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
Analysts at Coronation Research are projecting the inflation rate for February 2026 to moderate by 0.98 per cent to 14.12 per cent from the 15.10 per cent recorded in the preceding month.
The National Bureau of Statistics (NBS) is expected to release the inflation numbers today, Monday, March 16, 2026.
In a note released over the weekend, Coronation Research disclosed that the fall in the average prices of goods and services for last month would be impacted by a decline in the prices of food items.
“Our projection is supported by favourable base effects, easing food price pressures, and slight appreciation of the Naira,” a part of the report sighted by Business Post read.
The organisation revealed that the ongoing government interventions in the agricultural sector to improve food supply conditions are beginning to ease pressures within the food component of the consumer basket.
It further stated that “appreciation of the Naira to N1,363.40/1$ from N1,386.55/1$ in January is expected to reduce the cost of imported food items.”
However, it stressed that the ongoing US/Israel-Iran war was capable of reversing the deflationary trends because of the rising global energy prices.
“Also, the $200 million financing approved by the African Development Bank (AfDB) Group to scale up priority agricultural investments is expected to be disbursed in March, but its impact is likely to materialise in the medium to long term, with limited immediate effects on food supply and prices,” it said.
Coronation Research also disclosed that the recent energy market developments could keep core inflation sticky in the near term, as average Bonny Light crude oil prices rose to $72.33 per barrel in February 2026 from $68.04 per barrel in January.
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to order an investigation into the alleged N5.9 billion rebranding cost of the old Nigerian National Petroleum Corporation into the Nigerian National Petroleum Company (NNPC) Limited.
In a Sunday statement, SERAP urged Mr Tinubu to direct the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, alongside anti-corruption agencies, to look into the matter.
The group further urged the President to direct the panel to identify and invite officials who authorised the payment and contractors who handled the project for questioning.
“We’ve urged President Bola Tinubu to urgently direct the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to promptly investigate the alleged expenditure of about ₦5.9 billion reportedly spent on the rebranding of the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL).
“We also urged him to direct the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to identify the officials who approved and paid the amount, and the contractor(s) who collected the money, and to invite them for questioning,” the organisation stated.
SERAP further alleged that the NNPC reportedly paid N2.9 billion for incorporation expenses from petroleum product proceeds, while the National Petroleum Investment Management Services (NAPIMS) also charged N2.9 billion against crude oil revenue for the same purpose.
The group argued that the total cost was valued at about N5.9 billion, which was spent by the NNPCL for the rebranding.
“There ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding NNPC to NNPCL.”
SERAP emphasised that Nigerians have the right to know who approved the expenditure, who received the money, and whether due process was followed.
“Any investigation into the rebranding project should determine whether the N5.9 billion represents value for money, lawful spending of public funds, and compliance with transparency and accountability requirements,” the statement concluded.
Business Post reports that NNPC became a limited liability company on July 1, 2022, under the Companies and Allied Matters Act (CAMA) in line with the implementation of the Petroleum Industry Act (PIA), which was signed into law on August 16, 2021, by late President Muhammadu Buhari.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south for the fourth consecutive session after it shed 1.18 per cent on Friday, March 13.
The unlisted securities market recorded a loss despite closing without a price decliner, and ending with two price gainers led by Geo Fluids Plc, which gained 1o Kobo to sell at N3.10 per share compared with the previous day’s N3.00 per share. Industrial and General Insurance (IGI) Plc appreciated during the session by 2 Kobo to trade at 54 Kobo per unit versus Thursday’s closing price of 52 Kobo per unit.
When the market closed for the day, the market capitalisation lost N29.83 billion to close at N2.489 trillion compared with the N2.519 trillion it finished a day earlier, and the NASD Unlisted Security Index (NSI) crashed by 49.84 points to 4,160.46 points from 4,210.31 points.
Market activity improved yesterday, as the volume of transactions rose 179.5 per cent to 10.4 million units from 3.7 million units, but the value of trades declined by 68.4 per cent to N29.9 million from N95.0 million, while the number of deals weakened by 11.5 per cent to 46 deals from 52 deals.
Central Securities Clearing Systems (CSCS) Plc remained the most active stock by value on a year-to-date basis with 38.4 million units worth N2.4 billion, Okitipupa Plc followed with 6.4 million units traded at N1.1 billion, and FrieslandCampina Wamco Nigeria Plc transacted 6.3 million units for N584.3 million.
Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.1 billion units valued at N415.6 million, trailed by Geo-Fluids Plc with 130.8 million units valued at N504.5 million, and CSCS Plc with 38.4 million units worth N2.4 billion.
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