CIIN condemns proposed N5,000 note

Chuks Udo Okonta

The Chartered Insurance Institute of Nigeria (CIIN) has condemned the proposed issuance of N 5,000 note by the Central Bank of Nigeria (CBN).

Its President Dr. Wole Adetimehin in a statement signed by the head, Corporate Affairs, Joseph Obah, said the move was unpopular and unthinkable.

Adetimehin was of the view that the N 5,000 note would send a wrong signal that all was not well with the nation’s Economy, adding that it would amount to aiding inflation in a nation whose citizens are groaning under the burden of an inflationary trend calculated in geometrical proportions over the years.

He wondered why the CBN would conceive such idea at a time it should be pre-occupied with measures aimed at actualizing its canvassed cash-less policy. "CBN’S cash-less policy is well conceived and commendable but it is now being contradicted by the proposed issuance of the N 5,000 note," he said.

The public outcry against the move by the nation’s apex bank to churn out N 5,000 currency denomination has continued to make the news, with most critics calling on the Federal Government to apply the reins and forestall what would amount to a pitfall in the nation’s monetary policy. If public opinion is anything to go by, the move should be thwarted and the CBN made to a rest its plans.