News
N5,000 Note: Mixed Reactions Trail CBN Decision
The Central Bank of Nigeria’s decision to introduce into
circulation a single N5,000 currency note by early 2013, has generated mixed
reactions from financial experts across the state, who see the move as a
contradiction of much publicised cashless policy.
Speaking in an interview with The Tide in Port Harcourt last
Friday, the former Head of Department, Banking and Finance and Senior Lecturer,
University of Port Harcourt, Dr Prince Nwakanma said the pronouncement by CBN
last week is a contradiction of the
cashless policy which the apex bank is yet to fully enforce.
Dr Nwakanma said cashless policy encourages lower
denomination in circulation, wondering why the N5,000 note should be introduced
now when naira has lost considerable value.
‘What CBN should be thinking is how to raise the value of
naira like other countries”, he said, noting that, there is no wisdom in that
introduction, which definitely will fuel inflation with adverse effects on our
economy.
He stated that by the policy, CBN only aims to reduce the
cost of printing the naira.
The General Manager, Hencon Group of Companies, Mr Silas
Igwe in his opinion, aligned with Dr Nwakanma, adding that the cashless policy
will reduce inflation, armed robbery and indiscipline on the part of leaders
who lack accountability and probity.
Igwe, a fellow of the Institute of Chartered Accountants of
Nigeria (ICAN) warned that the reference made by CBN to USA and other developed
countries’ economies is a clear evidence
that ‘we are treading on a dangerous
ground, adding that “ for every monetary policy there is an effect on the
economy.
He noted that the re-introduction of the coin amounts to
policy inconsistency on the part of CBN, which according to him, had
de-emphasised the policy, saying I think
there is confusion in the system”.
In a related development, the Project Director, BroadBase
Engineering Services Limited, Mr Temple Nwichi has said the policy is a conduit
through which the political elite plans to siphon the Nigerian economy and
pocket the entire money in circulation, using a very small bag”.
Nwichi, also a financial expert noted that aside
contradicting the cashless policy, CBN should know that conversion of currency
notes to coin is a sure way of
eliminating them from circulation”.
He called on CBN to withdraw the N1,000 note in circulation
and go back to what the former CBN Governor, Chukwuma Soludo planned to do to
strengthen Nigerian currency, adding that those listed for immortalisation
should be honoured through other means.
But on the contrary, the Special Adviser to the Rivers State
Governor on Special Projects, Mr Austine Nwakoh expressed satisfaction with the introduction of the
N5,000 note, adding that most developed countries even have higher currency
denominations which are also in circulation.
Nwakoh stressed the need for CBN to enforce the use of coins
by Nigerians, pointing out that the use
of coins has a multiplier effect on the
economy.
Meanwhile, Nigeria‘s foremost opposition party, Action Congress
of Nigeria(ACN) has asked the Central Bank of Nigeria (CBN) to have a rethink
on its intention to introduce the N5,000 note as the highest denominated legal
tender in Nigeria by year 2013, stressing that its demerits far outweigh the
merit.
In a statement issued in Lagos, yesterday, by its National
Publicity Secretary, Alhaji Lai Mohammed, the party warned that though the
introduction of this new high denomination may serve the dual purpose of
raising revenue for government on the one hand and reduce the cost of
transactions on the other hand, the unintended consequences and collateral
damage of introducing the N5,000 may far outweigh the benefits of the new
measure .
According to the party, there is a strong historical
evidence that the introduction of higher and higher face value currency notes
in an economy often signifies a regime of increased and sustained fiscal
deficit financing.
The party said the issuance of such high value currency
notes is likely to be perceived as an indication of government’s failure to
effectively control inflation.
The party stated that the issuance of the N5,000 currency
note runs counter to the recent policy of the Central Bank of Nigeria to
promote a “cashless” economy by encouraging the increased use of non-cash transaction
instruments.
“This policy which is aimed at reducing the use of cash had
been justified by the need to reduce the burden of the cost of printing and
distributing currency notes. The introduction of a high face value currency
note actually does the opposite because by reducing the unit cost of printing
and transportation, it actually would promote the use of cash.
He further stated that the issuance of the new N5,000
currency note also runs counter to the government’s often repeated commitment
to fight corruption. It is widely recognised that large scale corruption tends
to be facilitated by the ease with which unrecorded and large cash transactions
can be made,” the party stressed.
