Economists, ex-ANANboss laud suspension of N5, 000 note

MORE Nigerians have continued to react to President Goodluck Jonathan's directive to the apex bank to suspend the N5, 000 note scheduled to be introduced in 2013.They expressed their views in separate interviews with the News Agency of Nigeria in Lagos, on Saturday.The National Assembly had on Wednesday, urged Jonathan to stop the Central Bank of Nigeria (CBN) from printing the N5, 000 notes.Former President of the Association of National Accountants of Nigeria (ANAN), Dr Samuel Nzekwe, described the President's directive as a welcome development.He said that governance was about the people, adding that the Federal Government had demonstrated that it was committed to listening to the yearnings of Nigerians.'CBN did not consult Nigerians before planning to introduce N5,000 note, which is not good enough if the nation wants to attain sustainable national development,' he said.He said that there should be mass enlightenment by government agencies and institutions on any policy or programmes they planned to introduce.A Senior Lecturer, Department of Economics, Lagos State University (LASU), Dr Olumide Owoade, also said that the introduction of the note would lead to inflation.According to him, the initiative negates the cash-less policy of the apex bank.'It will encourage people to carry plenty of money about. The N5, 000 note will increase the rate of corruption and other vices,' the don said.Another don, an economics lecturer at the University of Ibadan, Dr Kazeem Bello, said that the introduction of thenote 'isunacceptable to Nigerians.'He criticised a statement credited to the CBN Governor, Malam Sanusi Lamido Sanusi, that the N5, 000 note was not meant for all Nigerians, saying that was not good enough.'Any good policy will consider the generality of the citizens,' Bello said.
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