FRESH party chairman, Rev Chris Okotie has rejected the proposed introduction of the N5, 000 currency and the replacement of lower denominated currencies with coins.
In a dramatic move recently, the Central Bank of Nigeria announced what it called, Project Cure, a reform of the nation’s currencies. The action has provoked heated debate across the country.
In his reaction, Rev Okotie said: “Given the present economic indices, it is not fiscally wise to expend billions of naira on redesigning a local currency in a global economy, where paper money is on the verge of extinction.
“The same CBN had initiated a process that will evolve into a cashless society. I find this a contradiction that defies any political logic.
“The execution of the Project Cure lacks practical application because the generality of the Nigerian public has disaffection for transaction in coins. It would fail because it lacks practicality.”