The N5,000 note and coin reintroduction project of CBN: A conspiracy very demoralizing

Filed under: National Issues |

The wave the prospective N5,000 note and coin reintroduction project of the CBN has generated over the last couple of days has been overwhelming. The news of it alone makes a lot of people on the street turns on anger that burns like fuel. The anger born out of the fact that the real issues this country have is been abandoned or pushed aside. The issue of Boko Haram is there, the issue of the captured but not prosecuted sponsors of Boko Haram is there, the issue of Farouk Lawan and Femi Otedola is there, the issue of Dana Aircraft crash is there, the issue of the fined British and Virgin Airways is there, the issue of graduate unemployment is there, and a host of many other unattended issues.

The truth about the whole idea is that its not idealistic and i consider it uncunny. Its a project that will advance this country towards a very negative gray area. One that will make ordinary Nigerians want to own a gun. Inflation will skyrocket, death count will high-up for individuals who can’t bear a lost of N5,000 note (as that, is a monthly salary of certain category of people in our society today), the economy might look better for some seconds but go very bad when turning worst, and more disturbing of it all is, it becomes easier for the “men in agbada” to syphon money.

There are certain processes that shines up a nation’s currency and give it new value (processes i stated in my previous post on this issue), raising the denomination that high is not part of it. Mallam Sanusi Lamido Sanusi is a brilliant guy, but this line he is presently toeing is an unpopular one. The people that matters in the country -the Nigerian masses, don’t agree with him.

Renowned Economist in there various categories have come up to address this issue on national televisions, the last i listened to being Dr Godwin Owoh, Executive Chairman, Society for Analytical Economics. Where he gave intelligent reasons why the idea is not idealistic enough at the moment.

The below audio link is an interview by Nancy Illoh, anchor of The MoneyShow AIT program, with Dr Katch Ononuju, a Political scientist, Managing Director/Chief Economist of iordinance. Play and here his view on the issue:

[wpaudio url=”″ text=”Click to play -> Dr. Katch Ononuju on the N5,000 & coin project” dl=”0″]


Do you agree with DR KATCH ONONUJU? What is your own opinion on the issue?