Business

Naira Scarcity May Push Nigerians Into Depression, Suicide —Psychiatrist

Published

3 years ago

February 8, 2023

Editor

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.

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.

“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.

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

NNPCL Raises Fuel Price

Published

21 hours ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.

Business

CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

Published

3 days ago

October 11, 2025

Editor

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.

The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”

The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.

Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.

For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.

“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.

In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.

Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.

According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.

The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.

To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.

Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.

ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.

Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.

The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.

The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”

Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.

The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.

Business

Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

Published

4 days ago

October 10, 2025

Editor

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.

This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.

Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.

Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.

To this end, the market breadth also closed positive with 32 gainers and 21 losers.

Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.

Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.

Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.

Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.

According to DAILY POST, NGX has continued its bullish run from last month’s end to date.