Economy
Senator Suggests N100 as Highest Denomination in Circulation
By Aduragbemi Omiyale
The lawmaker representing Taraba Central Senatorial District at the National Assembly, Mr Yusuf Abubakar Yusuf, has said to curb corruption and prevent having a larger percentage of money in circulation in the hands of kidnappers and others, he would want the highest denomination in circulation in Nigeria to be N100, and not N1,000.
The Senator gave this submission at the plenary on Thursday during a debate on the new cashless policy of the Central Bank of Nigeria (CBN), which aims to make the highest cash withdrawal for individuals in a week N100,000 and N500,000 for corporate organisations.
On October 26, 2022, the Governor of the CBN, Mr Godwin Emefiele, informed newsmen that of the N3.2 trillion in circulation, about N2.7 trillion was not in the banks’ vaults, a development that prompted the apex bank to redesign the Naira, especially the N200, N500, and N1,000 denominations.
On November 23, 2022, President Muhammadu Buhari unveiled the new notes, and on December 15, 2022, they were officially introduced into the financial system, with banks giving out the new banknotes at over-the-counter (OTC) and ATMs, with N200 as the highest denomination from the machines from January 9, 2023.
While arguing on the new cash withdrawal limits yesterday, after several persons kicked against it, Mr Yusuf praised the CBN for the policy, saying it would curb corruption.
“When we are talking about cashless, we should be mindful that about N3.3 trillion in circulation, it’s only about a trillion naira that is in the bank. It is a danger to the country.
“Left to me, I would recommend the highest denomination to be N100. I so much support that we should go with the cashless policy in line with the present system that the CBN has adopted,” the lawmaker argued after Mr Uba Sani submitted a report of the Committee on Banking, Insurance and other Financial Institutions on the Implementation of Cashless Policy and the New Withdrawal Limits to the Senate.
Speaking on the report at the plenary presided over by the Deputy Senate President, Mr Ovie Omo-Agege, another Senator, Mr Ajibola Basiru, noted that, “The threshold that had been set is unrealistic to have any robust and meaningful life to our people.
“I am not oblivious to the fact that the committee has come up with recommendations. As a Committee of the Senate, we ought to have been alerted with certain indices to come up with recommendations on what should be the adjustment. I am suggesting that the threshold should be N500,000 for individuals per week.”
For Mr Orji Uzor Kalu, he backed the CBN for the policy but suggested that the limit should be N500,000 per day for individuals and N3 million per day for corporates, noting that this “will cover the fear of anybody.”
In her argument, Mrs Biodun Olujimi stated that, “When this issue came out, everyone that spoke on that day agreed on what the CBN was about to do.
“However, we were sceptical of certain issues contained in the proposal. The details were not clear to any of us. If there had been a consultation, we wouldn’t be where we are today. People would have gotten to know what is required of them and what is required of the CBN.
“The CBN approved POS operators and registered them and took money from them, and now those people can only do so little. It took all our unemployed graduates off the street. This policy will send them back to the streets.
“Why is this happening during an election period? Why is it that it is coming now? There is a need to be flexible in what we are doing now.”
Another contributor to the matter, Mr Adamu Aliero, stated that, “This report gives us an ideal picture of what the country should be but in reality, what is happening is different. The informal sector of the economy is very big, and it is not captured in the banking system.
“More people in the rural areas don’t go to the bank, and there is a need for sensitization and enlightenment in order to make this kind of people embrace the banking system.
“We have 774 Local Governments, and the bank covers only about 60% of these local government areas. It is difficult to really force these people to embrace banking culture. I support the idea of the cashless policy, but we should do it with caution.”
“I don’t think that anybody objects to the fact that a cashless society is what we need. My concern comes as a result of us being punitive.
“We must ensure that our society progresses, and those who make efforts to make an additional living should be encouraged. When you look at the measures CBN has put in their policy, to me, it appears punitive. I think in the global best practice, it doesn’t exist, so we don’t deter people from progressing,” the Senator from Anambra State, Ms Stella Oduah, submitted.
After taking inputs from more lawmakers, the Senate agreed that the central bank should considerably adjust the withdrawal limits in response to public outcry on the policy, with the committee tasked to embark on aggressive oversight of the bank on its commitment to flexible adjustment of the withdrawal limit and periodically report the outcome to the Senate.
By Aduragbemi Omiyale
The Securities and Exchange Commission (SEC) has accused an investment online platform, Investment Management (VIM), of operating illegally in the Nigerian capital market.
In a notice obtained from the website of capital market regulator by Business Post, Voya Investment was accused of deceiving unsuspecting members of the public with fake certificate of identity verification, purportedly issued by SEC.
The agency emphasised that Voya Investment is not authorised to operate in the nation’s capital market because it is not registered to do so.
“The operators of this platform claim to offer investment services in Nigerian stocks and other financial instruments purportedly under the supervision of the Commission. Voya Investment Management is also parading a certificate of identity verification purportedly issued by the commission.
“The commission hereby informs the public that Voya Investment Management (VIM) is NOT REGISTERED or licensed by the commission to carry out any activity in the Nigerian capital market,” parts of the statement stressed.
The organisation further declared that, “The certificate being paraded by Voya Investment Management was neither issued nor endorsed by SEC Nigeria as the commission does not issue certificates of identity verification.
