New N100 notes, wasteful, ill-timed — TUC

By The Citizen

Trade Union Congress of Nigeria, TUC, over the weekend faulted the introduction of new N100 bank notes by the Central Bank of Nigeria, CBN, to commemorate Nigeria's centenary celebration, saying it was ill-timed and wasteful.

In a statement by its President and Secretary General, Mr. Bobboi Kaigama and Musa Lawal respectively, TUC said 'printing of new currency is usually a capital-intensive venture, and raises questions as to how the CBN hopes to grapple with the economic implications of redesigning and printing the new bank notes.

'Even the timing of the project is inappropriate, coming so late in the year when the economic hustle and bustle associated with Christmas and New Year are nigh.

'These, together with the heightened state of insecurity in parts of the country, the frenzy of political activities and electioneering campaigns towards the forthcoming 2015 elections, and the current slump in global oil prices make this the worst possible time for such drastic fiscal policy.'