LUGARD AIMIUWU: CBN SHOULD ENCOURAGE THE USE OF COINS

The President and Chairman of Council, National Institute of Marketing Nigeria, Chief Lugard Aimiuwu, advised Nigerians against taking positions on the issue of restructuring the country's currencies, but to explore other advantages the currency restructuring could bring about, especially the coin usage.

“Maybe they should be encouraged to support a culture of having coin boxes all over the place where people can pay for things in coins. For instance, the dual carriage rail system they say they are doing from Lagos to Ibadan; if they ask the passengers to pay with coins, that will support the culture of coin usage.

It is not professional to write off a policy without having facts and figures, but one thing that is very obvious to me is that if you have N5,000 in one note on the same size of paper for the other notes, the cost of producing it will be cheaper", he said.

The estimated cost of minting the proposed new currencies is alleged to be N40bn.

Do you agree with him?