NACCIMA DG says CBN should’ve introduced N5,000 note instead of naira redesign
The Director –General of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Chief Sola Obadimu has suggested that the Central Bank of Nigeria (CBN) should have introduced a N5,000 note rather than embarking on a currency redesign.
The NACCIMA DG, who stated this on Monday during an interview NAN said there would have been less pressure on Nigerians if the naira redesign policy was implemented differently, adding that the creation of a new N5, 000 note would have mopped up the money in circulation without creating discomfort.
Obadimu said the CBN would have also spent less money on printing new notes.
He said “If I were the CBN governor, all I would have done was to have introduced a N5, 000 note.
“That would have helped to mop up the money in circulation without the kickbacks we are getting.
“Because it is a higher denomination, fewer amounts of bills would have been printed.’’
On the CBN’s cashless policy, the NACCIMA DG said it was a laudable initiative because “that is where the world is heading”.
He, however, expressed reservations with the government’s level of preparedness, particularly in the aspect of internet infrastructure.
“For instance, when a financial transaction declines, you get debited and the bank cannot refund you for up to three weeks even if the transaction is to the same bank,” Obadimu said.
“So, for the urban network to improve and for the rural areas to catch up, the government has to invest heavily in infrastructure so that every part of Nigeria will be digitised.”
