News
Nigeria’s Cash Demand Soar As COB Hits N4.65TRN, Raising Concerns On Monetary Control
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Nigeria’s cash demand increased in October as Currency Outside Banks (COB) climbed for the second consecutive month to N4.65 trillion, signalling a renewed scramble for physical cash across households and businesses despite ongoing monetary tightening by the Central Bank of Nigeria (CBN).
According to the latest Money and Credit Statistics obtained from the apex bank, COB rose by 4.07 per cent in October, adding N181.71 billion to the N4.47 trillion recorded in September. The uptick follows a modest increase of N14.73 billion in September, after the indicator shed N43.44 billion between June and August.
The CBN data showed that cash outside banking vaults stood at N4.49 trillion in June, N4.63 trillion in May, N4.56 trillion in April, and N4.52 trillion in February. The figure had stood at N4.72 trillion in January, declining from N5.13 trillion in December 2024.
Similarly, Currency in Circulation (CIC) rose, hitting N5.06 trillion in October — a 2.12 per cent rise from N4.95 trillion in September. This represents a month-on-month increase of N107.95 billion. CIC had earlier grown by N29.57 billion in September after a cumulative decline of N78.16 billion between June and August.
The broader trend shows CIC hovering around the N5 trillion mark since the beginning of the year: N5.01 trillion in May and April, N5.00 trillion in March, and N5.04 trillion in February. It had opened the year at N5.23 trillion in January, sliding from N5.44 trillion in December 2024.
The CBN report also showed that credit to the private sector rose by 2.60 per cent to N74.41 trillion in October, up from N72.53 trillion in September, representing a monthly expansion of N1.88 trillion. However, year-on-year numbers paint a more subdued picture, with the figure posting a slight 0.46 per cent dip from N74.07 trillion in October 2024.
Government borrowing also rose within the month, as net credit to the government increased by 2.61 per cent to N24.79 trillion, compared with N24.16 trillion in September. Yet, despite the monthly uptick, year-on-year net government credit tumbled by 37.07 per cent from N39.39 trillion recorded in October 2024.
The growing preference for physical cash raises several macroeconomic concerns. High out-of-bank cash weakens monetary control, reduces deposit mobilisation, creates liquidity constraints for banks, and encourages informal transactions that escape regulatory visibility.
It also complicates inflation targeting, as large cash volumes outside the banking system blunt policy effectiveness.
The sharp rise in currency outside banks comes at a time when the CBN is focused on tightening liquidity to curb inflation, with the Monetary Policy Committee adjusting policy parameters in its September meetings.
The jump followed the Monetary Policy Committee’s decision in September to cut the Monetary Policy Rate by 50 basis points to 27 per cent, the first reduction since 2020. The easing came as inflation began to moderate and foreign exchange conditions improved.
However, at its November meeting, the MPC left the benchmark rate unchanged at 27 per cent and adjusted the policy corridor to prevent banks from warehousing liquidity at the apex bank, signalling a cautious approach to balancing easing with inflation control.
Source: Leadership Newspaper
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The Ogun State Government has assured residents of adequate funding and logistics support for the forthcoming measles–rubella vaccination campaign scheduled to commence on January 27 and end on February 5, 2026.
The Deputy Governor, Engr. (Mrs) Noimot Salako-Oyedele, who also chairs the State Task Force on Primary Health Care, gave the assurance during a meeting of the task force held at Oke-Mosan, Abeokuta.
In her remarks, Engr. Salako-Oyedele commended the Ministry of Health, health sector stakeholders, and development partners—particularly UNICEF—for their continued support, including the provision of ambulance boats to enhance healthcare delivery in riverine communities. She praised their efforts in sustaining a resilient primary healthcare system despite existing challenges and reaffirmed the administration’s commitment, as well as Governor Dapo Abiodun’s continued support, to all primary healthcare interventions.
She acknowledgethe d challenges highlighted in the report presented at the meeting and assured that they would be escalated to the Governor for urgent attention. The Deputy Governor also called on religious bodies, Community Development Associations, women groups, the National Orientation Agency, and the media to intensify sensitisation efforts, urging them to leverage social media platforms and influencers to effectively reach parents and young people.
