OPS, Labour No Want N20,000 Note

OPS and Nigeria Labour Congress (NLC) don reject plan to introduce N10,000 and N20,000 notes, warn say di move no go solve Nigeria economic or currency wahala but go make inflation worse and kill cashless policy gains. Di proposal follow report by Quartus Economics wey talk say CBN suppose bring higher-value notes to make naira portable and reduce cost of cash transactions, because N1,000 note don almost obsolete. OPS and labour call di idea “ill-timed, elitist, and risky.” Segun Kuti-George, NASSI VP, talk say N20,000 note go only benefit rich people and contradict government digital economy plans, fit make inflation worse, and go allow rich stockpile money. E argue say even N2,000 note fit enough, anything pass dat no make sense for Nigeria current reality.

Other business leaders join talk say di proposal go deepen economic wahala. Eke Ubiji, NASME DG, say di plan bogus and higher bills no go reduce inflation, e go make situation worse for small businesses wey don dey suffer. Dr Femi Egbesola add say higher currency go derail Nigeria cashless push, wey world dey encourage, and CBN suppose focus on improving naira value and financial inclusion. Dr Muda Yusuf say di move get some merit but risky, suggest moderate N5,000 note as balance. NLC Assistant Secretary-General, Chris Onyeka, warn say di move na recycled mistake wey no go fix inflation or strengthen naira, say if government go ahead, everybody go feel di wahala together. Quartus Economics talk say if N5,000 note don enter in 2012, e go be N50,000 today, showing 94% naira value loss, but business and labour groups maintain N10,000 or N20,000 notes na step backwards. CBN never comment on di matter.