The out-going President, Nigerian Bar Association (NBA), Mr Joseph Daudu (SAN), on Thursday criticised the plan by the Central Bank of Nigeria to introduce N5,000 notes.
In a speech in Abuja at the Annual General Conference of the association, Daudu said that the proposal would further devalue the naira.
He also said that the introduction of the N5,000 note would promote money laundering, adding that it would create more avenue for corrupt politicians to manipulate the electoral process.
Daudu stressed that the introduction of the currency was a contradiction of the cashless policy being promoted currently by the central bank.
“The CBN’s introduction of the N5,000 notes would devalue the naira and it is against the cashless policy being currently promoted by the bank.
“The cashless policy, which the CBN argued will not trigger inflation in the system, was defended vehemently by the bank, only to insist on introducing this N5,000 notes policy.
“In my view, whether it triggers inflation or not, is not the issue.
“The looming danger with regards to our peculiar Nigerian economic indices is that it will devalue the naira.
“The proposal by the CBN is shallow and should not be allowed to further damage the already fragile economic system, he said. (NAN)