Poor masses beg CBN over proposed coinage of N5, N10, N20

Newsflash

News Headlines

Poor masses beg CBN over proposed coinage of N5, N10, N20

Written by Gbola Subair, Abuja Friday, 14 September 2012

Those considered to be at the lowest rung of the ladder have passionately appealed to the governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, not to proceed with his proposed coinage of the existing N5, N10 and N20 notes.

An interview conducted by the Nigerian Tribune among market women and artisans revealed that the coinage of the notes would cause inflation, make people to spend more and cause disaffection in some homes.

Mrs Felicia Njoku, a trader based in Kuje market said with the coinage of these lowest denominations, prices of goods would rise to the next lowest notes as people were likely to jettison them for the next available notes to make their purchases.

To ensure that people’s economy are not affected negatively, Mrs Njoku called on well meaning Nigerians to appeal to the apex bank governor to stop the idea in the interest of the poor masses.

Also speaking, Mr Ifeanyi Anslem, a motor mechanic in Abuja said the poor masses were not bothered about the proposed N5,000 notes which he said only the affluent could possess.

He said what concerned the poor masses were the N5, N10 and N20 notes which Sanusi had planned to reduce to coins, adding that the move was a surreptitious move by the CBN governor to fight the poor masses as the proposed coins would no longer be useful for any transaction, considering people’s aversion to the use of coins,” he said.

Set as favorite

Bookmark

Email this

Comments (4) Add Comment

Show/hide comments

...
written by Ojetunde, September 14, 2012

True talk the masses will suffer a sachet of water will be sold for 50.00 likewise biscuit, so Sanusi should reverse the plan bcos of the masses

mr
written by dominq, September 14, 2012

In most cases, i pity the country nigeria, the interest of the masses are not recognized in all ramification.

The truth
written by Batman, September 15, 2012

What NO ONE has explained to me, is HOW someone will raise something of N10 to N50 just because he doesn't like using coins.

But in my opinion, if a seller of the goods says that, he/she is a fool. And if that is allowed by a buyer, he is a bigger fool.

If a person carries personal money around in bulk just because 5000 notes make it 'easier' to, he/she is a fool and should be robbed. In view of the fact that there ARE still other denominations and modes of payment

If anyone suggests that it is worthwhile to be printing paper money (that will get damaged easily and need costly replacement) as opposed to using coins that will not need frequent costly replacement, that person is the fool of all fools.

If you insist on condoning a situation where you have to pay a royalties to foreign companies to repeatedly print polymer notes, you are an advanced fool. Further if despite hearing that destroying (briquetting) the damaged polymer notes is difficult and harmful to the environments, you still insist on having them, fools should be calling you a fool.

Given that a lot of people are refusing to see all that listed above as reasons that far outweigh the un-proven speculations of inflation and devaluation, it is safe to deduce that there are a lot of fools criticising this move.