“Furthermore, claims by VIM that it is supervised, licensed, or approved by the commission to undertake operations in the capital market are false, misleading and fraudulent.”
It added that, “Complaints received by the commission regarding the fraudulent activities of VIM and the misleading information by the company to the investing public that it is licensed by the commission, bear clear characteristics of illegal investment schemes designed to defraud unsuspecting members of the public.”
“Accordingly, the public is advised to refrain from dealing with Voya Investment Management (VIM) , as any person who engages with the entity or its representatives does so at his/her own risk.
“The commission hereby reiterates that transacting in the Nigerian capital market with unregistered entities exposes investors to financial risks including fraud and potential loss of investments.
“The investing public is therefore reminded to VERIFY the status of companies and entities purporting to offer investment opportunities in the capital market on the commission’s dedicated portal – www.sec.gov.ng/cmos, prior to transacting with such companies and entities.”
By Adedapo Adesanya
PwC Nigeria has projected that Nigeria’s real Gross Domestic Product (GDP) would grow at about 4.3 per cent this year, supported by higher crude oil production and stronger performance in dominant sectors.
The consultancy firm gave this projection in its Economic Outlook 2026 released on Wednesday.
It also said the Naira is expected to remain broadly stable through 2026, underpinned by ongoing reforms by the Central Bank of Nigeria (CBN) and improved portfolio inflows.
Headline inflation is also projected to moderately ease, supported by the CBN’s tight monetary policy stance, rebasing effects, and improved stability in the foreign exchange market.
With regards to interest rate, the PwC report said with inflation trending down, the apex bank may cautiously ease its monetary policy stance this year.
The report, however, said fiscal sustainability risks are expected to persist, driven by low revenue to GDP, fiscal leakages, higher spending and elevated debt service obligations.
PwC Nigeria said with fiscal constraints persisting, they reinforce the importance of capital efficiency and balance-sheet discipline.
Against this backdrop, PwC Nigeria highlights practical imperatives for business leaders in 2026: making selective investment bets in attractive sectors and regions, and scenario-planning for macroeconomic and geopolitical shocks.
Other imperatives for business leaders include adapting business models and cost structures for resilience, accelerating digital transformation and responsible AI adoption, and strengthening regulatory and tax compliance as reforms move from design to execution.
The firm noted that Nigeria recorded improvements in macroeconomic stability in 2025 following key monetary and foreign-exchange reforms, with inflation easing, exchange-rate conditions stabilising, and external reserves strengthening.
Speaking on this, the Country Senior Partner, PwC Nigeria, Mr Sam Abu, said: “PwC Nigeria’s Economic Outlook 2026 provides forward-looking analysis of key macroeconomic indicators and what they signal for the economy and for business leaders.
“Nigeria has achieved improved macroeconomic stability over the past year. The focus now is how that stability is translated into sustainable economic growth, and how businesses position for 2026. For companies, this stability provides a more predictable operating environment for planning, investment, and growth decisions.”
On his part, the Partner and Chief Economist, PwC Nigeria, Mr Olusegun Zaccheaus, said, “Globally, growth is projected at around 3.1 per cent, while merchandise trade growth slows to about 0.5 per cent, keeping oil prices, capital flows, and access to foreign inflows as key channels influencing Nigeria’s growth and FX liquidity.
“Domestically, improved monetary effectiveness has reduced volatility and clarified pricing, cost, and funding signals, even as fiscal pressures, security challenges, and weak household purchasing power continue to shape sector outcomes.”
According to Mr Zaccheaus, “growth is more likely to remain concentrated in services and selected capital-intensive sectors, placing a premium on disciplined capital allocation and sector selection.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 1.08 per cent on Wednesday, January 7, pushing the market capitalisation higher by N23.38 billion to N2.185 trillion from the preceding session’s closing value of N2.162 trillion.
Also during the trading session, NASD Unlisted Security Index (NSI) further went up by 39.08 points to close at 3,653.04 points compared with the 3,613.96 points recorded on Tuesday.
The midweek session witnessed a rise in the share prices of three securities on the unlisted securities market, with Central Securities Clearing System (CSCS) Plc adding N3.40 to close at N42.14 per share versus the preceding day’s N38.74 per share.
Further, FrieslandCampina Wamco Nigeria Plc expanded by N3.05 to finish at N59.92 per unit compared with the N56.87 per unit it ended a day earlier, and Geo-Fluids Plc jumped by 10 Kobo to end at N6.88 per share versus N6.78 per share.
Yesterday, the volume of securities rose by 39.0 per cent to 1.9 million units from the previous day’s 1.4 million units, the value of securities surged by 29.5 per cent to N36.3 million from N28.0 million, while the number of deals slid by 19.6 per cent to 45 deals from 56 deals.
The most active stock by value on a year-to-date basis was CSCS Plc with 1.1 million units exchanged for N41.6 million, followed by Geo-Fluids Plc with 2.9 million units valued at N19.4 million, and Okitipupa Plc with 49,424 units worth N11.0 million.
In terms of volume, Industrial and General Insurance (IGI) Plc led with 2.9 million units traded for N1.9 million, trailed by Geo-Fluids Plc with 2.9 million units sold for N2.9 million, and CSCS Plc with 1.1 million units traded for N41.6 million.
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