Wednesday, 5 September 2012


The Economic Management Team may have tacitly endorsed the introduction of the 5,000 Naira note after deliberating on the implications of its introduction at its meeting at State House Abuja on Tuesday

The consensus among members was that the introduction of the note would not affect the economy adversely or lead to inflation

There has been a huge outcry over the introduction of the 5,000Naira in the recent past with most Nigerians becoming armchair economists overnight

The argument against the introduction of the higher denomination is anchored on fears that it will lead to inflation, promote corruption and adversely affect the economy

Besides, there is anger over revelations that the printing of the new denomination will cost government over 40billion Naira

But after listening to Deputy Governor of the Central bank on Operations, Tunde Lemo members of the Economic Management Team are satisfied that the introduction of the notes will not adversely affect the economy

The argument that the new denomination will bring along with it inflation is according to them not supported by basic economics

And to say that the currency will cost government more they say is not supported by facts  And "No" they insist, introduction of the 5000Naira note will not encourage corruption these are seasoned bankers, economists and industrialists arguing for the introduction of a higher denomination

No doubt, there will be a reply from equally qualified Nigerians in the days to come.

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