News
Bankers Committee Endorses Introduction of N5,000 Notes
The Bankers Committee yesterday endorsed the introduction of N5,000 note by the Central Bank of Nigeria (CBN), saying “it will reduce the cost of doing business’’.
Managing Director of the United Bank for Africa (UBA), Mr Philip Oduoza, made this known while briefing newsmen on the outcome of the committee’s meeting in Abuja.
“Logically, the N5,000 notes will reduce cost of doing business and the total amount spent in printing the currency is going to reduce by 10 times.
“The cost of printing a currency still remain the same, whether you are printing N50 note or N5,000 note.
“So, if we print N5,000 note and print one million of it and do the same with N100, you find out that you have less physical currency as far as the N5,000 is concerned.
“Therefore, the cost will reduce when you are printing a bigger denomination,’’ he said.
According to him, it will encourage service efficiency, assuring that the introduction of the bill would not bring about inflation in the country.
He noted that the new note would facilitate reduction in the lending rate by commercial banks.
“So many things are involved in the lending rate.
“For instance, if the cost of production, management and transaction of currency is reduced, automatically many charges will drop including the lending rate.”
Oduoza also assured that it would be difficult to fake the new currency, “as higher denominations pass through a lot more scrutiny”.
On the recent complaint by the EFCC that banks’ were not cooperating with it in accessing the accounts of those indicted in corruption cases, Oduoza pledged that the banks would continue to work with the commission to ensure service delivery.
According to him, a committee on financial literacy has been established to look at the issues and engage the EFCC to facilitate improvement in relations to enhance the commission’s work.
Also, Managing Director, Standard Chartered Bank, Mrs Bola Adesola, said that the new notes would only be issued to customers on request.
“Those who want the N5,000 note will get it, customers will still have the right to choose the denomination they want to use,’’ she said.
Adesola also noted that the apex bank had tried to maintain a stable inflation rate in spite of all odds.
CBN Director, Cooperate Communications, Mr Ugochukwu Okoroafor, said that the coins and notes would run side-by-side.
This, he said, would dispel the fears that the cost of commodities sold for N50 would automatically rise because N50 was converted to coins.
“Restructuring of the Naira will continue to be done in the best interest of the country and not to raise inflation and other issues as people are speculating,’’ he added.
Meanwhile, the National Chairman, Progressives Action Congress (PAC), Chief Charles Nwodo, said that the proposed introduction of N5,000 note by the Central Bank of Nigeria (CBN) was counter productive and would “throw the nation into inflation”.
Nwodo, who made the remark in an interview with newsmen in Abuja, said the controversy surrounding the proposed introduction of the N5, 000 note had become an argument between the poor and the rich.
He regretted that the upper class saw no reason why people should complain about the idea but the masses who would feel the pinch more carried the public opinion against it.
The chairman said government should realise that panic could influence inflation even though they believed that it was only monetary factors and market forces that could determine inflation.
“A mere rumour that subsidy will be removed raised the cost of fuel, especially at the black market by 3,000 per cent, and based on this, there is every tendency that business people will raise the prices of their goods.”
The chairman said that the proponent of N5, 000 note had gone far to inform the public that it was designed for the rich who could afford to carry huge amount of money.
He regretted that the statement contradicted the new programme of cashless economy of the Central Bank of Nigeria (CBN).
According to him, it is not the quality of the denomination that matters but the value of that currency to the economy.
“ A person with N1,000 note and a person with two pieces of N500 note operate on the same level of currency.
He said N5,000 note could not reduce the amount of money in the market but could only reduce the denomination.
He urged the Federal Government to improve on the productive capacity of the economy, as it remained the major antidote toward building a robust economy.
A Coalition of civil society organisations has urged the Federal Government to take proactive steps towards addressing the persistent gas eruptions in Bille, Rivers.
The coalition, made up of the People’s Assembly and Bille Working Group, made the call in an open letter addressed to President Bola Tinubu, and read to journalists in Port Harcourt, yesterday.
Reading the letter, the coalition’s convener, Dr Isaac Osuoka, said that the persistent gas eruption in Bille had led to serious environmental and public health challenges.
Osuoka, also the Executive Director, Social Action, urged Tinubu to establish a presidential task force to investigate and contain the gas leak in Bille.
He also called for the immediate relocation of residents to safe shelters, provision of clean water, food and healthcare services.
Dr Emem Okon, the Executive Director, Kebetkache Women Development and Resource Centre, stated that gas had been bubbling from the ground, creeks, boreholes and hand-dug wells in the community since October 2025.
Okon said that the gas had triggered several fires and explosions, and that residents of the community had reported respiratory problems, vomiting and other illnesses associated with exposure to the emissions.
According to her, preliminary investigations by the National Oil Spill Detection and Response Agency (NOSDRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have yet to identify the source of the gas.
Mr Kentebe Ebiaridor, the Coordinator, Oilwatch International, called for the publication of results from preliminary soil and water tests conducted in Bille for the residents to know the nature and extent of the contamination.
Ebiaridor urged the Federal Government to deploy medical teams to screen and treat affected residents, and immediately commence an independent study on the health impacts of the leak.
He further called for the suspension of oil and gas operations around OML 18 and 24 until the source of the gas leak was identified and the affected areas declared safe.
