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FG’s Centenary N100 Commemorative Note ‘Grossly’ Wasteful – TUC

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The Trade Union Congress of Nigeria (TUC)
has faulted the introduction of a new N100
note by the Central Bank of Nigeria (CBN) to
commemorate Nigeria’s centenary.
This was contained in a statement
yesterday signed by the president general
of TUC, Comrade Bobboi Bala Kaigama.
According to TUC, “the unveiling of the
notes by President Goodluck Jonathan,
assisted by Vice President Namadi Sambo
and CBN governor, Godwin Emefiele, shortly
before the commencement of the weekly
Federal Executive Council meeting on
Wednesday is grossly wasteful.
“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.
“This, with the insurgency and 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.
“We are also uncomfortable with the
clandestine approach adopted by the
federal government and the CBN on the
matter.
“The apex bank has disclosed that the new
notes will be in circulation from the 19th of
this month (November 2014), implying that
the project is already fait accompli”.

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