Centenary N100 Notes are Wasteful and Ill

Centenary N100 Notes are Wasteful and Ill

Posted by Sylvester on Tuesday, November 18, 2014 0

Sponsored Advertisement?

The Trade Union Congress of Nigeria, TUC, during the weekend faulted the introduction of new N100 notes by the Central Bank of Nigeria, CBN, saying it was ill-timed and wasteful, Vanguard reports.

The TUC, in a statement by its President and Secretary General, Mr. Bobboi Kaigama and Musa Lawal respectively, says “printing of new currency is usually a capital-intensive venture, and raises questions as to how the CBN hopes to grapple with the economic implications of redesigning and printing the new bank notes.

“Even the timing of the project is inappropriate, coming so late in the year when the economic hustle and bustle associated with Christmas and New Year are nigh.

“These, together with the heightened state of insecurity in parts of the country, the frenzy of political activities and electioneering campaigns towards the forthcoming 2015 elections, and the current slump in global oil prices make this the worst possible time for such drastic fiscal policy.”