Lagos — Institute of Chartered Accountants of Nigeria (ICAN) yesterday rejected the introduction of N5,000 note, saying it would alter the pricing structure of products in the market leading ultimately to the permanent disappearance of the N5, N10, N20 and N50 notes from circulation.
ICAN president Adedoyin Idowu Owolabi said in Lagos that the extinction of the smaller denominations would negatively impact on the buying capacity and habits of low-income earners and the poor as goods and services would be priced above their levels.
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