Business
Naira Scarcity May Push Nigerians Into Depression, Suicide —Psychiatrist

A Professor of Psychiatry at the Department of Psychiatry, College of Medical Sciences, Ahmadu Bello University Zaria, Kaduna State, Taiwo Sheikh, has warned that the scarcity of the old and new naira notes will push many Nigerians into frustration and depression.
He also said the situation would worsen the cases of suicide in the country if the Federal Government fails to urgently address the problem.
Prof. Sheikh, who is the immediate past President of the Association of Psychiatry in Nigeria, said the situation if not checked will plunge a lot of Nigerians into mental health crises that will require hospital admission amid a scarcity of manpower and infrastructure.
Speaking in an exclusive interview with PUNCH HealthWise, the psychiatrist lamented that a lot of Nigerians are frustrated and distressed by the naira scarcity.
READ ALSO: Naira Scarcity: Zenith Bank Shuts Down Operation In Branches
He noted that Nigerians no longer enjoy optimum mental well-being as a result of recent happenings in the country including fuel scarcity.
The don said, “This scarcity of naira has already increased the rate of mental illness in the country. For an adult to strip himself naked in the bank is not normal. It is no longer what you consider to be normal.
“For people to be punching each other, carrying iron to be hitting one another in front of automated teller machines just to be able to get some money is not normal.
“These are evidence of frustration and when people are frustrated, there is a kind of transferred aggression. When you cannot face what is causing the frustration then you transfer the aggression elsewhere. Most of the time, you transfer it to others. The naira scarcity is generating a lot of frustration.”
Prof. Sheikh reiterated that if the situation is not checked, the country would have more people with mental disorders.
The professor warned, “If this distressing situation and the frustration is not checked, it will lead to mental illnesses that will increase the state of suicide in the country. There is no doubt about that, one thing leads to the other.
“People will develop depression and anxiety disorder. They will become psychotic, suicidal, and homicidal. People will attack others because of the transfer of aggression, and so many things.
READ ALSO: Riot In Ogun As Angry Youths Protest Naira, Fuel Scarcity
“For those who have mental illnesses already, their situation will worsen.”
According to the Association of Psychiatrists in Nigeria, more than 60 million Nigerians are suffering from mental illnesses, noting that only about 10 per cent of them can access appropriate care.
Prof. Sheikh clarified that mental well-being is not a mere absence of mental illness but the ability of an individual to cope with the day-to-day challenges of life without hurting another person.
“Now, when we say mental illness and we say optimum mental well-being, there is in-between that illness and mental well-being. That in-between is what we refer to as this period of distress and frustration.
“So, if you don’t handle such distressed situations very well, they can progress to clearcut mental illness. And if you can handle such a situation of distress adequately, then you can resolve it and then, your optimum well-being comes back. And you can face the challenges of life and move on. Situations like naira scarcity disrupt optimum mental well-being,” he said.
Giving insight into the importance of having optimum mental well-being, Prof. Sheikh said, “Your ability to have your aspiration without hurting another person and pursue it within the expected norms of socio-cultural setting and contribute to the development of your community.
“So, once a distressing situation like this comes in and you have to throw yourself naked in the banking hall, then your ability to cope has broken down. Then you are no longer enjoying optimum mental well-being.
“It does not mean you are sick at that time, but you are distressed enough not to enjoy optimum mental well-being anymore. If we can address your situation at that time, then you can reverse back to optimum mental well-being. But if we are not able to reverse your situation at that time, then you can go on to develop a frank mental illness that will require treatment and hospitalisation.”
According to him, the current situation in the country has shaken the optimum mental well-being of Nigerians and pushed many people towards distress and frustration.
“It has shaken them of that comfort zone of optimum mental well-being. They have shifted away from that comfort zone. Nigerians longer enjoy optimum mental well-being.
“So, we are struggling to cope and in our struggle to cope, we start throwing our anger at others and start showing abnormal behaviours.
