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Currency Restructuring Divides Private Sector

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14 years ago

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Three members of the Organised Private Sector in Nigeria have
expressed divergent views on the proposed currency restructuring by the Central
Bank of Nigeria (CBN).

Mr Yusuf Muda, the Director General of Lagos Chamber of
Commerce and Industry, said that the introduction of new currency denominations
would be “an initiative in the right direction“.

He said in Lagos that the proposal was in response to
economic dynamism and would improve the economy.

“ I believe it will enhance the efficiency of business
transactions and improve our buying and selling.

“The introduction of a high denomination N5,000 note will
reduce the volume of cash needed for transactions in the economy,“ he said.

He said that the value of the new coins would be more
relevant for transactions, stressing that “the coins in circulation have lost
relevance in commercial transactions because of their values”.

Muda said that coins were more durable than notes, hence the
need for more of them.

He said that the ATM machines would be able to stock larger
amount of cash with the introduction of N5, 000 notes and banks’ customers
would be better off.

Mr Joseph Olarenwaju, the Director General, Textile
Manufacturers Association of Nigeria, said that the proposal would negate the
spirit of the apex bank’s cash-less policy.

He said that the introduction of N5,000 notes would increase
corruption, bribery and extortion.

“ The higher the currency denomination, the better the use
of cash as instrument for corruption.

“Under the proposed currencies regime, the need for
‘Ghana-must-go” would longer be necessary,” he said.

Olarenwaju said the proposal would increase currency
counterfeiting.

An industrialist, Mr Michael Adebayo, said that the security
challenges and energy problems were more important than currency restructuring
now.

He said that the introduction of new currency denominations
was not the immediate problem in Nigeria.

“Government should focus on providing a friendly environment
for businesses to thrive, increase job opportunities and increase avenues for
wealth creation, “ he said.

Meanwhile,  the Central Bank of Nigeria (CBN) says it is
discussing its proposed currency restructuring policy with the Senate.

Mr Ugochukwu Okoraofor , the CBN Director of Corporate
Communications, disclosed this in an interview in Lagos.

He also said that the apex bank did not intend “in any way“
to implement the proposal without the Senate’s consent.

“We have entered discussion with the Senate carefully
because we want their approval.

“The law is very clear on this matter and it must not be
forgotten that the CBN Act empowers us to restructure our currency system.

“I am sure that in a day or two, we will end all discussions
on the matter,“ he said.

It will be recalled that the CBN had made public its
intention to restructure the nation’s currency system.

The apex bank said it planned to introduce N5,000 naira
notes and coin the N5, N10 and N20 notes in 2013, under a programme it tagged.

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Business

Association Woos Govt, Coys On  Boat Operators  Employments

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23 hours ago

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June 12, 2026

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The leadership of Bonny Maritime Boat Association has called on Rivers state Government and oil companies operating in the state to provide sustainable employment to unemployed boat Operators.
The Association also want the government, companies and other relevant employers of labour to provide trainings for boat Operators to enhance their skills
Safety Officer of the Association, Comrade Kingdom Kingsley made this known in  a  telephone interview with  The Tide.
He noted that most of the boat Operators and owners plying Bonny route lacks jobs due to the fleets of boats introduced by Bonny Road Transport that had taken over the passengers to the Island
He noted that passengers are no longer patronizing boats owned by the Association, thereby rendering the operators redundant
“Most of our operators can not afford to feed their families due to no jobs, we don’t want to indulge in crime, government should fix our members with  sustainable jobs to take care of their immediate needs”
He called on oil companies operating in the state to engage their skilled boat Operators in their companies to reduce the sufferings faced by the Association.
The Safety Officer called on the state government  to made funds available to unemployed youths in the state to start up business than roam the streets.
He noted that provision of funds to youths would reduce crime rates and reposition their mindsets for a better life
“The  youths of Rivers state are suffering, have no job to feed their families, thereby indulging in criminality daily”
“The youths need empowerment,  jobs,  recreational facilities and better things of life as citizens of this Nation”, Kingsley said.
CHINEDU WOSU
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FG Approves $1 Bn AFCFTA Credit Facility For Nigerian Exporters

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1 day ago

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June 12, 2026

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The Federal Government has approved a whooping $1bn credit facility to support Nigerian exporters and small scale businesses to take advantage of the African Continental Free Trade Area (AfCFTA) in order to boost production, competitiveness and intra-African trade.
The $1bn AfCFTA Adjustment Fund Credit Facility is also expected to address some of the financing gap being faced by Nigerian exporters and enhance the competitiveness of African businesses within the continental market.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this  during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Okechi, Oduwole said the financing facility represented a major opportunity for Nigerian businesses seeking to expand operations, modernise production processes and increase exports to African markets.
The statement partly read, “?The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade.”
She noted that despite the progress Nigeria had made in implementing the continental trade agreement, many local businesses continued to face obstacles that limited their ability to take advantage of the single African market.
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“Many businesses still face challenges relating to export documentation, certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes and stronger collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole stressed the need to strengthen Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a major player in Africa’s growing digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector players, as well as sustained engagement with state governments, were helping to deepen awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, provided details of the financing initiative.
Okala said the $1bn AfCFTA Adjustment Fund Credit Facility was targeted at large African businesses with a minimum financing capacity of $10m.
She revealed that the National AfCFTA Coordination Office was working closely with fund managers to facilitate access for eligible Nigerian companies and had begun assembling a pilot group of businesses to ensure that Nigeria maximised the opportunities provided by the facility.
Nkpemenyie Mcdominic, Lagos
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NIWA Harps On  Avoidance Of Leaking Boats

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1 day ago

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June 12, 2026

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The National Inland Waterways Authority (NIWA) has advised Nigerians against boarding boats that require constant bailing of water in the interest of their safety.
 NIWA Area Manager for Cross River and Ebonyi, Mr Stanley Onuoha gave this warning in an interview with Newsmen in Calabar.
Onuoha who spoke on waterway
safety, said that passengers should take responsibility for their safety by inspecting boats before embarking on any journey.
According to him, repeated scooping of water from a boat is a clear indication that the vessel may be leaking.
“If you are entering a boat and see people using a bailer to remove water, it is the first signal that the boat is leaking,” he said.
He urged passengers to check the integrity of boats, including seating arrangements and other visible safety features.
The Manager restated the importance of using safety jackets, saying that damaged jackets may fail during emergencies.
He further said that passengers should ensure that safety jackets were appropriate for their body sizes in order to guarantee effective flotation.
 Onuoha reiterated the need for passengers to fill manifests before departure to aid accountability during emergencies.
The NIWA official further advised travellers to monitor weather conditions and avoid boarding boats when the weather is unfavourable.
According to him, poor weather conditions can trigger strong tidal waves capable of affecting small boats commonly used on inland waterways.
He said that waterway journeys should be embarked upon between 6.00a.m and 6.00p.m for clearer visibility.
Onuoha said  the Authority had continued to sensitise riverine communities to the need for safety precautions during waterway journeys.
He stated that sustained awareness campaigns and enforcement measures had contributed to safety waterway safety in Cross River.
CHINEDU WOSU
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