MSSN Lagos decries FG’s approval for introduction of N5,000

The Muslim Students Society of Nigeria (MSSN), Lagos State Area Unit, has described as unfortunate, the Federal Government’s approval granted the Central Bank of Nigeria (CBN) to introduce the N5,000 note despite widespread rejection by majority of Nigerians.

The society said the approval showed that the current administration had no regard for opinions of the electorate.

The Amir (President) of the students’ body, Alhaji Qasim Badrudeen, in a statement today, said the government’s attitude on the issue rubbished a fundamental element of democracy, which allows for the people’s voice to take prominence in government decisions. He said the MSSN found it difficult to understand why a government that claims to have the interest of Nigerians at heart will not consider the opinions of same Nigerians when formulating policies that will have far reaching impacts on their lives.

‘Nigerians have overwhelmingly expressed their rejection of this plan and if President Goodluck Jonathan truly loves us and have our interest at heart, he will listen to our voice and do what we want,’ he said.

‘The highest legislative body in the country, the National Assembly, has expressed opposition to this policy. Similarly, professional bodies, civil society groups and other concerned stakeholders have said and are still saying no to the planned introduction of the N5,000 note. So, for the executive, led by President Goodluck Jonathan, to have rubbished the opinions of all these important stakeholders, it means Nigerians should prepare for the worst in coming years,’ he added.

Similarly, Badrudeen said the changing of lower denominations of the naira to coins, will further compound the economic problem of the masses, saying that prices of products that can be purchased with such denominations would go up. ‘You will all recall that when 1 kobo was phased out, suddenly all things that Nigerinas could buy at that price jumped to 10 kobo (ten times the original). We also witnessed how coining of 50k and 1 Naira instantly cut out their circulation. Now that the FG has approved the coining of N50, N20, N10 and N5, then they will simply disappear as in the case above. Transactions in those denominations will drastically reduce and you will see market men/women increasing prices to avoid packing coins,’ he said.

He said students in particular would bear the burden as transporters may likely hike their fares to the next denomination in paper. He, therefore, appealled to the federal government to allow voice of reasoning to prevail in this regard.

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