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Changing of N5, N10, N20 notes to coins, poor masses beg CBN

Those considered to be at the lowest rung of the ladder have passionately appealed to the governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, not to proceed with his proposed coinage of the existing N5, N10 and N20 notes.

An interview among market women and artisans revealed that the coinage of the notes would cause inflation, make people to spend more and cause disaffection in some homes.

Mrs Felicia Njoku, a trader based in Kuje market said with the coinage of these lowest denominations, prices of goods would rise to the next lowest notes as people were likely to jettison them for the next available notes to make their purchases.

To ensure that people’s economy are not affected negatively, Mrs Njoku called on well meaning Nigerians to appeal to the apex bank governor to stop the idea in the interest of the poor masses.

Also speaking, Mr Ifeanyi Anslem, a motor mechanic in Abuja said the poor masses were not bothered about the proposed N5,000 notes which he said only the affluent could possess.

He said what concerned the poor masses were the N5, N10 and N20 notes which Sanusi had planned to reduce to coins, adding that the move was a surreptitious move by the CBN governor to fight the poor masses as the proposed coins would no longer be useful for any transaction, considering people’s aversion to the use of coins,” he said.

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