
News
N20, N10, N5 rendered ‘irrelevant’ as inflation bites harder
Across major markets, prices of goods are moving away from the lower denomination of the Naira currencies as inflation bites harder.
Not too long ago, a sachet of pure water cost N5.
However, in the past couple of years, these notes have struggled to get items they could be attached to.
A market survey by DAILY POST showed that more than half of Nigeria’s legal tenders cannot make purchases.
Despite this, the Central Bank of Nigeria, CBN, recognizes the following denominations; 50 kobo, N1 and N2 which are coins, and N5, N10, N20 and N50 which are printed on polymer materials.

A sachet of pure water now sells for N30. Retailed sugar no longer sells for N10, while candies like Tom Tom are retailed at two pieces for N50. To further compound the woes of these notes, goods are now rounded up to 50 or 100, which further makes these currencies irrelevant.
In the past six months, the Naira has depreciated considerably. At one point, it was about N1,900 to a single dollar until the intervention by the CBN with the naira now trading at about N1050 to a dollar.
The implication of it is that N1000, which is Nigeria’s highest denomination, is less than a single dollar.
Anyone with $1000 is a millionaire in naira based on the current exchange rate, and anyone with $1 has more than N1,000.
Despite the recent surge in the value of naira, prices of commodities have not shown any significant signs of climbing down.
Experts believe that Nigeria’s inflation is a product of many factors, with FX being one of the numerous factors.
But despite this, the Nigerian government is still printing some of the lower denomination currencies at a huge cost.
According to reports, in 2016, CBN had to temporarily halt the printing of N5, 10, N20 and N50 due to the cost of production.
The report said it costs N1000 to print each lower denomination because Nigeria Security Printing and Minting plc (NSPM) is unable to print on polymer.
Now experts are calling on the CBN to discontinue the printing of the lower denominations and review the currencies in line with realities.
Abiodun Ayangbemi, an economist, emphasised that the CBN must discontinue the printing of the lower denomination because the majority of those currencies have failed the basic principles of money— means of exchange and store of value.
“The monetary authorities cannot continue to print those denominations when there is basically nothing to use them for,” he said.
Lekan Olaleye, a monetary policy expert, asked the federal government to take a copy of the re-denomination policy adopted by Ghana some years back.
He argued that the CBN should remove two zeros from the existing notes.
It would be recalled that Ghana had in 2007, re-denominated the Cedis by striking out four zeros from their currency and producing the new Ghana Cedis.
A former CBN Governor, Sanusi Lamido had in 2012 announced a plan to introduce N5000 notes. In the same vein, there was also a plan to coin the lower bank notes of N5, N10 and N20.
However, the policy was met with a strong outcry from the public, who condemned the plan. Thus, the government shelved the plan.
Years after the botched plan, prices of goods and services have spiked beyond the 2012 level. (Daily Post)
News
Bandits Abduct 29 Women, Child in Niger Communities as 11 Escape
Suspected bandits have abducted 29 women and a male child during attacks on four communities in Mariga Local Government Area of Niger State, with 11 of the female victims reportedly escaping from captivity.
The affected communities are Kwimo, Kalgo, Kakaki and Mabona.
The latest development was disclosed in an operational update by the Nigeria Police Force covering security operations across several states between October 27 and 28, 2026.
According to the report, the 11 women escaped from their abductors’ hideout following sustained tactical pressure from police operatives.
Security personnel are continuing efforts to secure the release of the remaining victims and apprehend those responsible for the abduction. The State Criminal Investigation Department in Minna is investigating the incident.

A resident, Mohammed Ibrahim, said a joint security team led by operatives of the Bangi Police Division immediately launched a pursuit of the attackers after the incident.
He said the security operatives tracked the assailants, leading to efforts to rescue the abducted residents.
The Police Public Relations Officer of the Niger State Command, SP Wasiu Abiodun, also confirmed the attack and the ensuing security operation.
Mariga Local Government Area has experienced repeated attacks and kidnappings in recent months, raising concerns over the safety of residents, particularly those in rural communities.
In September, suspected bandits abducted dozens of farmers, most of them women, while they were harvesting groundnuts in the area. The police confirmed that more than 20 people were abducted, while the local government chairman put the figure at 47.
The recurring attacks have heightened concerns about the security of farming communities and the impact of kidnappings on residents’ livelihoods.
As of the latest available report, efforts were ongoing to rescue the remaining victims of the latest abduction.
The status of the male child and the exact number of victims still in captivity had not been independently established in the reports reviewed.
News
TUC Rejects FG’s N70,000 Wage Award, Demands N300,000 Minimum Salary
The Trade Union Congress of Nigeria (TUC) has rejected the Federal Government’s proposed N70,000 wage award, demanding an increase in the monthly salary of the lowest-paid worker to N300,000 to cushion the effects of rising living costs.
The congress described temporary wage allowances as inadequate to address the economic hardship facing Nigerian workers, urging the government to implement a permanent salary review and honour outstanding agreements with organised labour.
The position was contained in a statement issued on Wednesday by the TUC President, Festus Osifo, and Secretary-General, N.A. Toro, following a National Administrative Council meeting held in Abuja on October 8, 2026.
The congress said it had written to the Federal Government through the Office of the Secretary to the Government of the Federation, demanding an immediate review of workers’ salaries in response to rising food prices, transportation costs, healthcare expenses and other essential needs.
According to the TUC, the government does not need to wait for negotiations on the national minimum wage before reviewing workers’ salaries, arguing that there is no legal ceiling on how much employers can pay.

