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N5,000 NOTE, THREAT TO NIGERIA'S SECURITY - LAWMAKERS

By NBF News
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Some members of the Lagos State House of Assembly (LAHA), have stated that the proposed introduction of N5,000 currency note by the Central Bank of Nigeria (CBN) will threaten the country's security.

Mr Mufutau Egberongbe , Action Congress of Nigeria (ACN Apapa I), told the News Agency of Nigeria (NAN) in Ikeja that the introduction of the currency would render the cashless policy, useless. NAN recalls that the CBN Governor, Sanusi Lamido Sanusi, said recently that all the necessary logistics had been put in place to ensure the successful release of the currency into circulation in early 2013. The lawmaker advised Sanusi against foisting such an unpopular policy on Nigerians.

'It is not necessary with the cashless policy in place. If you have two bundles of 5, 000 notes in your pocket, that is a million naira. The introduction of the currency will encourage fraud, corruption and it will pose a security threat to the citizens; so, it doesn't make any sense,'' Egberongbe said. The lawmaker advised that the N40 billion to be used in printing the currency should be diverted to complete some abandoned projects in the education, health and power sectors.

Egberongbe, the Chairman Committee on Physical Planning and Urban Development in the Assembly, described theĀ  5, 000 naira currency as 'draconian and diversionary' as there were more demanding issues in the economy. Mr Rotimi Olowo (ACN-Somolu I) said the currency would lead to further devaluation of the naira.