The introduction of the new N5, 000 note as a legal tender has been endorsed by the Economic Management Team.
The National Economic Management Team (NEMT) is a conclave of some senior government officials and prominent businessmen.
The team,after its weekly sitting presided through the Minister of National Planning, Shamsudeen Usman said that the move was in the right direction and remains the prerogative of the CBN.
Shamsudeen Usman, said that the CBN merely proposed the introduction of the N5000; the president approved it while the economic management team endorsed it.
“Obviously, the discussion today was basically to endorse. Mr. President had already approved; that is the only requirement by law. The CBN is to propose and Mr. President is to approve. And since Mr. President has approved, really what is important is to just explain. I personally had some concerns about the coins but since some discussion with the CBN governor, he has actually clarified that even the media didn’t get it”, Mr Usman said.
“I am an economist. I have been deputy governor operations of the Central Bank. In the last review of the introduction of N1000 note and the various coins I was deeply involved; it was my responsibility at the central bank. There is absolutely no link between inflation and the currency denomination.”, he added.
“The coins are being introduced on an introductory basis so that if people accept them and are using them, then gradually they will withdraw the other notes but they will run concurrently with the notes. Those were my concerns initially because you remember during my time in the CBN; we introduced the one naira and two naira coins. Unfortunately, they were not utilized at all. Part of that is really the value of one naira and two naira today. What can you buy?”
On the contention that there is a link between the N5000 note and corruption, he said, “It is an area that I obviously know nothing about. I think people alleged that part of that corruption is being done in dollars. A $100 bill is N16, 000 and N5000 note will be $30. So, which one is bigger to carry if you are doing corruption?
“So, I don’t think it is necessarily going to increase the level of corruption. Those doing corruption will probably find that too small. $100 bill is still bigger than the N5,000 note”, the minister added.
Also speaking, some members of the team from the private sector including Peterside Atedo, business mogul Aliko Dangote and Aigboje Aig-Imoukhuede said the introduction of the N5,000 notes has nothing to do with inflation.
On his part, the governor of Anambra State, Peter Obi said that what Nigerians should concern themselves with is how to increase improvement in manufacturing and agriculture.