It proposed raising the monthly salary of the lowest-paid worker from N70,000 to N300,000, with corresponding adjustments across other salary grades.
The congress also expressed concern over the implementation of the 2023 wage award, alleging that the arrangement had not benefited workers consistently across the country.
It said some workers were still owed one or two months’ payments, while others had yet to receive the allowance. Some beneficiaries, it added, experienced irregular payments and were repeatedly forced to demand their entitlements.
The TUC further claimed that more than 80 per cent of states and workers in the informal sector had not benefited from any form of wage award.
It questioned the rationale for introducing another temporary relief measure when outstanding obligations under the previous arrangement remained unsettled.
The congress maintained that ongoing negotiations on a new national minimum wage should not prevent the government from implementing urgent salary increases for workers grappling with mounting economic pressures.
Beyond salary adjustments, the TUC called on federal, state and local governments to introduce practical measures to reduce the cost of essential goods and services, ensure prompt payment of salaries and pensions, protect jobs and address exploitative labour practices.
TUC Accuses FG of Breaching Health Workers’ Agreement
The congress also accused the Federal Government of failing to implement an agreement with the Joint Health Sector Unions (JOHESU) on adjustments to the Consolidated Health Salary Structure (CONHESS).
According to the TUC, representatives of organised labour, JOHESU leaders and government officials reached an agreement during conciliation talks at the Federal Ministry of Labour and Employment.
The government delegation included the Minister of Labour and Employment, Dr Muhammad Maigari Dingyadi; the Coordinating Minister of Health and Social Welfare, Prof. Muhammad Ali Pate; and the then Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The congress said JOHESU suspended its industrial action in good faith following the agreement but alleged that the government had failed to fulfil its commitments seven months later.
It described the delay in implementing the CONHESS adjustment as a breach of the agreement, warning that failure to honour commitments could undermine confidence in collective bargaining.
The TUC consequently demanded the immediate implementation of the salary adjustment, a clear timetable for execution, adequate budgetary provisions and consultations with the relevant unions to resolve outstanding issues.
It also pledged to support affected health workers and pursue lawful measures to compel the government to honour the agreement.
The congress said it was awaiting the outcome of its scheduled meeting with the Federal Government before deciding on its next course of action. It did not announce an immediate nationwide strike.
Nigeria’s national minimum wage was increased from N30,000 to N70,000 monthly in July 2024 after President Bola Tinubu signed the new minimum wage law following negotiations with organised labour.
However, the increase has not ended calls for broader salary reviews and additional measures to protect workers’ purchasing power amid rising living costs.
The TUC maintained that Nigerian workers needed lasting improvements in their earnings rather than temporary relief measures, stressing that government agreements must be honoured and workers’ welfare prioritised.
News
Governor Bago’s Convoy Accident Kills Four University Students, Driver
Four students of the Federal University of Technology, Minna, and a driver attached to the Niger State Government House have died in a road accident involving a vehicle in the convoy of Governor Mohammed Bago.
The accident occurred on Monday at Gidan Kwanu, near Minna, when a Toyota Hilux conveying the Director-General of the Government House, Mr Dauda Chikuba, collided head-on with a vehicle carrying five students of the university.
According to a report by The PUNCH, four of the five students died on the spot, alongside the driver of the Government House vehicle.
The newspaper reported that the governor’s convoy was returning to Minna, while the vehicle conveying the students was travelling towards Bida when the crash occurred.
Eyewitnesses said the governor and his entourage were returning from a condolence visit to the Etsu Nupe and Chairman of the Niger State Council of Traditional Rulers, Alhaji Yahaya Abubakar, following the death of the Sagi Nupe, Hajia Aisha.

One of the eyewitnesses described the incident as a head-on collision and alleged that the convoy was travelling at high speed when the crash occurred.
“It was a head-on collision. We learnt that the convoy was at high speed when the accident occurred. It was a terrible accident,” the eyewitness was quoted as saying.
The eyewitness added that Chikuba was immediately rushed to a hospital for treatment, while the bodies of the deceased students and the driver were evacuated to an undisclosed destination.
The spokesperson for the Niger State Police Command, Superintendent of Police Wasiu Abiodun, confirmed the incident, saying the police had commenced an investigation.
“The accident occurred this morning, and we are investigating it,” Abiodun was quoted as saying by The PUNCH on Wednesday.
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