Wednesday, 12 September 2012

Still on #5,000 Note: Sanusi Thinks Obj a Better Farmer Than an Economist

THE Governor of the Central Bank of Nigeria,CBN, Mr. Lamido Sanusi, yesterday, intensified his campaign for the introduction of N5,000 note, by saying that comments by former President, Olusegun Obasanjo on the proposed currency restructuring was incorrect and showed that the former president is a bad economist.
Speaking at the Annual Conference of the Chartered Institute of Bankers of Nigeria, CIBN, in Abuja, Sanusi said Obasanjo’s comments came to him as a shock, considering the fact that it was during his tenure as president that majority of the country’s highest currency denominations were printed.
He said: “This is an interesting country because my uncle or my father who was our former head of state, General Obasanjo, who we all know is a very successful farmer, is a very bad economist; especially for saying that the introduction of higher denomination will cause inflation and improve hardship.
“Obasanjo introduced N20, N100, N200, N500 and N1, 000. He had introduced more higher-denomination currencies in Nigeria than any other head of state.
“He did N100 note in 1999, he did N200 in 2000, he did N500 two years later and in that period, inflation was coming down because it was accompanied by prudent fiscal and monetary policy.
“It is wrong for somebody, like Obasanjo, who had done this to stand up and say introducing a higher denomination will cause inflation.

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