The party, said, the introduction of the denomination would
lead to increased illegal/criminal, drug related and terrorist activities, as
well as money laundering. “The ease with which the new N5,000 currency notes
can be transported will make it an ideal instrument for the facilitation of
these undesirable activities,” the party said adding that the close
relationship between inflation and the issuance of high value currency notes is
perhaps best illustrated with real life experiences of a number of countries
including Argentina, Bolivia, Peru, Poland, Angola, Zaire/DRC and Zimbabwe, and
called for policy reversal.
However, some politicians have advised the Central Bank of
Nigeria (CBN) to do a thorough cost and effect analysis of the planned
introduction of the N5,000 note early next year on the economy.
The politicians, who spoke in separate interviews with
newsmen in Lagos yesterday, also urged the apex bank to carry Nigerians along
in the processes leading to the implementation of the policy.
Our correspondent recalls that the CBN Governor, Sanusi
Lamido Sanusi last Thursday announced the planned introduction of the N5,000
note and the conversion of N5, N10, N20 and N50 notes to coins.
Sanusi said that new currency would be introduced early next
year under the CBN’s currency re-design programme tagged ‘Project Cure.’
Similarly, a chieftain of the Congress for Progressive
Change (CPC), Mr Denis Aghanya, also
urged the CBN to educate the people for better understanding of the advantages
of introducing the N5,000 note.
“There is need for CBN to educate Nigerians for them to know
that the introduction of the N5,000 note is in order because we need to reduce
the volume of cash in circulation and possibly imbibe the cashless economy.’’
He, however, said that the conversion of the lowest
denominations to coins would not work because Nigerians would abuse it and melt
it into aluminium products.
The Secretary of the Campaign for Constitutionalism and
Human Rights (CCHR), Mr Toyin Raheem, an
NGO, also said that government needed to enlighten the people before
introducing a new denomination.
According to him, the introduction of a higher naira
denomination always brings about unanticipated challenges.
“The government needs to assure us that this new N5,000 note
will not cause inflation because we believe that this is the genesis of
inflationary trend,’’ he said.
He expressed doubts that the introduction of coins would go
down with majority of Nigerians, noting the fate of the existing ones.
However, the National Publicity Secretary of the Advanced
Congress of Democrats (ACD), Dr Breakforth Abraham said he was not in support
of the introduction of the new denomination.
“The N5,000 note will do Nigerians bad than good as it will
devalue our currency and fuel inflation.’’
He argued that the CBN had not deemed it fit to enforce the
usage of the existing coins, the hence the conversion of smaller notes to coins
would not work.
The Deputy National Chairman of the Alliance for Democracy
(AD), Alhaji Musa Umar, also flayed the
introduction of N 5,000 note.
“The proposed introduction of N5,000 note is a surrender
move by the CBN to the inflationary assault on the economy.
“This is an indication that we are losing the economic
battle and mega inflation is foreseeable,’’ he said.
Umar advised that the economy be diversified to return peace
and stability to the polity so as to pave way for foreign direct investments.
“The case of Zimbawe really depicts more graphically how
rapidly things can get out of control on the introduction of high value
denomination currency notes. On the 5th of May, 2007, Zimbabwe issued currency
notes with face values of Z$100million and Z$250 million. On 15 May 2007 a new
bank note of Z$500million was issued, followed by the issue on 20th May 2007 of
currency notes in denominations of Z$5billion, Z$25 billion, and Z$50 billion.
Finally, on 21 July 2007, bank notes with a face value of Z$100 billion were
issued.
“Eventually, Zimbabwe abandoned its own currency and
legalised the use of only foreign currencies. Curiously enough already in
certain places in Nigeria today the American dollar is the accepted legal
tender. In conclusion the party warned that the introduction of the five
thousand Naira currency note may be a step in the wrong direction, and down a
slippery slope towards hyper -inflation and that it is time to abandon failed
inflation-control policies and inadequately thought- through experiments,” the
party recalled.
The Joint Admissions and Matriculation Board (JAMB) has announced the opening of examination slip printing for candidates registered for the 2026 Unified Tertiary Matriculation Examination (UTME).
JAMB made the announcement yesterday, urging candidates to visit its website to download their slips ahead of the examination.
