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N5,000 Note: Sanusi Proposes and Jonathan Approves – Minister

By on September 5, 2012

The Minister of National  Planning, Shamsudeen Usman, has said that the Federal Government does not need the approval of the lawmakers to implement the currency restructuring exercise, at the center of which is the scandalous N5,000 note.
He disclosed this to journalists after the Economic Management Team’s meeting in Abuja on Tuesday.

The Minister said President Goodluck Jonathan had approved the Central Bank’s proposal and the exercise would commence irregardless of any public outcry.

His words: “The discussion today (Tuesday) was basically to endorse(the introduction of N5000 note). Mr. President had already approved and that is the only requirement by law. The CBN (Central Bank of Nigeria) is to propose and Mr. President is to approve”.

Defending the contentious debate of the good economics of the agenda, Usman said the note would not trigger inflation or corruption.

He said, “Clearly the N5000 notes, unlike some people misrepresent it, is not going to lead to higher inflation. There is absolutely no link. I am an economist, and I have been Deputy Governor, Operations of the Central Bank.

“The last review of the introduction of N1000 note and the various coins, I was deeply involved. It was my responsibility at the Central Bank, there is absolutely no link between inflation and the currency denomination.”

Sticking to similar arguments being bandied around by other members of the CBN’s currency restructuring Public Relations team, the Minister said the American dollar would remain the preferred currency for those “doing corruption”.

He said, “I have been in parts of the United States where you draw the $100 bill and give it to somebody and they start looking at it as if it is something strange, they probably have not seen it.

“So the higher denominations are there to create higher value, they will not be in the widest of circulation. And I think what is important is that there is no link between it and inflation.”

“I think people alleged that corruption is being done in dollars. A $100 bill is N16, 000; N5000 note will be $30, so which one is bigger to carry if you are doing corruption?

“So I don’t think it is necessarily going to increase the level of corruption. Those doing corruption will probably find that too small, the $100 bill is still bigger than the N5000 note,” he added.

 

4 Comments

  1. omeli

    September 5, 2012 at 3:44 am

    God save this country form these leaders we had so much trust and believe in before the elections. Its unfortunate that once somebody gets to the top he/she tries to grab as much wealth as possible through every possible way. Why won’t they use the money for the production of that note for something more useful? God Save Nigeria.

  2. bukky

    September 5, 2012 at 3:57 am

    Oloribuku ni gbogbo yin ati were Badluck! You shall not succeed in ruinning this country

  3. Hussein

    September 5, 2012 at 5:18 am

    Are these people learned at all??? Mr. Shamsudeen Usman called himself
    an economist, well i’m totally disappointed. What is the first sign of
    inflation? isn’t it the high rise i.e cost of living and the constant
    circulation of one bill! well its happening now Cc the N1000 note which
    is in constant circulation and in dominance over other denominations.
    How are we sure the same won’t happen with the N5000 note….also, i
    want to transport myself within a distance that would cost me N100 how
    do i then pay for such a service rendered when i possess a huge absurd sum as a
    medium of exchange? The transporter would just hiss. Let’s help this
    country forge ahead and not use academic knowledge directed wrongly to
    hinder our progress. Dear GEJ you are our president and i hold you with a
    high esteem. Plz dont be perpetuated into doing such…God bless you…LONG LIVE THE FRN…

  4. omotola hassan

    September 5, 2012 at 7:31 am

    Sincerely, this man knows not what he is saying, d fact that he is an economist does not mean he knows it all; how dare him says regardless of the public outcry