Many Nigerians have kicked against the move by the CBN to issue the new note on the grounds that it would induce inflation and worsen the nation’s fragile economy but the bank is adamant over the issue.
Speaking in an exclusive interview with Vanguard, Enang, who is the Chairman of the Senate Committee on Business and Rules, described the arguments in favour of the new note as pedestrian and lacking in intellectual depth.
According to him, the plan amounts to a direct devaluation of the Naira in response to the demands of the World Bank and an effort on the path of those the bank had seconded to Nigeria in the name of employment to fulfill its mandate.
He also said apart from being at variance with the cashless policy of the CBN and the Money Laundering Act, the planned introduction of the higher currency would add no real value to the Naira or its purchasing power.
“I pray Mr. President should be sensitive to this and take action against the move because I am certain the plan is intended to embarrass the President of the Federal Republic of Nigeria and to make the government of Goodluck Jonathan unpopular in years to come so that people will not like to vote for him in the next election.
“I think what Sanusi is aiming at with the introduction of the plan against Nigerians is to ensure that the people will be so unhappy with the President that in the next election they would not like to vote for him.
http://www.vanguardngr.com/2012/09/n5000-note-sanusi-plotting-jonathans-fall-in-next-election-enang/
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