FG APPROVES N5000 NOTE
on Tuesday ratified Central Bank of Nigeria’s
(CBN) proposed controversial introduction of the new N5,000 higher currency
bill — a move that may well spark legal and civic battle between the presidency
and the people.
Only last week, the Nigerian Bar Association (NBA) had resolved to employ all
legally available options, if necessary, to stop the policy, which includes the
production of new coins of N5, N10 and N20, and is expected to take effect from
2013.
The EMT, presided over by President Goodluck Jonathan, gave its approval after
the CBN governor, Sanusi Lamido Sanusi, gave a detailed presentation on
benefits of the currency reshuffle.
Minister of National Planning, Dr. Shamsudeen Usman, speaking with State House
correspondents after the five-hour meeting, expressed certainty that the policy
would neither spawn inflation as feared nor conflict with CBN’s proposed
cashless economy.
“Clearly the N5000 note, unlike some people misrepresent, is not going to lead
to higher inflation. There is absolutely no link. I am an economist; I have
been deputy governor operations of the Central Bank. I was deeply involved in
the last review of the introduction of N1000 note and the various coins. It was
my responsibility at the Central Bank. There is absolutely no link between
inflation and the currency denomination,” he assured.
“So obviously, the discussion today was basically to endorse. Mr. President had
already approved; that is the only requirement by law. The CBN is to propose
and Mr. President is to approve. And since Mr. President has approved, really,
what is important is to just explain.”
Usman admitted, though, that he personally had some concerns with the coins but
the CBN governor had since clarified them.
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