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FG Endorses N5000 Note

It seems that for certain, Nigerians would soon start having coins dangling in their wallets and would need only one note for the equivalent of five N1000 notes. And for those who don’t have a coin compartment in their wallets, it might be time to start thinking of getting another one.

Sanusi Lamido

The federal government on Tuesday September 4, 2012  formally endorsed the introduction of the 5,000 naira note despite the widespread criticism and protests that greeted its introduction.

“Under the new structures, the existing denomination of N50, N100, and N200, N500 and N1000 will be redesigned with added new security features, the lower notes of N5, N10 and N20 will be converted to coins,”the CBN Governor, Sanusi Lamido said when he announced the introduction.

After the weekly sitting of the Economic Managament Team chaired by President Goodluck Jonathan, some of the members of the team said that the move was in the right direction and remains the prerogative of the CBN.

At the meeting, Sanusi Lamido gave a detailed explanation of the programme.

This endorsement comes on the same day some people took to the streets under the #Occupy CBNMovement. With the Federal Government’s endorsement, does this silence the anti-N5000 protesters? Should Nigerians fold their arms and accept it or find other means of expressing their objections?

As the controversy over the planned introduction of N5000 note deepens, a Peoples Democratic Party, PDP, lawmaker, Senator Ita Enang, has accused the Central Bank of Nigeria Governor, Sanusi Lamido Sanusi of plotting the fall of President Goodluck Jonathan with the ignoble plan.

Speaking in an exclusive interview with Vanguard, Enang, who is the Chairman of the Senate Committee on Business and Rules, described the arguments in favour of the new note as pedestrian and lacking in intellectual depth.

According to him, the plan amounts to a direct devaluation of the Naira in response to the demands of the World Bank and an effort on the path of those the bank had seconded to Nigeria in the name of employment to fulfill its mandate.

He also said apart from being at variance with the cashless policy of the CBN and the Money Laundering Act, the planned introduction of the higher currency would add no real value to the Naira or its purchasing power.

“I pray Mr. President should be sensitive to this and take action against the move because I am certain the plan is intended to embarrass the President of the Federal Republic of Nigeria and to make the government of Goodluck Jonathan unpopular in years to come so that people will not like to vote for him in the next election.”

What are your thoughts?

News Source: Vanguard

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About Peace

Peace is a wife and mother who reports and analyses global trends from the perspective of a Deeva; in the hope of invoking a thought process that will lead to a positive change.

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