The CBN Governor has responded to Former President Olusegun Obasanjo's condemnation of the proposed 5,000 notes by the Apex Bank, in his words “This is an interesting country because my uncle or my father who was our former head of state, General Obasanjo, who we all know is a very successful farmer, is a very bad economist; especially for saying that the introduction of higher denomination will cause inflation and improve hardship.
“Obasanjo introduced N20, N100, N200, N500 and N1, 000. He had introduced more higher-denomination currencies in Nigeria than any other head of state.
“He did N100 note in 1999, he did N200 in 2000, he did N500 two years later and in that period, inflation was coming down because it was accompanied by prudent fiscal and monetary policy.
“It is wrong for somebody, like Obasanjo, who had done this to stand up and say introducing a higher denomination will cause inflation.
“We all know that we cannot have inflation by printing higher bills if you don’t increase money supply and this is simple economics.”
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