THE controversy surrounding the planned introduction of the N5,000 note in 2013 by the Central Bank of Nigeria (CBN) is yet to abate, as the Bauchi State governor, Mallam Isa Yuguda, has added his voice to the debate on the desirability or otherwise of the plan.

Speaking in the BBC Hausa Service programme monitored in Bauchi, Governor Yuguda expressed his opposition to the introduction of the N5,000 note, saying it would lead to inflation in the country.

The governor, a former Managing Director of Inland Bank Plc and NAL Merchant Bank respectively, said the negative effect of the decision, if eventually implemented, would be more than its derivable benefits for Nigerians.

According to the governor, when introduced, the N5,000 note would be a punishment on Nigerians.

Governor Yuguda said experience had shown in the country that the introduction of higher bank notes always lead to rejection of coins.

“The production of the new naira notes will only serve as a punishment to the masses of the country, apart from the inflation that the country may witness. Don’t forget that the production of the new high denomination notes will make people to stop using coins,” the governor stated.

He also said the introduction of the N5,000 note would encourage corruption, saying that, “the worst part of it all is that the new notes will be easy to smuggle out of the country.”

Comments (3)

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AT IT AGAIN!!!
written by sirk ONE, September 12, 2012

RICH PEOPLE AT IT AGAIN!!!!!

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Sanusi's N5000 Notes
written by Chief Lugboyen, September 12, 2012

Hello fellow Nigerians, be aware that one Mr Sanusi Lamido is about to turn our currency to paper worth. Recall Ghana some years back? WE ARE NEARLY THERE NOW. Carrying plenty of paper money that worth nothing. Instead of Lamido advising JONA to do something concrete to restore the value of our currency, he is further digging holes for the man to sink into shame. What a pity for JONA to have enemies as friends.

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Worst decision ever
written by bawizzle, September 12, 2012

As much as I like and respect the personality of the
CBN governor, the decision to produce new N5,000 note is a major blunted on his part and should strongly be rejected by Nigerians. This can only have a negative impact on us Nigerians. What we should be thinking of now is how to withdraw the higher denomination in order to strengthen the naira and reduce corruption.

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