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.
Eleven outstanding poetry collections are now in the race for the $100,000 Nigeria Prize for Literature, arguably Africa’s biggest and most prestigious literary prize.
The 11 collections were selected from a total of 223 entries received for this year’s competition.
Chairman of the Advisory Board for the Prize, Prof. Akachi Adimora-Ezeigbo, who announced the longlist, said the emergence of the 11 collections marks a significant milestone in this year’s competition and reflects the exceptional quality, creativity and diversity of contemporary Nigerian poetry.
According to her, the longlisted titles, arranged in alphabetical order, are: Adult Love by Tanure Ojaide; Bakandimiya by Saddiq Dzukogi; Black Passport by Paul Akpomuje; 2000 Blacks by Ajibola Tolase; Ceremony For The Nameless by Theresa Lola; Corpus: Animistic Verses by Ayo Oyeku; and Floral’s Love Colony by Tares Oburumu.
Other successful entries are, The Origin of Wounds by Malik Gbolahan; The Years of Blood by Adebayo Agarau; Unbind Me Now by James Ugwu Eze; and Why Does God Need a Gun by Ogaga Ifowodo.
Prof. Adimora-Ezeigbo described the announcement as an important stage in the 2026 edition of the prize.
She noted that the collections demonstrate the remarkable capacity of poetry to illuminate human experience through thoughtful reflection, cultural memory and artistic expression.
According to her, the works revisit history while interrogating dominant historical narratives and exposing the forces that shape collective identities and social relations.
She stated that despite their varied emphases, the books share a commitment to exploring the endurance of individuals and communities in the face of violence, oppression and social fragmentation.
On style and language, Prof. Adimora-Ezeigbo said the books display an impressive diversity of poetic techniques marked by lyrical intensity, symbolic depth and artistic innovation.
“Many employ densely poetic, allegorical, and elegiac modes that invite multiple layers of interpretation, while others draw extensively on folklore, oral traditions, and contemporary realities to create a compelling fusion of past and present. Their language is generally fluid, evocative, and aesthetically refined, relying on vivid imagery, emotional resonance, and intellectual sophistication to communicate complex ideas. These works demonstrate how poetic language can illuminate social realities; challenge established perspectives and give voice to both individual and collective experiences.
“The next stage will demand a closer reading of each work, with attention to language, form, originality and lasting literary value,” she stated.
The Board chairman commended the judges for their painstaking work and reaffirmed the Advisory Board’s commitment to a credible process, literary excellence and the promotion of a strong reading culture.
With the announcement of the 11-title longlist, the competition now moves to the next phase, with a shortlist of three expected in August and the winner to be announced in October.
Sponsored by the Nigeria Liquefied Natural Gas (NLNG), The Nigeria Prize for Literature carries a cash award of $100,000 for the author of the winning book.
Now in its 22nd year, the prize rotates annually across four genres – prose fiction, poetry, drama and children’s literature – with the 2026 edition devoted to poetry.
The Rivers State Government has applauded the Nigerian Medical Association (NMA), Rivers State Branch, for its steadfast dedication to advancing medical excellence and contributing significantly to healthcare development in the state and the country at large.
Speaking at the 2026 Annual General Meeting and Scientific Conference of the NMA held in Port Harcourt last Wednesday, the Secretary to the State Government, Dr. Dagogo Wokoma, described the association as a vital partner in the quest to improve healthcare delivery and outcomes.
Wokoma, according to a statement by the Head of Information and Public Relations Unit in his office, Julian Masi, noted that the NMA’s sustained advocacy for professional standards and quality medical practice has continued to impact positively on the healthcare sector and national development.
He said the conference theme, “Medical Practice in Nigeria: The Past, the Present and Quo Vadis,” offers a valuable platform for stakeholders to evaluate the progress made in the health sector, examine present realities, and develop practical solutions for future challenges.
He paid tribute to Nigerian doctors and other healthcare professionals for their sacrifices and unwavering commitment to service despite the challenges confronting the sector.
