Proposed introduction of N5,000 denomination still on course – Sanusi

Sanusi also said the proposed new Naira notes between December and January next year will all carry Arabic inscriptions.

The former CBN Governor, in a short sermon shared via his social media platforms, stressed that he had spoken with CBN Governor Godwin Emefiele, who assured the rumoured removal of the Arabic inscription on the Naira notes was baseless.

During the sermon, he recalled how attempt by the CBN to introduce N5,000 note was resisted, stressing “considering the quantum of cash Nigerians carry, the issue is something that can not be avoided in future”.

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In 2012, Sanusi as CBN Governor, while justifying the introduction of higher denominations said: “inflation in Nigeria is a monetary phenomenon. In some countries such as Singapore, Germany and Japan, the highest denominations are 10,000 SGD, 500Euro and Yen 10,000, respectively.

“These denominations have relatively high dollar equivalent. The levels of inflation are, however, low at 2.8, 1.1 and -0.7, respectively as at 2010.

“We believe that the introduction of a higher bill would complement the bank’s cashless policy as it would substantially reduce the volume of currency in circulation, particularly in the long term.”

The former CBN Governor, who is the spiritual leader of the Tijanniyah Sufi order of Nigeria, urged islamic scholars to always “ask questions on issues of the economy from relevant authorities”.

Mallam Sanusi Lamido however said his video was “just to clarify and debunk rumours of the removal of the Arabic inscriptions” adding that If he had issues with the bank’s policy or timing , he will discuss with the relevant authorities of the apex bank and not publicly”.

The Nation