The CBN is contemplating the introduction
of new currency denominations of N2,000 and N5,000 notes and N5, N10,
N20 and N50 coins.
“The top management of the CBN have decided to introduce currency
denominations of N2,000 and N5,000. This is being done in the best
interest of the economy.”
“All the smaller denominations from the N50 downwards are also to be converted into coins.”
A financial expert and executive chairman of the Society for
Analytical Economics, Nigeria, Dr. Godwin Owoh, has said that if the
policy is carried out, it would not only lead to inflation but would
increase the ability to carry out cash transactions.
He said the activities of the CBN were becoming more commercial in
nature, suggesting that this was more of a fiscal policy than a monetary
one and that it should be decided by either the minster of finance or
the president.
No comments:
Post a Comment