N5000 Notes not for You Masses – Minister

Thursday, September 6, 2012

N5000 Notes not for You Masses – Minister

As the controversies surrounding the proposed introduction of N5000 notes into the country continues, a federal minister has cleared the air on some of the complaints of the masses. According to the National Planning Minister, Shamsudeen Usman, the proposed N5000 note will not be for mass circulation. He said the N5,000 note would be reserved for banks and heavy cash users.

The minister made this clear during an interview with the State House Correspondents after the meeting of the Economic Management Team (EMT) presided over by President Goodluck Jonathan. It was during this same meeting that the Federal Government formally endorsed the introduction of the note despite the criticism that has greeted its introduction..

At the meeting of the Economic Managament Team chaired by President Goodluck Jonathan, the CBNgovernor, Sanusi Lamido, also explained the restructuring of the currency. The team also dispelled the fear that the introduction of the note will lead to high rate of inflation, saying that there was no link between inflation and currency denomination.

At this point, Nigerians will agree that majority of them are not banks (or bank owners), neither are the Nigerian masses handling “heavy cash”. So, Nigerians, you are expected to stop complaining about what is not meant for you.