Phase out higher denomination notes to strengthen Naira, Registrar tells FG
By Femi Ogunshola
Mr Olumide Adedoyin, the Registrar, Chartered Institute of Treasury Management (CITM), has urged the Federal Government to phase out higher denomination notes, such as the N1000 and N500 Naira notes, to strengthen the Naira.
Adedoyin made this call in an interview with the News Agency of Nigeria (NAN) in Abuja on Monday.
He said N1000 and N500 notes were more susceptible to counterfeiting, and illicit financial activities, hence, they should be phased out in a bid to reform the nation’s currency.
“To reform the nation’s currency, there is need for the Federal Government to implement a currency reform that involves demonetisation or gradually phasing out higher denomination notes, such as the N1000 and N500 notes.”
Commending President Bola Tinubu’s proactive measures to combat the misuse of the Nigerian currency and the economy, Adedoyin highlighted the importance of embracing cashless policies and promoting electronic payment systems to reduce the reliance on physical cash.
He further urged the government to enhance financial inclusion initiatives, emphasising the positive impact on managing currency supply and reducing the demand for higher denomination banknotes.
Adedoyin stressed the need for robust anti-corruption measures to curb illicit financial flows, including money laundering, contributing to the devaluation of the Naira.
He also called for economic diversification to reduce reliance on oil exports and boost foreign exchange earnings from various sectors.
These proposed measures, Adedoyin insists, should be implemented in a coordinated and holistic manner, considering potential social and economic impacts to ensure a smooth transition and acceptance of the reforms. (NAN) www.nannews.ng
Edited by Idris Abdulrahman
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