Central Bank To Spend 40Billion To Print N5000 Note

One of the biggest problems in my view that plagues Nigeria other than corruption is misplaced priorities. In a country where terrorism, insecurity and poverty reign supreme, It is quite upsetting  that the government think the most appropriate thing to do at this point is to devalue the Naira by introducing the N5000 n0te and reducing the N2O, N10,N5 to coins.

Although Central Bank Gov. Sanusi Lamido Sanusi said the new 5,000 naira bill, as well as changing notes from 20 naira (12 cents) and lower into coins, would help the country’s economy by providing a “befitting currency structure.”, most economists have argued other wise. In any case, it doesn’t take an economist to see that this recent development is a NO-NO, and many have cited the former Ghanian economy as a typical example.

Now, we hear the Central Bank of Nigeria will spend N40.3bn to produce the naira notes. Out of the amount, N11.8bn will be spent on the new N20, N10 and N5 coins.

Tell us, do you perceive spending so much on the creation of the  N5000 note as absurd?