The chamber made the appeal in a press statement signed by its president, Mr Goodie Ibru, in Lagos on Monday.
LCCI said that the proposed currency reform was in response to current “economic dynamics” in Nigeria.
According to the chamber, the currency reform will reduce the cost of currency management in the country.
``The cost of currency management such as printing, movement, storage, counting and distribution will be reduced.
``This will happen because introduction of higher denomination naira note will mean reduction in the volume of cash in the economy.
``It will enhance portability and facilitate business activities in some segments of the economy where large amounts of cash are required,’’ it said.
The chamber, however, said that the CBN ``should maintain an incremental sequence of N2000 and N5000 in line with historical trends and international practice``.
LCCI said that there was no empirical evidence linking the introduction of high denomination notes with inflation as widely believed.
The chamber urged the CBN to focus more on relaxation of its monetary policies and risk management guidelines.
``Interests rates of over 20 per cent are unquestionably inimical to entrepreneurship development, wealth creation and employment generation in our economy.
‘‘The access to credits is even a much bigger problem because of the impossible conditions prescribed by the commercial banks,’’ it said.
LCCI also appealed to the CBN to align its cashless policy with its currency management strategies.
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