The Central Bank of Nigeria, CBN, has denied introducing new N5,000 and N10,000 notes.

CBN described the reports as false.

There has been widespread reports that the CBN had unveiled the high-denomination bank notes to enhance cash transactions.

The report said the apex bank was set to introduce the new notes to reduce cash-handling costs and improve liquidity management.

Some of the reports attributed the introduction of the new notes to a supposed Deputy Governor, Dr Ibrahim Tahir Jr.

It was reported that the new notes would be released from May 1, 2025.

However, posting the reports on its X page, the CBN wrote: “This content is NOT from the Central Bank of Nigeria.

Kindly note that the official website of the CBN is cbn.gov.ng.”

Image credit: The Expressowork

The government of Italy is making €15 million available to the United Nations Industrial Development Organization (UNIDO) for the promotion of sustainable coffee production in Africa.‎‎

The funding arrangement was signed recently by Debora Lepre, the Ambassador and Permanent Representative of Italy to the International Organizations in Vienna, and the UNIDO Director- General, Gerd Muller.‎

‎Ambassador Lepre expressed Italy’s commitment to supporting sustainable agriculture and economic resilience, stating: “The signing of this funding arrangement marks an important milestone in our long-standing collaboration with UNIDO and aims to trigger a chain reaction to attract other partners and investments, promoting a new paradigm of development cooperation as a partnership between equals.” ‎‎

The UNIDO Director -General, Gerd Müller, emphasized the urgency and significance of the partnership, stating: “Around 125 million people worldwide depend on coffee for their livelihoods. ‎‎

This programme will help to improve the lives of the people at beginning of the coffee supply chain. Better jobs and better incomes for families and communities. I am very grateful to the Government of Italy and to all of our other partners in this initiative. ‎Transforming Africa’s Coffee Sector: UNIDO and Italy Drive Climate-Resilient Solutions.”‎‎

Coffee remains one of the world’s most important cash crops deeply embedded in our cultures and economies, sustaining over 12.5 million farms globally. ‎‎

In Africa, coffee accounts for approximately 12% of the global production.‎

Coffee plays a fundamental role, representing a source of foreign currency, tax income generation, and jobs in both producing and consuming countries.‎‎

Despite the increasing global demand for coffee, the sector faces mounting challenges, including climate change, fluctuating global prices, and regulatory pressures, all of which threaten the livelihoods of millions of smallholder farmers.

∆ President Bola Tinubu

The Federal Government of Nigeria, and the United Nations Industrial Development Organisation (UNIDO),have earmarked a total of $174.6 million budget for the implementation of the Programme for Country Partnership (PCP).‎

At the signing ceremony, Senator John Owan Enoh, Minister of State for Industry, signed on behalf of the government of Nigeria , while UNIDO Director-General, Mr. Gerd Müller, appended for the organization.

The ceremony brought together government officials, private sector leaders, diplomatic representatives, and development partners from across the globe. Donor nations, including Japan and Germany, reaffirmed their support for Nigeria’s industrialisation vision.‎

Senator Enoh highlighted the alignment of the PCP with Nigeria’s economic reform agenda under the leadership of President Bola Ahmed Tinubu, emphasising that the partnership aimed to reduce reliance on primary exports and foster a thriving manufacturing sector.‎‎

Enoh said, “The PCP signifies a new era of industrial cooperation built on trust, shared vision, and actionable strategies.

Through this initiative, we will tackle systemic bottlenecks, revitalise key industries, and attract private sector investments.”‎He added that a key element aligned to the PCP is the establishment of the Industrial Revitalization Working Group (IRWG), a high-level platform for accelerating industrial reforms.

The PCP’s thematic focus areas—agro-industrial transformation, SME development, digital innovation, and green transition—align with the IRWG’s objectives to drive economic growth and sustainability.‎‎With the PCP now underway, Nigeria stands at the threshold of a new industrial era, ready to unlock opportunities, attract investments, and lead Africa’s industrial renaissance.‎‎

Senator Abubakar Atiku Bagudu, Minister of Budget and Economic Planning, affirmed the government’s dedication to implementing the PCP with a $174.6 million budget. ‎

The Nigerian government has committed 14.3% in counterpart funding, with UNIDO mobilising the rema”nder through partnerships and donor contributions.‎‎

“The PCP is a vital catalyst for job creation, skill development, and technological advancement in line with our National Development Plan,” Bagudu said.‎‎

Gerd Muller , lauded the partnership as a historic milestone in the long-standing collaboration between Nigeria and the organisation and reiterated UNIDO’s commitment to providing technical expertise, policy guidance, and investment facilitation to ensure the programme’s success.

‎‎‎‎Amb. Nura Abba Rimi, Permanent Secretary of the Federal Ministry of Industry, Trade, and Investment, expressed gratitude to all stakeholders.

“The journey ahead demands collaboration and resilience as we move from potential to productivity,” Rimi said.‎