Business groups and the Nigeria Labour Congress have opposed the introduction of higher-value currency notes, such as N10,000 and N20,000, arguing that it would exacerbate inflation and hinder efforts towards a cashless economy. They view the proposal, suggested by Quartus Economics, as economically impractical and elitist, primarily benefiting the wealthy. Critics, including leaders from small-scale industrialists and associations, highlighted that such denominations would only lead to further inflation and worsen purchasing power, urging focus on enhancing the value of the naira instead. The Nigeria Labour Congress described the idea as a repeated economic error that would not resolve Nigeria’s inflation crisis. Overall, there is a consensus among these groups that introducing higher denominations would likely deepen the economic challenges rather than alleviate them.
Index to Nigerian Newspapers
