The Karu Area Chairman of the Association in Nasarawa, Rev. Fr. Emmanuel Patrick, gave the commendation in an interview with newsmen in Abuja.
``We don't see any reason or the rationale behind the proposed introduction of a N5, 000 note denomination into the country's crippling economy, ‘he said.
The clergy, however, said that there were no problems associated with the present denominations in circulation.
``We believe that this policy is not going to help the poor people and should be discarded,'' he added.
Patrick, who is also the Parish Priest of St. John of The Cross Catholic Church, Mararaba, said that the highest denomination the country had had was N1, 000 and wondered why the CBN was introducing a new N5, 000 bank note.
He, however ,said that the rich and the affluent might not worry about the N5,000 note denomination, because they carried huge sums of money, which meant they could now carry up to N5 million in their pockets with ease.
The clergyman also said that the introduction of such a big denomination would lead to hyper-inflation, because, according to him, ``it will automatically devalue our currency".
"If somebody gives you N1, 000, it is manageable, but by the time the N5, 000 bank note goes into circulation, a tin of groundnut oil could be sold at N5, 000 because it is just one piece of paper and change will not be easy to come by.
"Again, if you are hungry and you go to buy food with the only N5,000 note, the chances are that you may not have change and won’t have food,” the chairman added.
He said that there were people whose salaries were N10, 000 or N20, 000 a month respectively, adding that at the end of the month, they could be given two or four pieces of the bank note as salary.
"If by ill-luck, he loses it, what happens to him? That means that he would have lost substantial amount of money.
``In fact this policy is not going to help us, irrespective of whatever reasons they may give us, it should be rejected in its entirety,” he added.
According to him, the Central Bank Governor talks about cashless monetary policy; why do we have to introduce N5, 000 bank notes while we are talking about cashless policy.
Patrick further said, ``under normal circumstances, cashless transactions will be done through the banks, but what about the local people in the rural areas who do not know or have any idea about banking procedures?’’
The clergyman warned the agitators of the system to be careful "to avert what Ghana and Italy experienced".
He added that Ghana had the Cedi denominations so high in thousands, but when they realised that it was rapidly devaluing their currency and negatively affecting their economy, they removed the three zeros in their thousand Cedi denominations.
"10,000 Cedis now remains 10 Cedis (two digits), and their economy has picked up considerably.
"That is what is happening now in Ghana, I have seen it and even used it when I visited,” he added.
According to him, if a neighbouring country like Ghana is quickly correcting such mistakes, "why are we thinking of higher denominations at this point in time in Nigeria.’’?
The chairman appealed to the Federal Government to formulate positive economic policies that would improve and alleviate the present deplorable conditions of the ordinary Nigerians.
Reports say that there were mixed reactions to the introduction of the N5, 000 note as many were quick to add that it could worsen inflationary rate.
The National Assembly had also advised the CBN to put it on hold until issues around it were resolved.
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