BREAKING: CBN should introduce N5,000 note instead

The Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Sola Obadimu, has asked the Central Bank of Nigeria to introduce a N5,000 note rather than redesigning the old notes.Information Guide Nigeria

According to PUNCH, He said this in an interview with the News Agency of Nigeria in Abuja on Monday.

Obadimu said introducing a N5,000 note would have mopped up the money in circulation without creating so much discomfort for Nigerians.

“If I were the CBN governor, all I would have done was to have introduced N5,000 note.

“That would have helped to mop up the money in circulation without the kickbacks we are getting,’’ he said.

The DG said the whole process would have been more cost effective, adding, “because it is a higher denomination, fewer amounts of bills would have been printed.’’

PUNCH reports that he further stated:

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Obadimu said, “Another thing is that our highest denomination, which is N1, 000, is only worth two dollars at official rate and it is not too good for our image.NYSC portal

“There are 50 and 100 Euro notes and how much is 100 Euro note in naira.

“A Euro is almost N1,000. So, 100 Euro is about N100,000.

“That is just a bill and ours is worth just two dollars, which is not good for our image.’’

On the move to switch fully to a cashless policy, the DG said it was a laudable initiative because “that is where the world is heading to.

“Digital economy is the new world order.

“For instance, the government is talking about cashless economy which is good because the world is moving toward full digitisation, a paperless world.JAMB Result

“I remember decades ago, we had post office which is now basically non-existent,’’ he said.

(NAN)

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