THE Central Bank of Nigeria is the institution in charge of the nation’s monetary and fiscal policies with enorm ous constitutional power to drive the economy.

The decisions and policies regarding what CBN does, however, rests on the President and Commander-in-Chief of the Armed Forces of Nigeria who, in consultation with his cabinet, has the overall power to take such decision(s) not only on the economy but also on other aspects of the nation’s endeavours that will impact positively on the people to present a picture of good governance.

While enjoying its autonomy, the Central Bank reserves the right to introduce any policy which, in its opinion, can improve people’s standard of living. One of the notable functions of the CBN is the “buying and selling” of treasury bills to commercial banks in order to control inflation and or inflationary trends to propel the economy aright.

Recently, the Central Bank came up with the “cash-less economy” policy in which Nigerians and institutions are expected to use cash transfer procedure in their financial transactions with one another. By that policy, individuals, however rich, are not allowed to withdraw, within 24 hours, an amount in excess of N150,000. The objective of this is to prevent atrocities and crimes, especially armed robbery, that are encouraged by the availability of raw cash.

Much as the “cash-less economy” policy, obviously fashioned after the developed world of Europe and America, would have been ideal, its practicability, in the face of the reality of Nigeria’s infrastructural facilities, appears very untenable and can only expose Nigerians to  unnecessary punishment.

This is apparent if one observes that the ATM facilities provided by banks to de-congest banking halls are in most cases ineffective.

Cases of network failure, faulty machine and inability to dispense cash are rampant, making nonsense of the ATM initiative. One cannot be 100 per cent sure that the policy comes with effective safeguard against ATM fraudulent activities, the type of which many people  have fallen victims to. Other factors that would defeat the cashless economy policy will include epileptic power supply and associated crimes yet to be discovered.

The recent announcement by the Central Bank of its plan to introduce into the nation’s economy, a N5,000.00 denomination has been met with mixed feelings.

While some people see the decision as one that would ensure safe mobility of cash, others see it as an invitation to sophisticate crime because armed robbers would intensify their efforts at the vaults in our banks, in view of portability.

I wasn’t looking at the CBN decision from that perspective. The need for the introduction of any other naira denomination ought to have been defeated by the cashless economy policy. Both appear to be pursuing a common goal of discouraging Nigerians from carrying large cash for whatever reason. If that is right, then why should efforts be duplicated?

Another angle to it is the cost of producing the product (N5000). The Central Bank had shamelessly told Nigerians that the project would cost a mouth-watering amount of N40 billion. This is where I have a problem, like other Nigerians who may share my position on the policy.

For God’s sake N40 billion is not a small amount of money, hence throwing it at the production of a new Naira note would tantamount to a misplaced priority and gross disserve to the good people of Nigeria.

In a country whose people are disenchanted because they live in abject poverty occasioned by inadequate infrastructural facilities, with those provided not well maintained; in a country that has more than one million citizens of school age not being able to attend higher institutions for lack of vacancies; in a country with decaying health facilities; in a country where hunger and diseases are prominent features, using N40 billion to print a new naira denomination will be a criminal act.

The insistence of the Central Bank Governor, Sanusi Lamido Sanusi, on the printing and introduction of the new note is unfortunate. Sanusi is one of the very few public officers who has denominated honesty and courage when he visited the Senate sometime ago and this singular act actually endeared him to someone like me.

The thinking is that people like him, formidable crusader of the people, should salvage the nation from the cabal that has held the country in bondage for decades.

Throwing that credibility to the winds by being adamant on the printing of the N5000 note will be painful because he would fall out with Nigerians on an issue that concerns them most.

The question is: Whose interest is Sanusi protecting? One may not need to probe too far before discovering that pretence don’t  last. Sanusi is a member of the powerful clique that is under-developing Nigeria.

Mr Taoheed Adejare Adefolakan wrote from the Moshood Abiola Polytechnic, Abeokuta