Business
Reactions Trails N5000 Note Suspension
More Nigerians have continued to react to President Goodluck
Jonathan’s directive to the Central Bank of Nigeria (CBN) to suspend the N5,
000 note scheduled to be introduced in 2013.
They expressed their views in separate interviews with
newsmen in Lagos on Saturday.
The National Assembly had on Wednesday urged Jonathan to
stop the Central Bank of Nigeria (CBN) from printing the N5, 000 notes.
Dr Samuel Nzekwe, former President of Association of
National Accountants of Nigeria (ANAN), described the president’s directive as
a welcome development.
He said that governance was about the people, adding that
the Federal Government had demonstrated that it was committed to listening to
the yearnings of Nigerians.
“CBN did not consult Nigerians before planning to introduce
N5,000 note which is not good enough if the nation wants to attain sustainable
national development,’’ he said.
He said that there should be mass enlightenment by
government agencies and institutions on any policy or programmes they planned
to introduce.
Dr Olumide Owoade, a senior lecturer, Department of
Economics, Lagos State University (LASU), also said that the introduction of
the note would lead to inflation.
According to him, the initiative negates the cash-less
policy of the apex bank.
“It will encourage people to carry plenty of money about.
“The N5, 000 note will increase the rate of corruption and
other vices,’’ the don said.
Another don, Dr Kazeem Bello, an economics lecturer at the
University of Ibadan, said that the introduction of the note “is unacceptable
to Nigerians’’.
He criticised a statement credited to the CBN Governor,
Malam Sanusi Lamido Sanusi that the N5, 000 note was not meant for all
Nigerians, saying that was not good enough.
“ Any good policy will consider the generality of the
citizens,’’ Bello said.
Mr Titus Okunronmu, a former Director of CBN, Budget
Department, said that he did not support the suspension of the N5, 000 note.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.