Business
N5, 000 Note Suspension: CAN Hails FG
The Christian Association of Nigeria (CAN)last week
commended the Federal Government for suspending the introduction of N5,000 note
denomination into the country’s economy, at least for now.
The Karu Area Chairman of the Association in Nasarawa, Rev.
Fr. Emmanuel Patrick, gave the commendation in an interview with newsmen in
Abuja.
“We don’t see any reason or the rationale behind the
proposed introduction of a N5, 000 note denomination into the country’s
crippling economy, ‘he said.
The clergy, however, said that there were no problem
associated with the present denominations in circulation.
“We believe that this policy is not going to help the poor
people and should be discarded,” he added.
Patrick, who is also the Parish Priest of St. John of The
Cross Catholic Church, Mararaba, said that the highest denomination the country
had had N1, 000 and wondered why the CBN was introducing a new N5, 000 bank
note.
He, however ,said that the rich and the affluent might not
worry about the N5,000 note denomination, because they carried huge sums of
money, which meant they could now carry up to N5 million in their pockets with
ease.
The clergyman also said that the introduction of such a big
denomination would lead to hyper-inflation, because, according to him, “it will
automatically devalue our currency”.
“If somebody gives you N1, 000, it is manageable, but by the
time the N5, 000 bank note goes into circulation, a tin of groundnut oil could
be sold at N5, 000 because it is just one piece of paper and change will not be
easy to come by.
“Again, if you are hungry and you go to buy food with the
only N5,000 note, the chances are that you may not have change and won’t have
food,” the chairman added.
He said that there were people whose salaries were N10, 000
or N20, 000 a month respectively, adding that at the end of the month, they
could be given two or four pieces of the bank note as salary.
“If by ill-luck, he loses it, what happens to him? that
means that he would have lost substantial amount of money.
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