New N100 Notes Wasteful, Ill-timed-TUC

The decision of the Central Bank of Nigeria, CBN to introduce new 100 naira notes is wasteful and ill-timed the Trade Union Congress, TUC has said.

The new denomination was introduced by the CBN to commemorate Nigeria’s centenary celebration but the TUC feels it is a waste of scarce resources; this was contained in a statement signed and issued its President and Secretary General, , Bobboi Kaigama and Musa Lawal respectively.

The statement partly reads “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, 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.”

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