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.”
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