ACCORDING TO NACCIMA, THE CBN SHOULD INSTEAD INTRODUCE NOTES OF N5,000.

The Central Bank of Nigeria should have launched a N5,000 note rather than redesigning the current notes, according to Sola Obadimu, Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture.

In an interview with the News Agency of Nigeria on Monday in Abuja, Obadimu made this statement.

Although the new naira policy was commendable, he claimed that if it had been handled properly, the strain on the general populace would have been reduced.

He said that the introduction of a N5,000 note would have eliminated the amount of money in circulation while causing less discomfort for Nigerians.

He claimed that without the new strategy, the hardships Nigerians were currently experiencing would not have existed or would have been drastically minimized.

“If I had been the governor of the CBN, all I would have done was launch the N5,000 note.

“Without the kickbacks we are getting, it would have helped to mop up the money in circulation,” he stated.

According to the DG, the CBN would have spent less money issuing replacement notes if that had been done.

Additionally, he added, “because it is a larger denomination, less amounts of bills would have been created,” indicating that the entire process would have been more economical.

In addition to the current swap, Obadimu stated that the strength of the naira against other currencies was a key worry.

He thinks it is depressing to see how the naira is weak compared to other currencies, especially the dollar and the euro.

“Another issue is that our biggest denomination, N1,000, is only worth $2 at the official exchange rate, which is not good for our reputation.

How much is a 100 Euro note in Nigerian Naira? There are 50 and 100 Euro notes.

“N1,000 is almost a Euro. Thus, N100,000 is equal to 100 Euros.

That is merely a banknote, and ours is only worth $2, which is bad for our reputation.

The DG praised the decision to completely implement a cashless policy, saying that it was a commendable effort because “that is where the world is moving to.”

“The digital economy represents the new global order.

For example, the government is promoting a cashless economy, which is beneficial as the globe moves toward complete digitization and a paperless society.

He recalled that the post office was formerly present but is now essentially nonexistent.

NAN