CBN should have introduced N5,000 notes – NACCIMA

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Abuja, Feb. 6, 2023 – The Central Bank of Nigeria (CBN) should have introduced N5, 000 note under this currency reform programme.

Sola Obadimu, the Director-General of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), said this on Monday.

He said there would have been less pressure on the masses if it was done differently.

According to him, introducing a N5,000 note would have mopped up more money in circulation without creating so much discomfort to 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 NACCIMA boos said the CBN would also have spent less on printing the new notes if N5, 000 notes were introduced alongside the old notes.

He also said the whole process would have been more cost effective, “because with a higher denomination, fewer amounts of bills would have been printed.’’

Obadimu said the strength of the naira against foreign currencies was also a major concern.

 “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.

“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,” he said. (GBN)

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