“If the situation is not properly managed, then a lot of people will end up with mental illnesses that will require treatment.
“We are already on the edge. If it is not checked, then we are going to have more people with mental disorders,” the psychiatrist explained.
READ ALSO: 50% PoS Operators Close Shops Over Naira Scarcity
Prof. Sheikh urged the government to do things that will bring down the frustration in the land.
He said, “Government should do something very appropriate that will reduce suffering, frustration, and distress that people are going through.
“Government should make more money available to people to be able to have access to the basic needs of their lives.”
PUNCH
Business
JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000
The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000.
The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department.
Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns.
According to her, it will also curb money laundering risks associated with heavy reliance on cash.
She said that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.
READ ALSO:CBN Directs Nigerian Banks To Withdraw Misleading Advertisement
“However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary,” she said.
She said that with effect from Jan. 1, 2026, the cumulative deposit limit would be removed and the fee previously charged on excess deposits would no longer apply.
The director said that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and five million Naira for corporates.
READ ALSO:CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
“Withdrawals above these thresholds will attract excess withdrawal charges as specified,” she said. “The special monthly authorisation that allowed individuals to withdraw five million Naira and corporates N10 million once a month has been abolished.”
She said that for Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly.
She said that this formed part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.
Sike said that excess withdrawals above the stipulated limits would attract three per cent for individuals and five per cent for corporate customers.
READ ALSO:Court Convicts Two National Assembly Staff Over CBN, FIRS Job Scam
According to her, this will be shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.
She directed banks to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.
Sike said that such withdrawals would be counted as part of the cumulative weekly limit.
The director said that banks were also required to render monthly returns to the relevant supervisory departments.
READ ALSO:CBN Sets POS Maximum Transactions In Fresh Guidelines
She listed the departments to include the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.
Sike said that revenue-generating accounts of federal, state, and local governments were exempted from the new withdrawal rules.
She said that accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks are also exempted from the new rules.
She, however, said that the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies had been removed.
Business
Naira Records Depreciation Against US Dollar Across Official, Black Markets
The naira depreciated against the dollar at the official and parallel foreign exchange markets on Monday to begin the new month on a bearish note.
Central Bank of Nigeria’s data showed that the Naira weakened to N1,448.44 on Monday, down from N1,446.74 traded on Friday last week.
READ ALSO:Naira Records First Depreciation Against US Dollar Across Official, Black FX Markets
This means that the naira dropped by N1.7 against the dollar on Monday when compared to Friday.
Similarly, at the black market, the Naira declined by N5 to N1,475 on Monday from N1,470 at the close of work last week.
The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27th, 2025.
Business
NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October
The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.
The state-owned firm disclosed this in its monthly financial report released on Saturday.
According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.
READ ALSO:N5bn Damage: NNPCL Secures Appeal Court Victory Against Ararume
The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.
The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.
Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.
-
News5 days ago
BREAKING: Ex-CDS Musa meets Tinubu At Aso Villa
-
News5 days ago
MOWAA: Why I Will Not Appear Before Edo Assembly Panel — Obaseki
-
Metro5 days ago
Osun Monarch’s Burial Rites Turn Bloody
-
Sports4 days ago
Davido Reacts As Gov Adeleke Dumps PDP
-
Entertainment5 days ago
Facebook, Instagram Suspend Idris Abdulkareem’s Accounts After New Song, Open Letter To Donald Trump
-
News5 days ago
JUST IN: Defence Minister, Badaru Mohammed Resigns
-
News5 days ago
FULL LIST: Approved Physical Verification Centres For CDCFIB 2025 Screening
-
Entertainment4 days ago
2face, Natasha Fight Dirty On Instagram Live Amid Singer’s Alleged Arrest In UK
-
Metro5 days ago
PHOTOS: Borno Woman Recovers N23m Gold Buried During Boko Haram Escape
-
Politics4 days ago
Gov Adeleke Resigns From PDP