ASSBIFI Opposes Introduction Of N5000 Currency Note

Despite the assurances given by the Federal Government Economic Team on the introduction of the new N5000  notes by the Central Bank of Nigeria (CBN) by the year 2013, the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has vehemently opposed the policy.

In a statement, the National President of the union, Comrade Sunday Salako said such policy by the apex bank amounted to a policy summersault for the nation’s regulatory financial umpire.

Comrade Salako said “ASSBIFI strongly opposes the whole idea of the proposed naira restructuring at this point in time particularly the introduction of higher banknote of N5000 next year by the CBN under its currently redesign programme tagged “Project Cure”.

He said financial practitioners and Nigerians want to know what project or object the redesigned programme is out to cure in the country? Is it inflation, interest rate, improper banking habit, bank robberies, unemployment, corruption, money laundering, poverty or insecurity?

The ASSBIFI President said the union has always advocated that national issues of this magnitude which has serious monetary and fiscal implication on the nation’s economy should be subjected to public debate for proper inputs and analysis by the Central Bank of Nigeria (CBN) authority.

He said ASSBIFI seriously disagrees with the CBN Governor Mallam Sanusi’s claim that the idea is as a result of inflationary pressures.

“The union rather believes it is more of monumental miscalculation and economic summersault by the CBN” he stated.

He said Nigerians are yet to feel the impact of the previous reforms by the apex regulatory authority before the present policy of the introduction of a higher naira denomination.

Comrade Salako said the infrastructure suitable for appropriate use of coins in the country were conspicuously absent, stressing that the introduction of higher value currency notes in the economy often signifies a regime of increased and sustained fiscal deficit financing.

He advised the CBN to tread cautiously in the restructuring of the nation’s economy.