The Central Bank’s plan to introduce N5000 Notes, redesigning N50 denomination and converting N5, N10, N20 into coins has brought controversy and condemnation by Nigerians.
It would be recalled that the CBN had in a couple of days ago, announced its plans to introduce N5000 note and redesign the N50 denomination.
It also aimed to convert N5, N10, N20 into coins, as well as create 50k, N1 and N2 coins.
According to the CBN governor, Sanusi Lamido Sanusi, it will bring the overall Nigerians currency structure to six coins and six notes.
Sanusi further stressed that the rationale behind the new notes was to reduce the volume of bank notes and overall cost of currency management.
Most Nigerians who spoke with the political editor of The Newswriter in Port Harcourt condemned the plan by the Central Bank.
Professor Howell Hart, a lecturer in the Rivers State University of Science and Technology, Oroworukwu, Port Harcourt, who spoke during a workshop organized by the Association of Nigerian University Professional Administrators (ANUPA), described the plan by the CBN as useless because it will create problems since people don’t like carrying coins about, advising that they should do other good things that Nigerians would admire and are helpful to them.
According to Mrs. Anabel Bassey who hails from Akwa Ibom State, “I think the government is not serious. Instead of them to face more serious issues at hand like the deteriorating security and the falling standard in the education sector, they are busy allowing Sanusi to use our money in doing nonsense”.
Mr. John Idoko, a commercial driver on his part said, “I don’t think the government should implement it, unless they want to increase the crime rate in the country, because we know how youths of nowadays are desperate to make money and for commercial drivers like us, it won’t favour our business because of the issue of ‘change’ that will be received by customers when they give us such amount for a N50 fare”.
According to Mr. Uche, such idea is not a good idea, “we don’t want it, our economy will be affected negatively.
Mr. Uche who hails from Ikwerre said it will encourage corruption and will make it more difficult for small business to operate.
Mr. Innocent Ndubuisi an Ibo man said the idea is not a good policy. “The returning of coins is not a good idea. We should maintain the one we are using now,” stressing that it will cause problems among Nigerians especially the drivers and their passengers who may not have enough ‘change’ but enter commercial vehicles with N5000 note.
Meanwhile the Senate has suspended the move by the CBN to introduce the policy.
According to Senator Bassey Otu, the Senate committee chairman on commodities, the redenomination of the currency requires the approval of the senate, stressing that such will be a waste of funds. ###
Emeka Jilly Ejiowhor
