The last time I checked, the highest dollar note was $100, while the highest Euro note was €500. Although higher dollar bills were previously issued, these were later discontinued due to lack of use. If the so called first world countries with considerably stable economies are not preoccupied with higher notes of their currency, why should a nation with a struggling economy think bringing out new higher notes (₦ 2000 and ₦5000) is the solution to her economic instability?
What is the value of quantity without quality? Think of the exchange rate between the dollar and the naira today. Rather than thinking of policies that would make the ₦ 100, ₦ 200, ₦ 500, and ₦1000 more valuable by introducing and enforcing the use of lower currencies in coins, those at the helm of our monetary policy are preoccupied with bringing out higher naira notes. I cannot understand the why behind the new higher naira notes policy that are projected to be in circulation by December 2022?
I suspect that the real motive behind ₦ 2000 and ₦ 5000 notes is dubious. I fear that it is gearedtowards further devaluation of the naira and most importantly, to create more avenues for emptying the national treasury which by the way is almost empty already. Soon, there would by noting to buy with a ₦ 1000 just as ₦100 is almost becoming useless.
The pertinent questions then becomes, who are those managing our economy? What actually are their plans and intentions toward the poor masses? Soon it would be ₦ 2000 to a dollar if care isnot taken! What are the poor Nigerians going to do? I feel Nigerians have become too docile. That is why the Buhari’s administration is riding them as he chooses. People are already on the street in European protesting the high cost of living orchestrated by the war in Ukraine. Why do Nigerians swallow every crap fed to them by their government? Will they protest the latest fraud in the guise of new and higher naira notes or is it going to be business as usually?
