Plans by the Central Bank of Nigeria to restructure the country’s currencies, especially the introduction of N5,000 note, will facilitate corruption, promote money laundering and increase financing of terrorist activities, say stakeholders in the financial sector.
The stakeholders, who spoke to Saturday Vanguard, yesterday, said the introduction of the N5,000 note would adversely affect the economy and have a ripple effect on the populace.
“I hope the new N5000 note is NOT another policy somersault? With steps already taken by CBN itself to address money laundering in the country such as Know-Your-Customers, re-validation of banks’ customers and the on going cashless Lagos, one wonders if the proposed higher denomination of N5000 will not undermine that effort, coupled with our inability to discover and disrupt terrorism financing,” said Mr. Tunde Salman, a financial analyst
Source: www.vanguardngr.com
No comments:
Post a Comment