The Trade Union Congress of Nigeria (TUC) has faulted the introduction of a new N100 note by the Central Bank of Nigeria (CBN) to commemorate Nigeria’s centenary.
This was contained in a statement yesterday signed by the president general of TUC, Comrade Bobboi Bala Kaigama.
According to TUC, “the unveiling of the notes by President Goodluck Jonathan, assisted by Vice President Namadi Sambo and CBN governor, Godwin Emefiele, shortly before the commencement of the weekly Federal Executive Council meeting on Wednesday is grossly wasteful.
“Printing of new currency is usually a capital-intensive venture and raises questions as to how the CBN hopes to grapple with the economic implications of redesigning and printing the new bank notes.
“Even the timing of the project is inappropriate, coming so late in the year when the economic hustle and bustle associated with Christmas and New Year are nigh.
“This, with the insurgency and heightened state of insecurity in parts of the country, the frenzy of political activities and electioneering campaigns towards the forthcoming 2015 elections and the current slump in global oil prices make this the worst possible time for such drastic fiscal policy.
“We are also uncomfortable with the clandestine approach adopted by the federal government and the CBN on the matter.
“The apex bank has disclosed that the new notes will be in circulation from the 19th of this month (November 2014), implying that the project is already fait accompli”.