ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Monday, April 12, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
CBN

CBN

Bankers oppose CBN’s N5000 note issuance plan

August 29, 2012
2 min read
ADVERTISEMENT

Senior staff of financial institutions warn that proposed currency restructuring and the issuance of N5000 note might devalue Nigeria’s currency.

By Premium Times (with agency reports)

 

The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) on Wednesday opposed the proposed currency restructuring and the issuance of N5000 note by the Central Bank saying that the exercise might result in the devaluation of the country’s currency.

The association’s president, Sunday Salako, and the senior assistant secretary, Friday Inegbedion, said in Lagos, that the apex bank’s plan to introduce higher denomination of the Naira would attract hyper-inflation in the economy.

Since August 23, when the CBN announced its plans to restructure the naira and introduce the N5000 note effective January 2013, Nigerians from all sectors of the economy have risen in stout condemnation. They pointed out that the proposal was counter to the CBN’s cashless policy and might allow for money laundering.

The union observed that such an announcement often signified a regime of increased and sustained fiscal deficit financing in the economy.

“In spite of the introduction of local and international money transfers, people still carry huge sums of cash around and this will be aided by the higher denomination currencies,” the association said.

Rather than issue higher denomination of the country’s currency, ASSBIFI charged the CBN to initiate programmes that would tackle inflation, high interest rates, improper banking habits, bank robberies, unemployment, corruption, money laundering, insecurity and poverty.

RelatedNews

LG autonomy not for NASS to address – Gbajabiamila

Agency gives building occupants seven-day evacuation notice

PHOTOS: Osinbajo, Tinubu, Sultan, Ooni, others attend Aisha Buhari’s book launch

Judiciary Workers’ Strike: Courts closed in Lagos, Kano, Benue, others

It advised the government to use the proposed N40 billion to be spent for the naira restructuring to revive other comatose sectors of the economy.

The National Assembly has already asked the CBN governor, Lamido Sanusi, to suspend the idea and pay attention to other policies that will stem inflation and strengthen the economy.

The CBN however says it has legal backing for its actions and also the support of President Goodluck Jonathan. The bank said it was consulting with the lawmakers over the proposal.

 

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes



PT Mag Campaign AD

Previous Post

Sanusi must convince us of N5000 note-Reps

Next Post

FG asks Adamawa to relocate persons living in flood prone areas

More News

Nigeria Police Force

Gunmen attack Ebonyi community hours after South-east governors’ security meeting

April 12, 2021
Professor Bose Afolabi

Nigerian professor wins $2.5 million Bill Gates grant

April 12, 2021
Nigerian Police officers on duty [Photo credit: Today.ng]

Gunmen kidnap family, release two members to find N30m ransom

April 12, 2021
Ecobank

Ecobank Transnational appoints Group Executive, Corporate & Investment Banking

April 12, 2021
Construction workers being turned away by striking judicial workers on April 6 at the Supreme Court, Abuja.

Nigerians groan as judiciary workers’ strike drags on

April 12, 2021
Lagos State Isolation centre Onikan [PHOTO CREDIT: The Africa Report.com]

No new deaths from COVID-19 in Nigeria, 57 new infections

April 12, 2021
Next Post
FG asks Adamawa to relocate persons living in flood prone areas

FG asks Adamawa to relocate persons living in flood prone areas

Kano to spend 12 million dollars on 500 students

Kano to spend 12 million dollars on 500 students

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


Access Bank Ad


NITDA Ad





Glo Ad

Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,650,173 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert

ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
    • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.