As Wildfires Ravage Los Angeles

During the session, JAMB Registrar, Prof. Ishaq Oloyede, disclosed that the board had remitted N4 billion to the Consolidated Revenue Fund while receiving N6 billion from the government in 2024.

This revelation drew sharp criticism from lawmakers, who questioned the rationale behind funding a self-sustaining agency with government grants.

“You remitted N4 billion and received N6 billion from the Federal Government. Why not keep the N4 billion and stop the government from funding JAMB?” asked Abiodun Faleke, Chairman of the House Committee on Finance.

Senator Adams Oshiomhole (APC, Edo) expressed further concerns over JAMB’s spending patterns.

He pointed out that the agency spent N1.1 billion on meals and refreshments in 2024, a figure he described as excessive.

“Are you being freely fed by the government? This money comes from poor students, many of whom are orphans,” Oshiomhole said.

The senator also raised questions about N850 million allocated for security, cleaning, and fumigation, as well as N600 million spent on local travels.

Additionally, he called for a detailed explanation of N6.5 billion earmarked for local training and N1 billion allocated for a staff housing scheme.

Beyond JAMB, the Senate raised broader concerns about the financial practices of other Ministries, Departments, and Agencies (MDAs).

Senator Musa lamented the low remittances from MDAs in 2024 despite significant revenues generated, describing the gap as a major hindrance to funding critical infrastructure and social services.

“This discrepancy hampers the government’s ability to fund critical infrastructure projects and social services, raising issues of inefficiency, mismanagement, and potential revenue leakages,” Musa noted.

 

 

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International News

Red Flag Warning Issued Amid Dangerous LA Wildfires

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Ekpoma Traders Suffer Losses As Fire Devastates Market

As Southern California battles relentless wildfires, the National Weather Service (NWS) has issued a “particularly dangerous” red flag warning for the Los Angeles area, cautioning residents of potentially explosive fire growth due to strong winds.

Forecasters predict wind gusts peaking at 70 mph (110 km/h) on Tuesday, creating conditions ripe for rapid fire spread. Chad Augustin, Pasadena’s fire chief, described the situation as a critical turning point. “Once we get past Wednesday night, I’ll say, ‘Wooh, we made it.’ But until then, this fire could take off with these increased wind conditions,” he told the BBC.

The region is grappling with three active wildfires, the largest being the Palisades fire, which has scorched over 23,000 acres and is only 13% contained. The Eaton fire follows, consuming 14,000 acres with 27% containment. While firefighters have almost fully contained the smaller Hurst fire, at 95%, challenges remain.

Authorities have placed 105,000 residents under evacuation orders, with at least 24 people confirmed dead and 16 others missing. Firefighters are focusing efforts on hotspots in populated areas, with drones and infrared technology aiding in identifying hidden fire threats.

READ MORE: JUST IN: Gov Seyi Makinde Officially Installs New Alaafin Of Oyo Amid Disputes

Meteorologist Rich Thompson emphasised the severity of the situation, noting that “one of the strongest Santa Ana wind events in several years” had already created “critical fire weather conditions.” The red flag warning is expected to remain in effect until Wednesday, with gusts between 35-55 mph anticipated.

California Governor Gavin Newsom has deployed an additional 1,000 National Guard members to assist, bringing the total to 2,500 personnel. Meanwhile, emergency services continue working tirelessly to contain the blazes and ensure the safety of residents.

Despite some progress, LA County Fire Chief Anthony Marrone warned that all of LA remains under threat due to the incoming winds. “We are fully committed to ensuring readiness for the next event,” he said.

The Palisades fire incident commander, Jim Hudson, acknowledged the dynamic nature of the battle. “Firefighters are planning two to three ridges away from where the fire is and speaking to communities that could be impacted,” he said.

As efforts continue, the focus remains on safeguarding lives and preventing further destruction. Residents are urged to remain vigilant, adhere to evacuation orders, and prepare for challenging days ahead.

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International News

Death Toll Rises As Wildfires Ravage Los Angeles

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At least 16 people have died in the ongoing wildfires in Los Angeles, with authorities warning that the death toll may rise as the fires continue to spread.

The devastating blazes have claimed homes, memories, and lives, with many victims succumbing while trying to defend their properties or unable to evacuate in time.

Officials report that identifying victims may take weeks, as traditional methods like fingerprinting and visual recognition are being hampered by the intensity of the fires. Here’s what is known about some of the victims based on family statements and media reports:

Victor Shaw

Victor Shaw, 66, died while trying to save his family’s home in Altadena. His body was discovered near the property with a garden hose in his hand, suggesting his desperate attempt to fend off the flames. His sister, Shari, who evacuated due to the “firestorm,” mourned his loss, saying, “I’ll miss talking to him, joking about, travelling with him and I’ll just miss him to death.”

Randall “Randy” Miod

Randall Miod, 55, perished in his Malibu home. According to his mother, Carol Smith, he was determined to protect the house he had cherished for decades. “That’s the one and only house he ever owned,” she said, reflecting on the memories tied to the property.

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Anthony Mitchell and Justin Mitchell

Anthony Mitchell, 67, and his son Justin, who had cerebral palsy, died in their Altadena home as they tried to escape the encroaching flames. Mitchell’s daughter, Hajime White, recounted his final call, where he said, “The fire’s in the yard.” The family described the heartbreaking loss of a father of four, grandfather of 11, and great-grandfather of 10.

Rodney Nickerson

Eighty-three-year-old Rodney Nickerson also died at his Altadena home. Despite warnings to evacuate, he believed the fire would pass, telling his daughter Kimiko, “I’ll be here tomorrow.”

Annette Rossilli

Annette Rossilli, 85, refused to leave her Pacific Palisades home, staying with her five pets. Firefighters later found her body in her car. Her family and caregivers described her devotion to her pets and her reluctance to abandon the life she had built there.

Rory Callum Sykes

Australian citizen Rory Sykes, 32, died in the Palisades fire. His mother, Shelley, recounted their struggle to escape as she attempted to lift her son, who had cerebral palsy. “No mum can leave their kid,” she said, mourning the loss of her “baby” who had overcome significant challenges to inspire others as a motivational speaker.

Erliene Kelley

The family of 83-year-old Erliene Kelley confirmed she died after refusing to evacuate her Altadena home. Her granddaughter, Briana Navarro, shared the family’s grief, saying Kelley had believed the fire would not reach her house, as previous ones had not.

Growing Crisis

As firefighters battle the flames and search for survivors, the community is left grappling with immense loss. Officials continue to urge residents to heed evacuation orders, stressing that lives are more important than possessions.

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