Thursday, April 17, 2014

N5,000 note will devalue naira – NBA president

Published:

NBA

Joseph Daudu says the new N5,000 note will promote money laundering.

The out-going President of the Nigerian Bar Association, Joseph Daudu, on Thursday criticised the plan by the Central Bank of Nigeria (CBN) to introduce N5,000 notes.

In a speech in Abuja at the Annual General Conference of the association, Mr. Daudu said that the proposal would further devalue the naira.

“The CBN’s introduction of the N5,000 notes would devalue the naira and it is against the cashless policy being currently promoted by the bank,” he said.

He also said that the introduction of the N5,000 note would promote money laundering, adding that it would create more avenues for corrupt politicians to manipulate the electoral process.

Mr. Daudu stressed that the introduction of the currency is a contradiction of the cashless policy being promoted currently by the central bank.

“The proposal by the CBN is shallow and should not be allowed to further damage the already fragile economic system,” he said.

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