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

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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.

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5 COMMENTS

  1. Wat is d meanin of done deal or wat stupid is d CBN governor sayin, whn u knw d deal is done, why do u subject it to d house, wat foolish leaders do we ve in dis great country, dose greedy n selfish pple who want to introduce note bcose of dose who store money in hard currency, dnt u thnk of millions of nigerian’s who collect less dan N10,000 as dare salary, do u thnk all pple in nigeria re controling millions of Naira as u do? Pls reconsider ur thought or else i pray dat may u n ur family ruin in vain. Amen.

  2. So dis leaders are using detatorship govt. Is quite unfortunate d law of dis country favour only d rich & causes d poor 2 b poorer.GOD SAVES DIS NIGERIA.

  3. I just don’t know why we keep fooling ourselves in this great country of our own. . . Someone calling this a done deal is not a surprise to me. . . May God almighty show us the way. . .

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