InformAfrica – It is no longer news that Central Bank of Nigeria (CBN) plans to introduce N5,000 note by January 2013. Many Nigerians are against the creation of this higher Naira currency due to inflation.
The crux of the matter is the implication that this will have on our individual lives and national economy. One of the indices of a GROWING INFLATION, is the creation of Higher Local Currency Bill, NO matter what CBN or the Managers of our economy say, they know too well in their minds.
Ask them in Zimbabwe!
We will soon be buying things now sold for about N3,000 – N4,500; for N5,000.00! It is terrible!
Why are we not emulating Ghana where they just redenominated their currency? Why can’t we do same to manage our economy?
The answer is clear; if we redenominate THEY will lose the money already stolen and kept abroad. For instance if we redenominate by cutting down two zeros, N1,000 becomes N10 while N100 becomes N1.
In a similar way one dollar will exchange for N1.55k. Therefore $100m will be N1.5m. Naira will become stronger against many currencies and stealing money abroad will become unattractive.
Why are we going for higher denomination when CBN is spending billions to promote a cashless economy?
Join to say no to introduction of higher denomination of Naira.
Let’s save our economy. Pls rebroadcast untill it gets the necessary attention. If we have to re-occupy Nigeria or CBN (this time), let’s do it….even if not for ourselves then let’s do it for the future of our children and their unborn children!! Before they turn us to millionaires that can’t buy bread.
Pls re-broadcast. It’s worth it…
– Akugbe Ogboe Vincent