The Director‑General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Sola Obadimu, told the News Agency of Nigeria in Abuja on Monday that the Central Bank of Nigeria should have introduced a ₦5,000 note instead of redesigning the existing denominations. While he praised the new naira policy as laudable, he argued that a different approach would have reduced pressure on the public. Introducing a ₦5,000 note, he said, would have withdrawn excess cash from circulation without causing the discomfort currently experienced by Nigerians. “If I were the CBN governor, all I would have done is introduce a ₦5,000 note. That would have helped mop up the money in circulation without the kickbacks we are getting,” he explained.
Obadimu added that such a move would have been more cost‑effective, as fewer high‑value bills would need to be printed, thereby saving the central bank money on production costs. He also expressed concern about the naira’s weakness against foreign currencies, noting that the highest domestic denomination, the ₦1,000 note, is worth only about two dollars at the official rate. “A euro is almost ₦1,000, so a €100 note is about ₦100,000, while our highest note is worth just two dollars. That does not reflect well on our image,” he said.
Regarding the ongoing shift toward a cashless economy, Obadimu described the initiative as commendable, emphasizing that the world is moving toward full digitisation and a paperless environment. “The government’s push for a cashless economy is good because the world is heading in that direction. I remember decades ago we had post offices, which are now virtually non‑existent,” he observed.
Comments are closed for this story.