By Anozie Egole
Since the CBN announced plans to introduce N5, 000 note and coining of lower denominatrions of N5 , N10 and N20, Nigerians appear to go weird over the policy.

According to them, it will worsen the already inflation the country is currently experiencing as well as going contrary to the CBN clamour for cashless society. Much as the senate has ruled against it, most Nigerians who spoke to SATURDAY VANGUARD insist that it will create more hardship for the people.

That’s a very bad idea—Kizito Oguezeh (Businessman)

It is not quite long ago when the CBN governor introduced cashless policy which each and every Nigerian accepted after a long argument. People said if going cashless is the best thing, so be it.

Now how can you go and tell the same people you ask to go cashless that you want to introduce N5, 000 note? So if he is introducing a N5, 000 note, what is the essence of the cashless policy that was introduced earlier. For me, he is contradicting himself and it is not good.

To me, the money that will be spent to print these new currencies is a waste. That amount of money can be used for another thing that will be of good benefit to the economy of the country. And note the way they want to use it. Some people might be saying that it enhances convenience, if they are saying so, then what is the essence of the cashless policy?

As a businessman, there is a stipulated amount of money banks do collect from us. We cannot deposit more than that sum of money per depositor. And the banks in order to enhance this cashless policy, have introduced money transfer where you can directly pay in money into an account without withdrawing.

All you need to do is to give the bank the person’s account number and they will transfer the money as far as you are using the same bank with the person. Some of the banks are seriously working hard to make sure that you can pay in to a different bank account number from another bank account.

So you see, whoever that is telling you that we the business men are enjoying it is lying to you. Ok, let’s take for instance here in Lagos State, how can you board a bus of N100 and at the end  of the journey, you give the conductor N5, 000 note? You will look stupid before the conductor. I will advise the law makers to have a critical look at this policy before signing it into law.

It doesn’t make sense—-Essien Aneffiong (Journalist)

To me, it doesn’t make sense. We are going cashless. So N1,000 denomination is still ok. After all, cooperate bodies cannot withdraw more than N1m in a day and an individual is not supposed to withdraw more than N500,000 in a day. So to me, it is of no use. It is not the right thing to do at this time.

It is another means of devaluation of the naira—Vincent Chinedum (Trader)

To me, the government wants to use it to devalue our naira. Each time the Nigerian government wants to devalue our naira, they will think of making a bigger denomination.

To me, it is madness for them to budget that amount of money to print the new currency where there are several other policies there for them to execute. There are more to what the government is saying than the printing of the new currency. They want an easier avenue to syphon  public funds.

They want a place where they can go about with millions of naira without being noticed. They are looking for something easier to enable them move the money out of the country.

There are several things they can invest this money into for the poor masses to benefit from instead of this kind of a thing.

For you to know that they know what they want to do, how can they print money and say that it is not for everybody, that it is for some selected Nigerians.

So they are indirectly telling us that the poor masses are not recognized as far as the country is concerned. So, where are we heading to? that’s the question.