Nigeria: Nigerians speak on introduction of 5000 Naira note
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(
Nigeria News) The introduction by
Lamido Sanusi and the
Central Bank of Nigeria of the new 5000
Naira note is causing huge controversy across the country
... with many
Nigerians believe the new note will simply make it easier for the politicians to steal more money.
"I think it is the politicians that are behind it to carry money in their pocket rather than use Ghana-Must-Go bag," said one marketer. "If you are carrying one million Naira in your pocket - no one will know you are carrying the money."
According to Nigeria's
National Bureau of Statistics over 60% of Nigerians in
2010 were living in "absolute poverty" - this means almost over
100 million people living on less than a 'dollar a day'.
At the current exchange rate, the new 5000 Naira is about $30 - which for most people is a month's wages in just one note.
"
Anytime they want to build house - they will go and use it to build house. They want to buy plane, they buy plane. They want it to use car, they go and buy car - so they will not carry the money so big," said another man. "They want to carry billions
of money in little quantity."
Sanusi has stated in newspaper reports he hopes the N5000 will help promote the
Central Bank's cashless policy, curb inflationary pressures and improve the quality of bank notes.
Nigerian banks are set to release the new note in
January, 2013.
And not everyone opposes the introduction of the new note:
"If Sanusi thinks it's best for Nigerians- so be it. I don't have anything against it," explained a businessman in
Lagos.
In the markets of Lagos, many people still trust Sanusi after his crackdown on the corruption in Nigerian banks in 2009, but they are worried that they will still be negatively affected.
"We know Sanusi did it to forestall the stealing that is up there, but we in the market are not doing any stealing - but the thing still affects us."
Regardless of the reasons for the new note, one
Yoruba mother worries about the effect of the such a large denomination on the morals of the country:
"We don't want the N5000 because we don't want them to use our children for money rituals," she explains. "
The Introduction of the N5000
Note is not the solution to Nigeria's problem. Let the government provide jobs for the graduate."
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