According to her, the state government would do everything necessary to ensure the success of the measles–rubella campaign. “Thfunding requestng has been made, and we are confident it will be approved promptly to enable us to meet our responsibilities in this very intensive exercise,” she said.
Earlier, in her welcome address, the Commissioner for Health, Dr Tomi Coker, applauded development partners, religious leaders, community-based organisations, and other stakeholders for their consistent collaboration with the state government in strengthening healthcare delivery, particularly at the grassroots level.
She noted that the task force meeting provided an opportunity to review progress across the state’s primary healthcare system and align strategies ahead of the statewide immunisation exercise.
Also presenting at the meeting, the Executive Secretary of the Ogun State Primary Health Care Board, Dr Elijah Ogunsola, delivered a detailed report on the board’s achievements and challenges in 2025. He disclosed that most local governments recorded improvements across key health indicators, although some setbacks persisted, largely due to infrastructure and logistics gaps.
Dr Ogunsola further revealed that the measles–rubella immunisation campaign would run for 10 days and target children aged nine months to 14 years, describing it as one of the widest age-range vaccination exercises ever undertaken in the state. He added that over 8,000 health workers would be deployed across schools, health facilities, and communities to ensure full coverage.
Speaking on behalf of development partners, UNICEF representative Mrs Moloku commended the Ogun State Government for its commitment to strengthening primary healthcare delivery, noting that the initiative aligns with the global goal of ending preventable diseases in Africa. She was assured of UNICEF’s continued technical and financial support for the successful implementation of the vaccination campaign.
News
OGUN ASSEMBLY MOVES TO RESOLVE APUNREN LAND DISPUTE WITH MILITARY IN IJEBU-NORTH EAST, IJEBU- EAST LGAs
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Ogun State House of Assembly has assured the Community Leaders and people of Apunren community and other affected villages near Erunwon in Ijebu-North East and part of Ijebu- East Local Government Area that immediate steps would be taken to address the indiscriminate military land acquisition creating tension and apprehension amongst residents in the areas.
The Speaker, Rt. Hon. Oludaisi Elemide, gave the assurance today, while leading other members of the Assembly on an on-the-spot assessment of the affected areas; pledging that the State legislature would compile and present its findings to the Governor at the state level as well as engage the Legislative and Executive arms of Government at the Federal level to achieve a lasting solution to the matter.
He explained that the land crisis stemmed from the failure to properly gazette and document the earlier review that reduced the portion allocated to the Nigerian Army; while commending the members representing the two affected constituencies, Honourables Oluwaseun Adesanya and Waliu Owode for their efforts and urged the residents to remain peaceful and law-abiding as elected representatives moved to address the matter.
The Speaker also advised all affected communities to formally communicate with the House of Assembly, assuring that lawmakers would deliberate on the matter and adopt a resolution to be communicated to the appropriate authorities for necessary action towards achieving a permanent resolution.
On their part, the members representing the two constituencies, Honourables Adesanya and Owode, assured the people of a lasting resolution; the lawmakers encouraged them to remain calm and law-abiding as they intensified efforts to resolve the dispute.
In his remarks, the State Surveyor-General, Surveyor Oladele Ewulo, stated that his team had conducted an initial assessment of the area and would undertake further investigations and inquiries; noting that the outcome would guide stakeholders toward a peaceful and sustainable resolution.
Addressing the delegation, the Kabiyesi of Apunren Kingdom, Oba Jimson Owode Oyelaja, appealed to the State House of Assembly to intervene on the matter, which he noted had lasted nearly 50 years.
He stressed that Apunren and other affected villages had existed for over 600 years and lamented recent demolitions, loss of lives, destruction of schools, hospitals, houses, and properties allegedly linked to the enforcement of the disputed acquisition.
The monarch urged his people to remain calm, peaceful, and law-abiding, expressing optimism that the visit of the lawmakers signalled an imminent relief and a lasting solution to the long-standing hardship facing the communities.
