The Nigeria Labour Congress, NLC, has rejected calls for the introduction of higher-value currency notes. The group recently warned that the proposed move would not end Nigeria’s economic and currency issues.
In an interview with The PUNCH, the NLC Assistant Secretary-General, Chris Onyeka, dismissed the idea as a recycled economic mistake that would not solve the country’s inflation crisis or increase the naira’s value.
According to him, he remembers an identical plan under former President Goodluck Jonathan being scrapped after widespread criticism, even from some figures who are now supporting the current proposal.
He stated that if higher-value currency notes are introduced, Nigeria’s economy will quickly turn upside down.
“I’ve seen this kind of move before, and honestly, it’s nothing new. If they like, let them go ahead and turn the economy upside down; at the end of the day, we’ll all swim in the same troubled waters.
When Jonathan mooted similar ideas about currency redesign and restructuring, these same people went wild with criticism. They said it was unnecessary and would destroy the economy. Yet Ghana took a cue from that very proposal and implemented it effectively,” he said.
Onyeka further noted that the launch of N10,000 and N20,000 notes would not strengthen the naira or eradicate inflation in any way.
He concluded by saying that boosting production, improving purchasing power, and stabilising prices are the only sensible ways to combat inflation.
“If the goal is to ease transactions or fight inflation, there are better ways to do it, strengthen production, stabilise prices, and improve purchasing power.
Printing higher denominations won’t stop the naira from falling; it only confirms that the economy is sinking deeper,” he added.
