CBN Should Have Introduced N5,000 Note — NOT Naira Redesign, Says NACCIMA DG


The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) says the Central Bank of Nigeria (CBN) should have introduced a N5,000 note rather than embarking on a currency redesign.

Speaking on Monday during an interview with NAN, Sola Obadimu, director-general of NACCIMA, said there would have been less pressure on Nigerians if the naira redesign policy was implemented differently.

Obadimu said the creation of a new N5,000 note would have mopped up the money in circulation without creating discomfort.

He said the CBN would have also spent less money on printing new notes.

CBN Should Have Introduced N5,000 Note — NOT Naira Redesign, Says NACCIMA DG

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

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

“Because it is a higher denomination, fewer amounts of bills would have been printed.’’

On the CBN’s cashless policy, the NACCIMA DG said it was a laudable initiative because “that is where the world is heading”.

He, however, expressed reservations with the government’s level of preparedness, particularly in the aspect of internet infrastructure.

“For instance, when a financial transaction declines, you get debited and the bank cannot refund you for up to three weeks even if the transaction is to the same bank,” Obadimu said.

“So, for the urban network to improve and for the rural areas to catch up, the government has to invest heavily in infrastructure so that every part of Nigeria will be digitised.”

Source: The Cable