Nigeria N5000 Notes: A Woe to The Economy – Vincent

Nigeria N5000 Notes

Nigeria N5000 Notes – Here is an Article in by our Facebook User on the Woe of the Proposed Higher Denomination.

Nigeria N5000 Notes: A Woe to The Economy

It is no longer news that CBN plans to introduce N5,000 note byJanuary 2013.
The crux of the matter is the implication that this will have on our individual lives and national economy.

One of the indices of a GROWING INFLATION, is the creation of Higher Local Currency Bill, NO matter what CBN or the Managers of our economy say, they know too well in their minds.

Ask them in Zimbabwe! We will soon be buying things now sold for about N3,000 -
N4,500; for N5,000.00!

It is terrible! Why are we not emulating Ghana where they just redenominated their currency? Why can’t we do same to manage our economy?

The answer is clear; if we redenominate THEY will lose the money already stolen and kept abroad.

For instance if we redenominate by cutting down two zeros, N1,000 becomes N10 while N100 becomes N1. In a similar way one dollar will exchange for N1.55k. Therefore $100m will be N1.5m. Naira will become stronger against manycurrencies and stealing money abroad will become unattractive.

Why are we going for higher denomination when CBN is spending billions to promote a cashless economy? Join to say no to introduction of higher denomination of naira. Let’s save our economy.

Please rebroadcast, SHARE and LIKE untill it gets the necessary attention.

If we have to re-occupy Nigeria or CBN (this time), let’s do it….even if not for ourselves then let’s do it for the future of our children and their unborn children!! Before they turns us to millionaires that can’t buy bread Pls re-broadcast. Its worth it – Hon Akugbe Ogboe Vincent

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Category: Business News in Nigeria