Why Federal Government Suspended the Introduction of N5,000 Note

Mr.  Reuben Abati on Thursday gave an insight on why the super N5000 note being proposed by the CBN Governor, Lamido Sanusi Lamido was suspended by the Federal Government.

Proposed Coin Atm. Image Credit. Vanguard

“The introduction of the new note is being suspended for now to enable the CBN do more enlightenment on the issue. Yes, President Jonathan has directed that the implementation of the new N5,000 note be suspended for now. “This is to enable the apex bank to do more in terms of enabling Nigerians understand why it proposed it in the first place. So, for now, the full implementation is on hold.”

You would recall that a few days ago, President Goodluck Jonathan ordered the CBN to suspend the implementation of the N5000 notes after due consultation with the president of the Senate, David Mark, and speaker, House of Representatives, Aminu Tambuwwal, on Tuesday.

The CBN spokesman, Ugo Okoroafor, yesterday released a statement saying:  

“The CBN hereby informs the general public that the president, on Thursday, September 20, 2012, directed that further action on the approved restructuring exercise be stopped.

“It is important to stress that till date, no contract whatsoever has been awarded by the CBN in connection with the printing and minting of the new currency notes and coins. Consequently, no currency note or coin has been printed or minted under the proposed exercise.”

The general public and top economic analyst had constantly opposed the move since it was first announced by the Central Bank of Nigeria. With this development, it is goodbye to N5000 note, at least for now until when the issue is critically analyzed.

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