Faseun told a media round table that compulsorily foisting the N5, 000 note on Nigerians would not augur well for the security and social life of the people.
``Introducing a high denominational currency will lead to inflation. Our fight against corruption, money laundering and inflation will end in smoke if the CBN goes ahead to introduce the note, `` he said.
Reports say that controversy had continued to trail the CBN's proposal to introduce the N5, 000 currency note in Nigeria.
Faseun expressed worry that the CBN was coming up with the idea of the new note at a point when corruption reigned supreme in Nigeria.
``What do we want to do with the N5, 000 note? `` Fasehun queried.
According to him, Ghana, rather than coming up with higher denomination currencies when the Cedi was losing value, downgraded it and this helped its economy to grow.
``We will resist it if the CBN goes ahead with the new denomination, `` Faseun said.
Also, Mr Kunle Adeshokan, President, Federation of Yoruba Consciousness and Culture, urged the CBN to have a re-think on the issue.
``There should have been a referendum on it. N5, 000 note will not have any positive effect on our economy. Very high denomination will further destroy our economy, `` he said.
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