by Stanley Azuakola
If the Federal Government and CBN insist on going ahead with the planned introduction of 5,000 naira notes, the backlash might be considerable. Already, there has been mostly negative reactions from TV and online commentators on the new policy.
Yesterday in Abuja, members of the Dino Melaye led Anti-Corruption Network defied the heavy rainfall and stormed the CBN headquarters where they protested the proposed introduction of the N5,000 note.
The protest caused traffic jam, forcing the Federal Capital Territory (FCT) Police Command led by its commissioner, Adenrele Shinaba, to control traffic.
Similarly, the Nigeria Labour Congress (NLC), has threatened that if the 5,000 denomination notes are introduced, it will be left with no choice than to demand for an increase in wages for workers.
The president of the congress, Abdulwaheed Omar, who issued the warning in Abuja, argued that the higher denomination will negatively affect the purchasing power of ordinary workers. He said introducing the proposed N5,000 note will ultimately result in currency devaluation, leading to inflation and more hardship for Nigerians.
While presenting the protesters’ position paper to the CBN management during the protest, founder of the Anti-Corruption Network, Dino Melaye, while presenting the protesters’ position paper to the management of the apex bank, said that the policy on the new naira note would tremendously hurt the Nigerian economy and the people; especially the masses.