Nigerians woke up last week only to be told that the Central Bank of Nigeria(CBN) has concluded arrangement to issue and circulate Five Thousand Naira(#5000) note in the country. This of course caught Nigerians napping, as nobody has recovered yet from the inflationary effect of the introduction of #1000 notes into the economic system of Nigeria, which most people described as illogical, undesirable and bane of the country’s economic growth.
This school of thought hinges its reasoning on the fact that the policy greatly devalued the Naira to the extent that the exchange rate dropped astronomically against other major currencies, such as Pounds Sterling and Dollars, among others.
Nigeria is still grappling with the shock of that policy. When the highest denomination currency note in Nigeria was #20, the Naira was strong and competed favorably with other major currencies. The woes of the country started immediately after the introduction of the #50, #100 notes and got worse with the introduction of the #1000 note. How then would the governor of CBN, Lamido Sanusi Lamido, wake up overnight to contemplate introducing #5000 denomination? The CBN governor should be told that such policy is not only anti-people, but anti-economic growth and should therefore be discarded.
We are of the opinion that Lamido and his team do not mean well for this country, otherwise why should such idea be ever mooted by the apex bank boss, especially now that the country is experiencing its worst security challenges, with its attendant lull in foreign investment?
It is not enough to sheepishly imitate the western countries in whatever policy they formulate, but efforts should be made to assess the economy and level of industrialization of the said countries vis-à-vis the underdeveloped economy like Nigerian. Such undesirable policy only ends up in ridiculing the country and indeed the leadership of CBN as presently constituted.
Sanusi seems to thrive in controversy. The heat generated by the failed attempt of the same CBN governor in introducing Islamic banking in Nigeria is just trying to ease off in the country and here we are again the governor is about plunging the nation into another quagmire.
Thanks to the Senate and other well meaning Nigerians who have vehemently opposed the move.
We therefore call on all and sundry to not only oppose the plan, but condemn the attempt to throw the country into poverty, controversy and economic retardation.
We advise the CBN governor to occupy himself with something, positive instead of disturbing the entire nation with vain talks. Nigerians do not need any more higher currency denomination, what the country deserves are policies that will provide employment for the teeming population of the youths. Introduction of #5000 note will definitely not do that.
