9ja's Oracle

Recently, Sanusi Lamido Sanusi, the Governor, Central Bank of Nigeria (CBN) announced his plan for a Currency Restructuring exercise coined Project Cure which would bring about the introduction of N 5000 notes and the minting of  N 5,  N 10 and  N 20  denominations as coins. This, as expected, caused a public outcry with the common Nigerian claiming that such a move will bring about a devaluation of the Naira and cause inflation. It also made Nigerians wonder at the seriousness of CBN to bring about a cashless Nigeria if they, in the same breath, are talking of introducing a higher currency denomination which would result to higher amount of money being made portable as cash. Sanusi and his team on the other hand claimed that higher currency denominations do not cause inflation but would aid huge business transactions. They further claimed that the N 5000 notes would be mainly available for inter-bank transactions. Having looked at the arguments of the two parties; as th