NIGERIA’s Central Bank is proceeding with plans to introduce a new five thousand naira banknote to the population, despite popular outcry against the idea.
Reports are emerging that the Sanusi Lamido Sanusi-led apex bank has gone ahead to shortlist at least three foreign-based firms to execute the project of printing the proposed currency.
The companies are reported to be based in the United Kingdom, Germany and France. Among the companies are Delarue, based in the United Kingdom, along with D & G of Germany and Orbether of France.
Also planned for introduction are 5, 10 and 20 naira coins.
The developments come amid threats by the members of the Nigeria Bar Association to sue the federal government over the plans to introduce the new currencies.
The association rejected the argument of the CBN that the introduction of the N5000 note will not promote inflation noting that the realities of the Nigerian economic situation cannot be found in the Western Business Models that the CBN officials are familiar with.
The NBA observed that Nigerians may well see a N10, 000 or N20, 000 notes very soon.
The lawyers argued that such a measure which will affect the lives of Nigerians in many ways is not a mere fiscal measure which the CBN can claim exclusive jurisdiction over saying that the issue is a legislative matter that is within the sole legislative province of the National Assembly.
“Such far reaching fiscal or currency measures are beyond the competence or purview of the CBN,” the communique said.
The association also praised the Senate for asking for the Central Bank and the federal government to delay whatever plans it had for the production of the new currency.
Many Nigerians continue to condemn the idea as unnecessary and wasteful. A poll conducted at sharpedgenews.com had a majority of respondents rejecting the idea.
Among other prominent Nigerians, Mr. Seun Anikulapo-Kuti, son of the late Afrobeat musician, Fela Anikukapo-Kuti, whose grandmother is one of the 3 Nigerian women billed to be featured on the 5,o00 naira banknote, asked the government to remove his mothers name from among those planned to be featured on the banknote.
“She was murdered by the Federal Government, her house was burnt down on that same day, two of her children were brutalised, almost killed on that same day and the family have not receive any apology or compensation, most especially justice for such atrocity, “Mr. Kuti said of the government’s treatment of his grandmother, Mrs. Funmilayo Kuti, a celebrated icon of female liberation in her time.