Phase out higher denomination notes to strengthen Naira, Registrar tells FG

Mr Olumide Adedoyin, Registrar of the Chartered Institute of Treasury Management (CITM), has advocated for the Federal Government to discontinue the use of higher denomination notes, such as the N1000 and N500 Naira bills, aiming to fortify the nation’s currency.

Adedoyin underscores the vulnerability of N1000 and N500 notes to counterfeiting and illicit financial activities, emphasizing the necessity of their gradual elimination to reform the currency system.

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, emphasizing the positive impact on managing currency supply and reducing the demand for higher denomination banknotes.

Adedoyin stresses 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.

Naija Environment News

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