“We deeply appreciate the immense sacrifices made daily by Nigerian doctors and other healthcare professionals. In the face of numerous challenges, they continue to demonstrate exceptional resilience, professionalism, dedication and commitment to saving lives. Their contributions remain critical to national development,” he said.
In her keynote address, the immediate past Commissioner for Health, Prof. Adaeze C. Oreh, called on participants to critically examine the current state of medical practice in Nigeria and explore innovative approaches that will address emerging healthcare challenges in line with the conference theme.
Earlier, the Chairman of the Nigerian Medical Association, Rivers State Branch, Dr. (Prof.) Annabel Ureh Oparaodu, expressed gratitude to Governor Siminialayi Fubara for his continued support for the medical profession in Rivers State.
She urged delegates to maximize the opportunities provided by the conference through active engagement and knowledge sharing.
Highlights of the event included the commissioning of the Nigerian Medical Association Doctors’ Lodge and the NMA Water Factory, initiatives designed to improve members’ welfare and promote sustainability within the association.
The National Population Commission (NPC) has announced the commencement of a nationwide digital registration of births and deaths in Rivers State under the Electronic Civil Registration and Vital Statistics, E-CRVS, System, using the new VitalReg platform.
Federal Commissioner, NPC, Rivers State, Prof. Itotenaan Henry Ogiri, announced said this recently during a press briefing in his Port Harcourt office.
Ogiri said the full digital registration of births and deaths took effect nationwide on July 1, 2026, and is now being implemented across Rivers’ 23 Local Government Areas as part of the Commission’s rollout in the 36 States of the Federation and the FCT.
“Today’s announcement marks a significant milestone in Nigeria’s journey towards a modern, technology-driven civil registration system,
“It reflects the Commission’s commitment to ensuring that every birth and every death occurring in our country is accurately captured through a secure, efficient and digitally enabled platform,” he said.
The Federal Commissioner noted that while Nigeria records an estimated five million births annually, coverage remains low.
“Birth registration currently stands at about 57%, while death registration is below 20% nationwide.
“These gaps underscore the urgent need for a more efficient and accessible registration system,” he stated.
To address this, he said the commission has established 4,011 functional registration centres across the 774 LGAs, with plans to expand to about 8,000 centres nationwide.
According to him, in Rivers State, structures have been put in place and personnel are working with health facilities, LGAs and community stakeholders to ensure accessibility.
Ogiri explained that the VitalReg platform offers faster registration, 24-hour access, automated data validation for accuracy, reduced paperwork and waiting time, enhanced record security, and a stronger national database to support other government information systems.
He added that the platform would integrate seamlessly with Nigeria’s national digital identity framework, including the National Identity Management Commission (NIMC) to improve coordination and service delivery.
“The initiative builds on the launch of the E-CRVS System and the inauguration of the National Coordination Committee on CRVS by President Bola Ahmed Tinubu on November 8, 2023.
“It also aligns with the Federal Government’s Renewed Hope Agenda on digital transformation and transparency,” he said.
The NPC Commissioner stressed that success depends on partnerships and public participation and listed key collaborators as ALGON, NIMC, UNICEF and Barnksforte Technologies Limited.
“In Rivers State, we will continue to work closely with the State Government, Local Government Councils, healthcare providers, traditional institutions, religious organisations, development partners, civil society organisations and the media to ensure that no child or family is left behind,” he said.
The commissioner called on parents, guardians, healthcare workers and community leaders to ensure prompt registration of every birth and death, noting that a complete civil registration system strengthens governance and supports sustainable development.
He reassured the public that birth registration and birth notification services remain highly subsidised, though specialised administrative services such as record modification, certificate reissuance, attestations and verification will attract approved charges to support system sustainability.
Ogiri appreciated the Rivers State Government for its support, and commended NPC staff in the State, as well as development partners, LGAs, healthcare institutions, traditional and religious leaders for advancing civil registration in the state.
He also urged the media to continue to amplify the message “that every birth counts, every death matters and every Nigerian deserves a legal identity.”
“As we commence this new chapter, let us all work together to build a civil registration system that is modern, inclusive and trusted by all,” Ogiri concluded.
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