The Nigerian Bar Association has expressed its opposition to the introduction of the N5,000 note as proposed by the Central Bank of Nigeria.
The immediate past President of the NBA, Joseph Daudu, (SAN), in his last official function, said the proposal was “a shallow scheme” capable of damaging the lives of Nigerians.
Speaking at the Annual General Conference of the body in Abuja, Daudu said: “The looming danger is that using large bills will devalue the naira.
“It will promote money laundering and massive monetary inducement in the next general election.
“It’s also against the cash-lite policy of the NBA, and is disparate to what obtains elsewhere.
“If it has to be litigated against, so be it.
“The CBN should not be allowed to damage the lives of Nigerians through shallow schemes such as this.”