“Examination Slip Printing is now available. The slip contains details of the venue, date and time of your examination and gives you access to the examination hall,” the board said.
Candidates are to visit jamb.gov.ng and click on “2026 Slip Printing” to print their slips.
The development comes after JAMB dismissed a viral press release falsely claiming the examination had been postponed.
The board described the notice as “malicious and fake” and urged candidates to disregard it.
The 2026 UTME is scheduled to hold from Thursday, April 16, to Saturday, April 25, 2026.
The examination follows a mock test conducted on Saturday, March 28, which recorded technical difficulties at some Computer-Based Test centres.
Of the 224,597 candidates who registered for the mock, 152,586 sat for the test across 989 CBT centres nationwide.
JAMB said over 20 centres were delisted for technical inadequacies.
The board also warned candidates against fraudsters on WhatsApp claiming to facilitate score inflation, describing such claims as “false and criminal”, and threatening cancellation of registration or withholding of results for any candidate found involved.
Over two million candidates, according to JAMB Registrar, Prof. Ishaq Oloyede, registered for this year’s UTME.
News
RSU Unveils Five-Year Strategic Dev Plan …Calls For Collective Commitment To Institutional Excellence
In a decisive step towards redefining its future, the Rivers State University, Port Harcourt, has formally unveiled its Third Five-Year (2026-2030) Strategic Development Plan.
The development plan is a comprehensive roadmap designed to strengthen the university’s position as a leading institution in Nigeria and beyond.
The unveiling took place during a high-level engagement with the Governing Council, Principal Officers and the university congregation, at the Convocation Arena, recently.
Delivering his remarks at the unveiling ceremony, the Pro-Chancellor of the university and Chairman of Council, Hon. Okey Wali, SAN, charged all members of the university community to align their activities with the strategic direction of the institution, emphasizing that the success of the plan depends on collective commitment.
He noted that the plan is not merely a document, but a working framework that requires discipline, accountability and unity of purpose.
According to the Pro-Chancellor, only through coordinated efforts from all stakeholders can the university fully realize its vision.
“I hereby invite the Visitor to the University, donor agencies, friends and well-wishers, and all stakeholders to support and fund the implementation of this strategic plan. We are confident that this plan will take RSU to greater heights in the comity of higher institutions,” he said.
The Vice-Chancellor of the University, Prof. Isaac Zeb-Obipi, described the Strategic Development Plan as a document that would enhance the university’s corporate strengths, mitigate current weaknesses, leverage its corporate opportunities and address perceived existential threats.
“This Five-Year Strategic Plan sets out RSU’s goals, strategic objectives, expected outcomes and impact, including intervention strategies,” he said.
On his part, the Chairman of the Strategic Development Planning Committee, Prof. Emeritus Joseph A. Ajienka, noted that the 2026-2030 Strategic Development Plan represents a bold reaffirmation of the university’s founding ideals of excellence, creativity, innovation and inclusivity, aimed at positioning the institution to respond effectively to contemporary challenges in higher education.
Prof. Ajienka, who is also a member of the Governing Council, disclosed that the plan was developed through an extensive and inclusive consultative process, which he said reflects contributions from Faculties, Departments, Satellite Campuses and Administrative Units.
At its core, the plan seeks to advance the university’s vision of becoming a “unique and uncommon” institution that is structurally and philosophically oriented towards solving practical societal problems and ranking among the top ten universities in Nigeria.
The strategic framework identifies six key challenges confronting the university, including funding constraints, infrastructure deficits, limited research collaboration, and service delivery inefficiencies.
A statement by the university’s Acting Director, Corporate Affairs, Victor G. Banigo, further stated that the university has articulated four broad strategic goals supported by eight targeted objectives.
A central priority of the plan, according to him, is the strengthening of governance and administrative systems, alongside deliberate efforts to expand the university’s funding base. Others include enhanced alumni engagement, strategic partnerships and innovative fundraising initiatives aimed at ensuring long-term financial sustainability.
“Equally significant is the commitment to upgrading physical infrastructure across all campuses. Plans are underway to modernize lecture halls and laboratories, expand student accommodation, improve campus security and deploy advanced ICT systems to support teaching, learning and research.
