The Economic Management Team, EMT, including Alhaji Aliko Dangote, Mr. Femi Otedola, Mr. Atedo Peterside, Mr Aigboje Aig-Imoukhuede and other top government officials, are behind the introduction of the huge note, despite widespread criticism.
Peterside calling for even higher denominations, said:
“If I were the CBN Governor, I would prefer to print N10000 notes.
“Last year, Nigeria spent N47bn to print these small notes. If we were printing bigger denominations, we will print a fewer number and make phenomenal savings.
“Secondly, money is a store of value; all these thieves, rogues and vagabonds running around in various states and all over the country, when they steal money, they will want to keep it outside the banking system.
“So they need a higher denomination notes. Right now, they are using the $100 notes all over Nigeria because they are the best store of values for them.
“If you give them a better store of value in Nigeria, they will move away from these dollars and reduce the demand for the $100 notes and move into our own currency as opposed to the use of $100 notes to hide their loots and so on.”
Peterside explained that the new note, as well as eliminating the need for N10 and N20 notes will save resources used to print “worthless notes”.