Wednesday, August 29, 2012

Criticism Trails Proposed Introduction Of New N5,000 Note

Criticism Trails Proposed Introduction Of New N5,000 Note
                                           WHICH IS REAL?

Criticism has continued to trail the proposed introduction of the new N5,000 note with the Organised Private Sector, Labour, Trade Union Congress of Nigeria, TUC and the National Union of Textile, Garment and Tailoring Workers of Nigeria, NUTGTWN faulting the move. Speaking on the matter, Director General, Lagos Chamber of Commerce and Industry, Muda Yusuf noted that while the restructuring of the currency is a welcome development, the move however contradicts the cash-lite policy of the CBN. He also said the introduction of a higher denomination would promote corruption due to the convenience of carrying large sums of money as well increase the risk of counterfeiting. Meanwhile the TUC and textile union also decried the move, calling on the CBN to focus on stabilizing the value of the Naira.

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