The Chairman of Stanbic IBTC Bank and a member of the Economic Management Team, Peterside Atedo on Tuesday said that he supports the move by the Central Bank of Nigeria (CBN) to introduce the N5000 note in the country.
Speaking to journalists after this week’s Economic Management Team’s meeting presided over by President Goodluck Jonathan in Abuja, Mr Peterside said “Last year Nigeria spend N47 billion printing these small notes.”
The renowned banker said if the country was printing bigger notes “you will print a fewer number of the notes and you will make a phenomenal saving.
“If I was the one in charge, I will print N10, 000 notes,” he declared.
Reacting to questions on the relationship between inflation and printing of higher denominations, Mr Peterside said printing higher currency does not result in inflation.
“There is no inflationary impact,”” he said. He describes as “Voodoo economics” the argument by some critics that the introduction of the proposed N5000 note will result in inflation in the Nigerian economy.
Meanwhile, Business mogul and another member of the Economic Management Team, Aliko Dangote said “the introduction of the N5000 really has nothing to do with inflation as people have been saying.”
He said the CBN has explained and convinced the Federal government on the need to print the N5000 notes.
“Actually it is just to protect the currency. It is not going to cause any inflation. The cost of printing the N5000 is not different from that of printing the other currencies.