Opposition mounted yesterday against the planned introduction of N5,000 note by the Central Bank of Nigeria (CBN).

The Nigeria Labour Congress accused the CBN of trying to legitimise further devaluation of the nation’s currency.” It warned that the proposed introduction of the currency is capable of spurring a demand for wage increase by workers.

The ACN said the plan’s “uninvited consequence and collateral damage may outweigh the benefits of the new measure.”

The Institute of Chartered Accountant of Nigeria (ICAN), in its online professional forum, at the weekend, described the decision as an avenue for corruption and inflation.

ICAN’s past chairman (Ikeja District, Lagos) Joshua Oderinde, said: “It is going to increase inflation and corruption. Besides, it contradicts the principles of cashless economy which we are all supporting. It is simply a contradiction of the whole idea. The naira notes we have currently are okay.”

The CBN said last week that the N5,000 note will  go into circulation early nest year. It also said N5, N10 and N20 notes will be coined.

The faces of woman activists – the late Gambo Sawaba, the late Margaret Ekpo and the late Funmilayo Ransome Kuti, are to adorn the N5,000 note, CBN Governor Sanusi Lamido Sanusi said.

But NLC Vice-President Issa Aremu, who is an economist, in a statement yesterday, said the apex bank was further devaluing the naira as there is a direct relationship between higher banknotes and devaluation.

According to him, Nigerian workers are opposed to the proposed introduction of the N5000 notes. The government should concentrate on revamping the manufacturing sector, he counselled.

The Labour leader said: “We oppose the proposed introduction of higher banknote of N5000  next year as announced by the Central Bank of Nigeria under its currency redesign programme tagged `PROJECT CURE.’  

“The current highest banknote of N1000 was introduced in 2005.  We had currency review in 2007 and 2009. It should not be customary for every CBN governor to change the nation’s banknotes.  

“Incessant turning out of higher banknotes is an attempt to legitimise the devaluation of the Nigerian currency. There is a direct relationship between higher banknotes and devaluation of the currency.

“The CBN should concentrate on stabilising the value of the Naira rather than legitimising the devaluation of the currency.  CBN under Sanusi Lamido Sanusi should continue with the good work they are doing with respect to revival of manufacturing sector and management of inflation and interest rates.  The double digit inflation rate as we currently have cannot take us out of the economic crisis.

“Psychologically, for the working people, it means they work so much for little notes with the introduction of N5000. This may fuel crisis of expectation for more wage increase as bigger banknotes will be chasing fewer goods. Nigeria is better with smaller banknotes that can deliver goods and services rather than higher bills without any value”.

But the Special Adviser to the President on National Assembly Matters, Senator Joy Emodi, described the planned inscription of pictures of Mrs. Fumilayo Kuti, Margaret Ekpo and Gambo Sawaba on the N5,000 currency as a welcome development.

 Emodi in a statement entitled “N5,000 Note: A plus for Nigerian Women and democracy” commended President Goodluck Jonathan for his “thoughtfulness” in approving that the “soon-to-be-introduced N5000 note bears the pictures of three distinguished and highly respected Nigerian women, namely Fumilayo Kuti, Margaret Ekpo and Gambo Sawaba, in recognition of their contributions to the development of this nation.”

She added that the inclusion of the logo of the National Assembly on the new notes is worthy of praise as it is not only a symbol of democratic governance but indeed a micro Nigeria. 

She stated that the move is historical for Nigerian women “as it marks the very first time any government, whether military or civilian, would bestow them with this magnitude of recognition and respect.”

Emodi also said that the unprecedented appointment of many Nigerian women into the Federal Cabinet and other key positions in government “not only affirmed that Jonathan could be trusted to keep his promise to elevate women to where they rightly belong in the scheme of things.”

Jonathan, she said, “is indeed a fair-minded leader who believes in gender equity and Nigerian women have more to offer than they were previously given opportunity to offer.”