‘New N5000 Note’ll Fuel Inflation’

A member of the House of Representatives, Kehinde Odeneye, representing Ijebu Central Federal Constituency, has disclosed that the plan by the Central Bank of  Nigeria, CBN, to introduce new N5,000 note will increase inflation in the country.

Speaking with P.M.NEWS, the lawmaker, who is also a chartered accountant, condemned the move.

“It is very unfortunate that the CBN governor did not deem it fit to explain to Nigerians the benefits of the new N5,000 note to the economy and why we need to waste N40 billion of tax payers money on this project.

“The simple implication of this project is that it will increase inflation,” he posited.

Odeneye urged the CBN to introduce and implement policies that would boost the economy instead of embarking on a project that would worsen the economy.

“I believe that the CBN does not need to introduce this new note again if the CBN governor believes so much in the cashless policy on which billions of naira had been invested. I wonder why we continue to contradict ourselves and waste taxpayers’ money,” Odeneye stated.

The CBN governor, Sanusi Lamido Sanusi, last week announced that a new N5,000 note will be introduced by 2013 and all the lower denominations from N5 to N20 will be converted to coins.

This has generated controversy in the country with many Nigerians criticising the move.

By Abiodun Onafuye/Abeokuta