By Augusta Nkwuda

The Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Sola Obadimu, says the Central Bank of Nigeria should have introduced a N5,000 note rather than redesigning the old notes.

Obadimu said this in an interview with the News Agency of Nigeria in Abuja on Monday.

He said while the new policy on the naira was laudable, there would have been less pressure on the masses if it was done differently.

According to him, introducing a N5,000 note would have mopped up the money in circulation without creating so much discomfort for Nigerians.

He said the hardship Nigerians were facing with the new policy would have been nonexistent or reduced to the barest minimum.

“If I were the CBN governor, all I would have done was to have introduced N5,000 note.

“That would have helped to mop up the money in circulation without the kickbacks we are getting,’’ he said.

The DG said if that was done, the CBN would have spent less money printing new notes.

He also said the whole process would have been more cost effective, adding, “because it is a higher denomination, fewer amounts of bills would have been printed.’’

Obadimu said besides the ongoing swap, the strength of the naira against foreign currencies was a major concern.

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