Sanusi Lamido Sanusi

Lagos State Council of the Nigeria Union of Journalists (NUJ) has described as irrational, very undemocratic and highly uncalled for, the insistence of the Central Bank of Nigeria (CBN) to go ahead with the introduction of N5,000 note by next year, despite calls by well-meaning Nigerians to discontinue such a plan.

Rising from its September, 2012 Congress in Ikeja, over the weekend, the Council said the policy was not only ill-conceived, but a misplaced priority, especially now that the country was facing serious economic challenges.

While decrying the hard stand adopted by the CBN Governor, Mallam Sanusi Lamido Sanusi, on the burning issue, the council urged the Federal Government to impress it on the CBN Governor to shelf-off the unpopular plan as it would encourage corruption while heightening inflation in the country.

The communiqué, which was signed by the Chairman of the council, Mr. Deji Elumoye and the Secretary, Mr. Sylva Okereke, said the redenomination of the naira was counterproductive and also amounted to policy somersault as it was at variance with the cashless policy of the CBN.

The council alleged that if urgent steps were not taken to call Sanusi to order, he might plunge the nation into serious economic quagmire, citing cases of some countries that are witnessing economic hiccups due to the redenomination of their currencies.

While commending the Federal Government for lifting the suspension placed on Dana Airline to fly, the Communique also urged government to ensure that the report of the investigation of the causes of the June 3 , 2012 Dana air crash at Iju Ishaga as well as other air disasters in the past are made available to the public, saying this was the only way the airlines will regain the confidence of the flying public.