N5000 Note: FG Breaks Silence, Gives Approval, as Does Dangote, Otedola, etc

For those who are vehemently against the introduction of the N5000 note, the battle might be a lost one as the Federal Government has, on Tuesday, formally endorsed the introduction of the new note and the restructuring of other existing notes. Also in support of the move by the CBN are prominent businessmen in the country, Aliko Dangote and Femi Otedola.

In a meeting of the Economic Managament Team chaired by President Goodluck Jonathan, the CBN governor, Sanusi Lamido gave a detailed explanation of the programme. The team also dispelled the fear that the introduction of the note will lead to high rate of inflation.

They also argues that there is no link between inflation and currency denomination, adding that rather, the introduction of the higher currency will help shore up the value of naira as most people who store money in hard currency would now embrace the high denomination. This argument, ironically, seems to buttress another argument by those against the new note – that it will help ease the business of those involved in money laundering.

The majority of Nigerians are apparently against the introduction of the new note. Some protesters, led by a former member of the House of Representative, Dino Melaye, even made a peaceful protest in front of the CBN headquarters. But as things are unfolding, the N5000 note is a done deal, whether Nigerians like it or not.