CBN to rollout higher currency by end of 2012

Filed under: National Issues |

I’m in a trance and I need the central bank governor, Sanusi Lamido Sanusi to wake me up.

The Central Bank Of Nigeria under the governorship of Sanusi Lamido Sanusi in agreement with the Federal Government Of Nigeria (FGN) are in the process of coming up with higher currency note of N5000, N3000, N2000 (Naira), note in addition to the already existing N1000, N500, and N200 notes and eventually reduce currencies such as N100, N50, N20, N10 and N5 notes to coins.

Reactions has been pouring in and people are of the opinion that if this paper currencies, such as 100 Naira note and other lower denominations are changed to coin, they will simply be abandoned or completely discarded just like the N1 coin.

But should the addition of higher currencies and changing paper currencies to coin be the immediate problem of our leaders or should it even be in there thought, where the country is in a sorry state, issues of unemployment, Boko Haram, Electricity and fuel subsidy fraud just to name a few are there stirring us in the face.

The question is, are our leaders confused? Or are are they misguided?