President Goodluck Jonathan Approved introduction of 5,000 naira note

The Nigeria federal government on tuesday  formally endorsed the introduction of the 5,000 naira note introduction despite the criticism that has greeted its introduction.

In a meeting of the Economic Managament Team chaired by President Goodluck Jonathan, the CBN governor, Sanusi Lamido gave a detailed explanation of the programme.

The team also dispelled the fear that the introduction of the note will lead to high rate of inflation, saying that there is no link between inflation and currency denomination, adding that rather, the introduction of the higher currency will help shore up the value of naira as most people who store money in hard currency would now embrace the high denomination.

Source : vanguard