In a presentation delivered at the commencement of the meeting, Major General S. A. Odunsi (Rtd) explained that the Apunren community was seeking legislative intervention to restore ancestral lands excessively acquired by the military in 1977; noting that although a reduced portion was earlier agreed upon for military use, a 1987 gazette controversially reinstated the larger expanse, thereby plunging the people into decades of uncertainty.
The retired General further appealed to the State House of Assembly to treat the matter with the urgency it required, as the dispute approaches its 50th anniversary; appealing to government to make 2026 a “year of jubilee” for the affected communities.
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Here is the list of candidates nominated for the position of Awujale of Ijebuland.
Prince Adetunji Adeleke
Prince Bello Ayodeji
Princess Oluwakemi Onanuga
Prince Babatunde Alesinloye
Prince Ayodeji Osibogun
Prince Oluwatosin Osunsanya
Prince Abimbola Onabanjo
Prince Adekunle Adeite
Prince Aderibigbe Morounfolu
Prince Adekoya Onakoya
Prince Odedina Taiwo
Prince Gbadebo Ali Adebambo
Prince Ogunwo Adebowale Emmanuel
Prince Abayomi Kadiri
Prince Hassan Adekunle Olubola
Prince Akintola Adewunmi
Prince Olabode Onanuga
Prince Ayo Olugbenga
Prince Ademorin Kuye
Prince Olamilekan Badiru
Prince Odubiyi Olufemi
Prince Abdulrasheed Kukoyi
Prince Ottun Olaseni
Prince Kayode Adenuga
Prince Adeleye Onanuga
Prince Olanrewaju Mabawonku
Prince Adeyemi Akeem
Prince Nurudeen Akeju
Prince Adeleke Adewale
Prince Olaide Ashiru
Prince Oriola Yusuf
Prince Ajibola Odunsi
Prince Aderibigbe Azeez
Prince Oriola Olawale Yusuf
Prince Fatai Adesegun Arowolo
Prince Alatise Saheed
Prince Bakare Adeleke
Prince Olukokun Adedeji
Prince Oludamisi Tuyo
Prince Jide Taiwo
Prince Adeyinka Bakare
Prince Sakiru Ademola
Prince Aderibigbe Adewunmi
Prince Adeleye Abdul
Prince Ademola Kazeem
Prince Sherrifideen Kazeem
Prince Bello Abiodun
Prince Bashorun Akeem Adetola
Prince Oshifuye Oduntan
Prince Bello Tajudeen
Prince Adegboyega Banjoko
Prince Abdulwaheed Shote
Prince Kama’ldeen Abdul
Prince Odejayi Akintunde
Prince Muideen Adeleye Adio
Prince Olalekan Shote
Prince Mustapha Mojeed
Prince Adegbenga Bakare
Prince Adebiyi Adeleye
Prince Okeowo Olusegun Obafemi
Prince Olumoko Qudus
Prince Shote Kazeem Olawale
Prince Adebowale Olufeko
Prince Muizdeen Abimbola
Prince Bamidele Adenuga
Prince Ogidan Adewale
Prince Adefuwape Adegboyega Abimbola
Prince Oduwole Tajudeen
Prince Adelaju Adenuga
Prince Odedina Oluwatobi
Prince Adekunle Adenuga
Prince Sulaimon Odubanjo
Prince Otun Abubakre Taiwo
Prince Olajibu Olalekan Azeez
Prince Abdul Olamilekan
Prince Adeleye Adeyemi
Prince Odedina Olukayode
Prince Osunsanya Oladapo
Prince Abiodun Onanuga
Prince Muftaudeen Abimbola
Prince Kamorudeen Lawal
Prince Abimbola Olusegun
Prince Tajudeen Abimbola
Prince Hammed Babatunde
Five additional names were nominated at the venue. candidates,
Meanwhile, the Olori Ebi Fusengbuwa ruling house and former ICAN President, Otunba Abdul Lateef Owoyemi, has said that anyone displeased with the selection process for the next Awujale should channel grievances to the government, assuring that the kingmakers will not make any mistakes.
He also stated that within a month, there would he a new King in Ijebuland.
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