“Recognizing that human capital is the backbone of institutional success, the university has placed strong emphasis on staff development, recruitment and productivity enhancement. Through targeted training programmes, mentorship initiatives and performance management systems, the plan aims to foster a highly skilled and motivated workforce.
“In addition, the university is poised to deepen its focus on research, innovation and entrepreneurship. By reviewing academic curricula, strengthening industry partnerships and establishing innovation incubation centers, Rivers State University seeks to translate research outputs into practical solutions that address societal needs and drive economic growth,” he said.
The PRO disclosed that the implementation of the strategic plan is projected at ?110 billion, reflecting the scale of transformation envisioned.
“While the university is committed to funding a significant portion internally, additional resources will be mobilized through government support, donor agencies, alumni contributions, and public-private partnerships.
“This multi-channel funding strategy aligns with the university’s broader goal of building a resilient and self-sustaining financial model capable of supporting long-term development,” he explained.
To ensure effective implementation, he said, “the plan incorporates a comprehensive monitoring and evaluation framework, complete with performance and impact indicators. A mid-term review is scheduled within the first two years to assess progress and make necessary adjustments.
“Furthermore, the establishment of a dedicated Strategic Planning Office will provide oversight, coordination and accountability in executing the plan across all units of the university.”
According to the statement, “As the university embarks on this transformative journey, the message from leadership is clear: the Strategic Development Plan is a collective mandate.
“For staff, students, alumni and stakeholders, it represents an opportunity to contribute meaningfully to the growth and advancement of the institution. For the university, it is a pathway to consolidating its legacy while embracing innovation and global relevance.
“With a clear vision, defined priorities and a united community, Rivers State University stands poised to translate this strategic blueprint into measurable progress, advancing knowledge, empowering people and shaping the future of higher education in Nigeria.”
President Bola Tinubu is expected to inaugurate four legacy projects, including a state-owned gas turbine, during a one-day state visit to Bayelsa State, today.
To this effect, the Bayelsa State Government has declared Friday (today) a work-free day, and ordered the closure of markets ahead of the President’s visit.
The state Commissioner for Information, Orientation and Strategy, Ebiuwou Koku-Obiyai, disclosed this yesterday in Yenagoa, the state capital.
She said, “As we all know that the state is ready and we are ready as a people to receive the father of the nation, our father and leader in the President and Commander-In-Chief of the Armed Forces of the Federal Republic of Nigeria, President Bola Ahmed Tinubu, GCFR, who will be in the state on a one-day visit to inaugurate four legacy projects.
“In view of this, the state government has declared tomorrow, Friday, April 10, 2026, a work-free day to enable workers and other residents of the State to participate in the programmes lined up for the one-day official visit to Bayelsa State.”
According to her, Tinubu is expected to inaugurate key projects during the visit, including a state-owned gas turbine at Opolo-Elebele, a 60-kilometre dual carriageway from Onopa to the LNG axis, and a 630-metre bridge linking Angiama to Oporoma in Southern Ijaw Local Government Area.
Koku-Obiyai urged residents, including traders, to comply with the directive and turn out to welcome the President.
The government said the measures were part of efforts to ensure a smooth and successful visit.
The Tide reports that Bayelsa is the third state President Tinubu will visit for project commissioning in the last one week.
The President was in Ogun State last Saturday to commission the Gateway International Agro-Cargo Airport, Iperu, together with the state’s new airline, Gateway Airline, and its two newly acquired aircraft.
He also inaugurated logistics and trade infrastructure, and launched the Nigeria Customs Service’s N73bn hub that has a residential barracks, training college, warehouse and hospital.
The president also launched mobility, security and agriculture assets, including 1,000 electric motorcycles (EV bikes), and 80 units of security vehicles.
Tinubu was also in Lagos on Wednesday on a two-day state visit to commission key legacy projects of the Governor Babajide Sanwo-Olu administration.
Though represented by the Senate President, Senator Godswill Akpabio, the president inaugurated the newly constructed Ojota-Opebi Link Bridge, Lagos State Geographic Information Service (LAGIS) building, and Lagos Multi-Agency Building in Alausa.
Other notable projects commissioned by the President were Lagos Fresh Food Hub in Abijo, Ajah, Tolu Schools Complex in Ajegunle, and Maracana Stadium, comprising 19 mini-football pitches, built side-by-side in Ajegunle.
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