Elizabeth Chukwuma
Unti former President Goodluck Jonathan vacated office in May 2029, 2015, there was no mention of the planned printing of the N5000 and N10000. There is no gain say saying the fact that section 19, subsection 1 of the Central Bank of Nigerian, CBN, Act 2007, states that the currency notes and coins issued by be the apex bank be in such denominations of the naira and fractions thereof as shall be approved by the Nigerian President on the recommendation of the Board of Directors of the Bank.
The CBN, under the then Leadership of Lamido Sanusi, and now the Emir of Kano, was said tinkered with the option to convert the smaller naira notes of N10, N20 into coins and to introduce the N5,000 and N10000 notes.
It would be recalled that on November 28, 2011, the CBN Board, acting out a script for the purposes of more efficient payments and currency management systems, the then Sanusi led CBN, had proposed and obtained approval of the then Bayelsa state born Nigerian President Goodluck Jonathan to embark on the proposed currency restructuring exercise’ ’Project Cure’’.
The National Economic Council, NEC, headed by Namadi Sambo the Vice President, may not have found the proposed printing and minting of the two big notes of N5000 and N1000 funny as the council was said to have kicked against it. The NEC members were said to have taken up the matter with the then President Jonathan who was said to have reversed the decision of the December 19, 2011, Project Cure exercise.
It was a big blow to Sanusi led Management Team of the CBN, which had set the machinery in motion to start the process of printing and minting the new N5000 and N1000 notes as the bank was said to have used the opportunity to inform the Institutions and the banking community that the Nigerian President could no longer pursue the Project Cure exercise over undisclosed reason. He was emphatic that that the President Jonathan on September 20, 2012, had directed that further action on the earlier approved currency restructuring exercise, code named’’ Project Cure be stopped’’. This may have informed why Sanusi, a -one-time CBN, governor, who had initiated the plan to introduce the N5000 and N10000 notes into the nation’s economy was said to have stopped further action on the said currency restructuring exercise.
Until his removal from office on February 20, 2014, and replacement by Godwin Emefiele, who is currently in the custody of the Department of State Security, DSS, under the close watch of Adeola Ajayi, he never talked about the currency restructuring project, let alone represent the matter to the then President Jonathan.
Many had expected former President Muhammadu Buhari to continue from where his Predecessor, former President Jonathan had stopped on the Project Cure exercise but had given approval to the recommendation of the CBN Board under the Leadership of Emefiele for the proposed introduction of new N200, N500 and N1000 notes and subsequent implementation of a cashless economy policy. The Administration never come anywhere close to the printing or minting of the N5000 and N1000 notes., for the eight years he was in office as the President and Commander in Chief, C-In-C, of the Nigerian Armed Forces.
It was therefore not very surprising when one Ibrahim Tahir Jr, who claimed to be a Deputy Governor in the apex bank had revealed that apex had introduced new N5000 and N10000 into the Nigerian market based on the approval of President Bola Ahmed Tinubu.
The Value News online Magazine shows that there are four Deputy governors to the CBN governor, Cardoso.They areBala .M.Bello, overseeing the bank , Operations Directorate, Muhammad Ani Abudullahi, Economic Policy directorate, Philip Ikeazor, Financial System Stability Directorate and Emem Usoro, Corporate Services Directorate. The online Magazine had tapped its contacts in the CBN and some of the money Deposit Banks to know who the said Tahir Jr. but found out that he was not an appointed Deputy Director of the bank or one o the Directors of the bank or holding any key position. The message was very clear that the fifth columnist are back to work to distract Cardoso, the CBN governor, the Board and Management Team from doing their work of repositioning the nation’s economy.
The so called CBN, deputy governor had claimed that ‘’the move to introduce the higher currency denominations by the apex bank was aimed at reducing cash-handling costs and providing Nigerians with efficient means of conducting large transactions’’.
He did not stop there. He had said that the introduction of these higher naira denominations which aligns with global best interest practices will go a long way to enhance the country’s economic activities while also reducing the stress associated with carrying large amount of cash around.
Going by claims of Tahir, the so called deputy governor of the CBN, the new N5000 and N1000 notes will come into circulation on May 1, 2025, as the bank was said to have concluded arrangements ‘’to start the sensitization campaign on the new N5000 and N10000 notes on the print, electronic and the social media . It was said to have featured the portraits of Obafemi Awolowo, the opposition Leader in the first Republic, for the N5000 note while the N10000 carries the portrait of Nnamdi Azikiwe, the first Nigerian Titular President, portrait was on the N10,000 note.
He was said to have further disclosed that the new N5000 and N1000 notes had been printed and minted with new security features which includes ‘’colour enhancing ink, holograms, and anti-counterfeiting technology, that would make it very difficult for currency counterfeiters to replicate’’.
Perhaps, to ensure that the events of 2022, did not repeat itself when the new N200, N500 and and the N1000, were introduced during Emefiele’s era as the governor of CBN, during Buhari’s Administration and the subsequent introduction of the the cashless economy which was said to have caught up with businessmen and women and other residents of Lagos, the nation’s commercial nerve center as well as other people in major cities and towns in Nigeria may have informed why Cardoso and his team are treading with caution.
Tahir may want to be taken seriously as he had advised Nigerians, in his acclaimed position as CBN deputy governor to exchange their old naira notes at the banks before June 30, 2025, as the lower denominations would be phased out but gradually.
Barely 1 years after his removal from office, Olayemi Micael Cardoso, the incumbent President Bola Ahmed Tinubu, who incidentally was a former governor of Lagos state appears to have secured the presidential approval to go ahead and print the new higher denominations of N5000, N10,000 notes.
A school of thought believes that there are some politicians who desperately wants the N5000 and N10000, higher denomination introduced into the economy ahead of the 2027, general elections. This is because of the ease of carrying billions of naira cash in a bag without any suspicion by security agencies personnel on the road.
The CBN Authorities may have known there is danger ahead in the nation’s struggling economy as they have disclaimed and denied the alleged statement credited to the said Tahir describing his alleged claims as the handwork of mischief makers, urging Nigerians ‘’to disregard it’’.
Whichever way, it may turn out to be, whether the apex bank goes ahead to introduce the N5000 and N10000 notes or not, Nigerians are watching to see how matter will end. Given that the report may not have originated from it may have emboldened the bank to give its word to investigate it to get to root of the matter and to ascertain how the information leaked out and deal decisively with the culprits as a deterrence to others who might to indulge in the act in the future.
.At present countries like Argentina, Venezuela, countries like Sudan, Turkey, Zimbabwe, Burundi, Indonesia, Republic of Benin and other member countries of the Central Bank of West African States, CEDAO, which was said to have introduced the two big banknotes into their economies in December 24, 2003, including the north American country of the United States, US, with relatively low inflation rate.
Note that the 5000 and $1000 notes which are the highest currency denomination in the US are not for mass circulation but restricted to banks that handles heavy cash transactions on a daily basis. While the 5000 and 10000 US dollars are still legal tenders, almost exclusively held by collectors and tenders
There is no gain saying the fact that it’s perfectly legal to own and hold the 5000 and 10000 US dollars . The Value News online Magazine findings shows that there was a time a casino in Las Vegas had a display of 100,000 US dollars bill which was used for official transactions but could not be held by members of the public.
. There are fears in both official and unofficial circles that if the CBN, could brave the odds to print and introduce the two big banknotes of the N5000 and N10000 notes, it would be abused by the financial institutions which may flood the Nigerian market with it. This not the situation in the CEDAO countries in the West African subregion as the CFA5000 and 10000 are in mass circulation.
