Mr Ugochukwu Okoroafor, the CBN Director of Corporate Communication Department, said on Thursday in Lagos that most Nigerians still mess up the naira.
Okoroafor said that the step was necessary to ensure that the government did not continue to spend huge sums of money in the reprinting of torn notes.
Okoroafor reiterated that the huge amount of money spent yearly to reprint torn notes necessitated the introduction of the proposed N5000 note.
He said that the N5000 note would reduce the high cost of managing torn notes annually.
Okoroafor stressed that N5000 note was cheaper for the government to maintain than printing smaller dominations.
``The money used to print more notes annually would have been surplus fund for government to develop other projects,” he said.
No comments:
Post a Comment