“Don’t print money, fix the economy” Archbishop says: The Church of England Newspaper, October 6, 2012, p 6. October 10, 2012Posted by geoconger in Church of England Newspaper, Church of Nigeria, Development/Economics/Govt Finances.
Tags: Nicholas Okoh
The Primate of the Anglican Church of Nigeria has criticized his government for seeking to address the country’s fiscal crisis by printing higher denomination bank notes.
Speaking after the consecration of the new Bishop of Ifo the Rt. Rev. Nathaniel Oladejo Ogundipe, on 8 Sept 2012, Archbishop Nicholas Okoh said he was unpersuaded by the Central Bank of Nigeria’s (CBN) assurances the new notes would not spark inflation.
“We don’t need N5000 notes,” he said, saying most Nigerians do not have any money anyway. “I think if we have something else we can do with money, let us do it, not printing N5000 notes.”
While the CBN believes it will not cause inflation, “the ones they introduced before actually caused problems. And it has reduced our lower denominations to nothing. For me, I don’t think higher denomination of money is our problem today. Nigeria has many other problems to face” first, he said.
First printed in The Church of England Newspaper.