Wednesday, September 5, 2012

FG Approves N5000 Note

Shamsudeen Usman who spoke to journalists at the meeting of the Economic Management Team on Tuesday revealed that President Goodluck Jonathan has approved the proposal to print the N5000 note.

The CBN is to propose and the President is to approve. That is the requirement of the law, he said. Aliko Dangote, Mr Femi Otedola, Mr. Atedo Peterside, Mr Aigboje AIg-Imoukhuede and other top government officials were present at the meeting.

About 500 protesters were led by former House of Representative member, Dino Melaye to protest at the front of the CBN office in Abuja against the N5000 note.

Usman said the introduction of N5000 note would not lead to higher inflation. Peterside said if he was the CBN governor, he would have even gone ahead to introduce N10,000 note.

He also said since money is a store of value, thieves, rogues around various states who store their loot in $100 would move to our own currency.

Dangote also supported the view that the introduction of N5000 would not cause inflation rather it would protect the economy.

No comments:

Post a Comment

Disclaimer: Comments on this blog are not posted by the owner, therefore, the blog owner will not be liable for any comment made by readers.Thank you.