Proposed N5000 Note Minor Nigeria’s Problem

Despite the approval of the
Banker’s Committee made up of top bank chief executive officers and the nod of
the presidential economic team for the introduction of the new N5000 currency
note by the central bank of Nigeria, more criticisms and rejection have
continued to trail the proposal.

The Rivers State Chapter of the
Nigeria Labour Congress (NLC) has rejected the proposal.

Speaking to The Tide in Port
Harcourt, the State Chairman of the NLC, Comrade Chris Oruge (JP) described the
proposal as the least of Nigeria’s problems.

Comrade Oruge said that the
proposal was not necessary in the light of the socio-economic challenges
confronting the workers and the common man in the country.

He urged the CBN to use the money
intended for the printing of the new currency notes for other pressing demands
in order to strengthen its cashless policy initiative and other developmental
policies for the benefit of the ordinary Nigerians.

Chief Comrade Oruge said “if
corruption, insecurity, unemployment and infrastructural development were
properly addressed, the much desired transformation will be attained”.

The NLC boss said that the N5000
note would devalue the naira and cause hyper inflation in the country,
stressing that the proposal will have adverse effects on the N18,000 minimum
wage of the Nigerian workers.

The labour leader said “that is to
say, a worker will just have only pieces of the N5,000 note a few with some
little addition as take-home salary package” emphasising further that “there is
a direct relationship between high bank notes and devaluation of the currency”.

He said although the idea of
restructuring the currency was good, but that the CBN ought to concentrate on
stabilising the naira first.

Comrade Oruge decried the way
government policies were being implemented in the country, saying that it was
important to consider the low income earners before introducing the N5,000
currency note.

He said the organised labour is
ready to mobilise Nigerians against such policy if the CBN goes ahead without
considering the views of critical stakeholders who have rejected introduction
of the N5,000 currency note.

Philip Okparaji