SOME members of the State House of Assembly in Lagos, Nigeria, on Tuesday said the proposed introduction of N5,000 currency by the Central Bank of Nigeria would threaten the country’s security.
Mr Mufutau Egberongbe , of the Action Congress of Nigeria (Apapa I), said in Ikeja that the introduction of the currency would render the so-named ‘cashless policy’ useless.
It will be recalled that Central Bank Governor Sanusi Lamido Sanusi said recently that all the necessary logistics had been put in place to ensure the successful release of the currency into circulation in early 2013.
The lawmaker advised Sanusi against foisting such an unpopular policy on Nigerians.
“It is not necessary, with the cashless policy in place. If you have two packets of 5, 000 notes in your pocket, that is a million naira.
“The introduction of the currency will encourage fraud, corruption and it will pose a security threat to the citizens; so, it doesn’t make any sense,’’ Egberongbe said.
The lawmaker advised that the N40 billion to be used in printing the currency should be diverted to complete some abandoned projects in the education, health and power sectors.
Egberongbe, the Chairman Committee on Physical Planning and Urban Development in the Assembly, described the 5, 000 naira currency as “draconian and a diversionary” as there were more demanding issues in the economy.
Mr Rotimi Olowo (ACN-Somolu I) said the currency would lead to further devaluation of the naira.
Olowo, the Chairman Committee on Works and Infrastructures at the Lagos Assembly, urged the CBN to ensure an improvement in power generation and supply, for the sustenance of local industries.
The lawmaker said efforts should be geared toward improvement and development of local industries to boost export and ensure economic growth, not a currency that would further threaten the economy..
“By the time we have N5, 000 note, it will show that Nigeria’s currency will not be worth anything.
“Nigeria’s economy will pay dearly for this– if the currency is introduced eventually,’’ Olowo said.
The apex bank had set up a sensitisation machinery to convince the various interest groups in all the geo-political zones of the country, of the importance of the N5,000 note.