King

To: The Governor Central Bank of Nigeria (CBN) (@cenbank) Subject: Concerns Regarding Proposed ₦5,000 Banknote Introduction Dear Sir, We write to express our deep concern regarding credible reports of the Central Bank of Nigeria’s plan to introduce a ₦5,000 banknote. We understand the possible rationale behind such a move, particularly in light of currency management and transactional efficiency. However, in the current economic climate, this proposal raises serious concerns. Introducing a higher denomination note in an inflationary environment risks further accelerating inflation, weakening purchasing power, and reinforcing public perception that the naira is rapidly losing value. At a time when Nigerians are already grappling with rising costs of living, this policy could signal monetary accommodation rather than discipline. Historically and globally, higher denomination notes tend to follow inflation rather than solve it. As such, this move may exacerbate the very problem it appears to address. More troubling are reports that this proposed note is intended to feature the image of Bola Ahmed Tinubu (see attached mock-up) and is scheduled for release in the fourth quarter, just ahead of the election cycle. If true, this raises serious ethical and economic concerns. The timing and symbolism could be interpreted as politicizing the national currency, undermining confidence in both the Central Bank’s independence and the integrity of Nigeria’s monetary system. We have also received information from credible sources indicating that this project is already well underway, including the awarding of a foreign printing contract reportedly valued at levels comparable to previous large-scale currency printings. If accurate, this suggests that significant steps have already been taken without adequate public discourse or transparency. Nigeria’s economy is at a fragile point. Policy decisions of this magnitude must prioritize stability, credibility, and long-term value preservation of the naira. Introducing a ₦5,000 note under these conditions risks sending the wrong signal to both citizens and international observers. We respectfully urge the Central Bank to reconsider this policy. Strengthening the currency, restoring confidence, and addressing the root causes of inflation should take precedence over introducing higher denominations. Nigeria does not need a bigger note. It needs a stronger naira. Thank you