Nigeria senate today directed the Central Bank of Nigeria to stop the proposed introduction of new N5000 notes and coins. The Senators said the action is counter-productive and runs contrary to the cashless economy policy of the apex bank, which effect which has not been felt by Nigerians. The Senate further stated
that spending the whooping amount of about 40 billion naira for redesigning and printing of the new N5000 note and coins when the 2012 budget is facing some implementation challenges is unacceptable.
With steps already taken by CBN itself to address money laundering in the country such as Know-Your-Customers, re-validation of banks’ customers and the on-going cashless Lagos, many Nigerians wonder if the proposed higher denomination of N5000 will not undermine that effort, coupled with our inability to discover and disrupt terrorism financing, said Mr. Tunde Salman, a financial analyst.