Ebiaridor urged the government to hold current and former operators of the oil leases accountable for environmental damage on the community.
Another speaker, Dr Bieye Briggs, urged the National Assembly to fast-track the NOSDRA Amendment Bill, 2025 to provide the agency with statutory funding and stronger enforcement powers.
Briggs urged the Federal Government to activate the regional Spill Command Centre, and make the Upstream Remediation Fund accessible for the Bille crisis and other affected communities in the Niger Delta.
The Akwa Ibom State Police Command has banned drone operations and fireworks in Uyo and announced temporary traffic restrictions ahead of President Bola Tinubu’s visit to the State today.
The state Commissioner of Police, Baba Mohammed Azare, announced the measures yesterday while briefing journalists at the Police Headquarters in Ikot Akpan Abia, Uyo.
He said the restrictions were part of security arrangements to maintain public order, protect strategic locations and ensure the smooth movement of the President’s convoy during his engagements.
“There will be total restriction on the operation and flying of drones within Uyo metropolis throughout the period of the visit. Members of the public, drone operators and service providers are advised to strictly comply with the directive,” he said.
The police commissioner also announced a ban on fireworks, knockouts and other explosive sound-producing devices within the state capital during the visit.
He said the measure would prevent panic and allow security personnel to respond effectively to genuine security threats.
The command also announced temporary restrictions on public access to designated routes and locations in Uyo to facilitate the movement of the presidential convoy.
The affected areas are Airport Road, Shelter Afrique Junction, Oron Road, Nung Oku Junction, Mbierebe Junction and Godswill Akpabio International Stadium.
“Motorists are urged to plan their journeys, exercise patience and cooperate with traffic and security personnel deployed along the corridors.
“Members of the public are advised to avoid the routes during the restriction and use alternative routes,” Azare said.
He also urged residents to plan their journeys, exercise patience and cooperate with traffic and security personnel deployed along the affected corridors.
The commissioner said the command, working with other security agencies, had put in place security arrangements to ensure a peaceful and hitch-free visit.
He appealed to residents to understand that the temporary restrictions were necessary security measures and not intended to cause hardship.
Azare urged members of the public to remain law-abiding, avoid restricted areas and report suspicious movements to the nearest police station or through police emergency channels.
Tinubu’s visit to Akwa Ibom is a working visit during which he is expected to inaugurate major infrastructure projects executed by Governor Umo Eno’s administration under its ARISE Agenda. The projects cut across aviation, road infrastructure, tourism, healthcare, land administration and security.
Among the projects scheduled for inauguration are the international terminal building and airport hospital at Victor Attah International Airport, Aviation Village, ARISE Palm Resort, the 14.5-kilometre Nsit Atai–Okobo Road, Ring Road 3, the Command and Control Centre and the AkwaGIS building.
The state government had earlier announced plans for the President to inaugurate projects as part of activities marking Akwa Ibom’s 39th anniversary in September.
The airport projects are particularly significant to the state’s ambition to expand aviation, tourism and investment.
The international terminal is expected to strengthen the airport’s capacity to handle international operations, while the Aviation Village is intended to provide accommodation for aviation workers. The airport hospital is also among the facilities lined up for inauguration.
The road projects are also expected to improve connectivity. The 14.5-kilometre Nsit Atai–Okobo Road links communities in the two local government areas, while Ring Road 3 is designed to improve movement within Uyo and ease pressure on existing roads. The Command and Control Centre, meanwhile, is intended to strengthen security surveillance and coordination in the State.
The Rivers State Ministry of Culture and Tourism has floated a culture content platform in collaboration with digital television group, Multichoice.
Permanent Secretary, Ministry of Culture and Tourism, Mr. Freddy Ndigbara, disclosed this after a meeting with MultiChoice Head of Content Acquisition, Don Dotun Ojon, in Port Harcourt.
He assured that content entrepreneurs and film makers would enjoy the platform by promoting culture and other contents to sell the states tourism potentials.
He said MultiChoice M-net was now open to increase its patronage for content shots on locations in Rivers State, describing the State as one that has numerous potentials for film tourism.
“We were privileged to have Don Ojon with us at the Rivers International Film Festival (RIFF) at the weekend in Bonny and he saw, first hand, the numerous sites and opportunities that are open to creatives in the State. After that, we felt it was important to deepen the conversation and he obliged. This is a cheering news for the sector in the State,” he said.
Ndigbara stated that “Rivers State has many more untold stories to tell, many more contents to reel out and the assurances from the M-net Acquisition Manager is an indication that the industry in the state will soon enjoy a new lease of life”.
The Permanent Secretary thanked Ojon for the visit and assured that creatives in the State would grap this opportunity and show the world that Rivers State is a major hub for film tourism in Nigeria.
On his part, Ojon said the visit was to discuss on ways of promoting tourism in the State using creatives and film.
Ojon said although the company has recently been acquired by canal+ France and is undergoing restructuring, he would promote the chances of Rivers State to host the MultiChoice talent factory in the State.
With Asaba, capital of Delta State, being saturated, Ojon said the next port is Rivers State, which he said is capable of building fresh crop of creatives, new locations, new story lines and concepts.
He, therefore, called for collaboration from stakeholders in the State.
Kevin Nengia
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