The Central Bank is the institution in charge of the Nation's monetary and fiscal policies with enormous 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 this cabinet, has the overall power to take such decision(s) not only on 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 treasure 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 'cashless economy' policy in which Nigerians are expected to use cash transfer procedure in their financial transactions with one another including institutions. By that policy, individuals, however rich are not allowed to withdraw, within 24 hours, an amount in excess of N150,000. The objective of the apex bank is to prevent atrocities and crimes that are invoked by the feasibility of raw cash especially armed robbery.Mush as the 'cashless economy' policies obviously fashioned after the developed world of Europe and America would have been ideal, its practicability in the face of the reality of the conditions of Nigeria's infrastructural facilities, appears very deem if Nigerians are not to be unnecessarily punished.This is apparent if one observes that the ATM facilities provided by banks to decongest banking halls are not mostly effective. Cases of network failure, faulty machine and inability to dispense are rampant, making nonsense out of the ATM initiative. One cannot be 100 per cent sure that a total prevention has been in place for ATM fraudulent activities which many people have fallen victims. Other factors that would defeat the cashless economy policy will include epileptic power supply and associated crimes yet to be discovered.The announcement, recently by the Central Bank of its plan to introduce into the nation's economy, a N5,000 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 N40billion. This is where I have a problem, like other Nigerians who may share my position on the policy. For God's sake N40billion is not a small amount of money hence throwing it at the production of new N5000 note would be tantamount to a misplaced priority and gross disservice to the good people of Nigeria. In a country whose people are disenchanted because they live in abject poverty, occasion by infrastructural facilities which are not adequately provided; with those provided not well maintained; in a country that has more than one million citizens of school ages 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 N40billion to print 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 notes 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 will people like him, formidable crusader of the people will abound to savage 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 N5000 note will be painful because he would have fallen apart with Nigerians on issues that concern them most. The question: whose interest is Sanusi protecting' will begin to resurface and one may nor need to probe much before discovering that pretence don't last. Sanusi is a member of the powerful clique that is underdeveloping Nigeria.Even if the presidency had thought that a little 'honey' will drop from the N40billion project, which we know will definitely drop, the good people of Nigeria expect the CBN Governor to offer advice and bluntly resist this bad initiative.What Nigerians want at this point in time is not a new note denomination that will cost a fortune good enough to rehabilitate Lagos-Benin express road and other death traps that we call roads which only feast on the blood of Nigerians. It isn't a project that will not add significant values to the standard of living of Nigerians.For God's sake, the era of military dictatorship is gone forever in Nigeria. What that means is that our leaders should imbibe and embrace the tenets of democracy by respecting the views of the people they govern.It is essential for the Governor of the Central Bank to convince Nigerians that the N5,000.00 new notes is a must-have otherwise, the project should be dropped and the money meant for it used to pursue more meaningful projects that would positively turn around the lives of Nigerians.If the intention of the Central Bank, as the agent of the Federal Government on this issue is to enrich those who are already opulent or make some emergency millionaires overnight, then the project is uncalled for, frivolous and anti-people.If the project eventually sees the light of the day, then it would have been clearer that the crop of people at the helm of the nation's affairs aren't the type Nigeria needs to move forward and posterity will not write their history well.Adefolakan wrote in from Moshood Abiola Polytechnic, Abeokuta
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