Monday, August 27, 2012

The 5,000 Naira Note. What's the Fuss about?

I am not oblivious of comments on Facebook and Twitter about how the introduction of the new 5,000 naira note will aid inflation, aid corruption and of course shows insincerity of government as regard cashless policy.
Some sections of Nigerians just love to hate this government even in the midst of trying to do good things.  The introduction of the new note is a welcome development.
The CBN had said it times without number that the highest amount for any given cash transaction should not be less than 500,000 naira, so how would this aid corruption or affect the CBN cashless policy.  With the introduction of the 5,000 naira note, it means you carry fewer notes, and the ATM dispenses fewer notes too so much that, at a go, the amount that can be withdraw from ATM can be increased while the amount banks can load into their machines will increase.
Having said this, I call on Nigerians to always pause and ponder on government efforts and policies before condemning them to dist bins.

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