Suspend Introduction of N5, 000 Note - Former ICAN Official

 

Oderinde said in Lagos on Monday that the apex bank should not be too hasty in introducing the N5, 000 notes and new coins.

He, however, said that the new proposal would not be antithetical to the cash-less policy.

Oderinde said that rather the N5, 000 notes would ``aid and support`` the cash-less system, but stressed that the introduction of the note be deferred till after 2013.

Oderinde said that it would be proper for the cashless policy to have attained full implementation in all states of the federation before the new currencies would be introduced.

He also said it was important to tame corruption so that Nigerians could experience the positive aspects of the introduction of the N5, 000 notes and new coins.

``The new policy will aid corruption as it will be easy to carry large sums of money around.

``The N5, 000 note will have the advantage of making transactions easier, `` he said.

He said the proposed policy would also boost transactions in banks and reduce the number of customers waiting ``endlessly`` in banking halls.

“Developed countries have such ``prime notes``.

``Although you don’t get to see them often because their systems do not really support their usage.

``The CBN has said that it wants a cash-less policy in place. This does not mean that we will not be spending cash at all.

``No. It simply means that the cash circulating within the polity will not be much.

``So, the idea of introducing N5, 000 note should come after the cashless system must have been entrenched,`` he said.

Meanwhile, Mr Ugochukwu Okoroafor, CBN Director of Corporate Communications, told newsmen on Monday that the N5, 000 notes would strengthen the cash-less policy.

He said that the apex bank’s decision to introduce the N5, 000 notes would improve the gains from a cash-less system.

``Our proposal is in line with global best practices in reviewing our legal tender on a regular basis, `` he said.