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FG bows to pressure, stops CBN from introducing N5,000 note
After a protracted battle between Nigerians, Federal government and the Central Bank of Nigeria, the presidency yesterday said it would back down on the planned introduction of N5,000 notes by the apex bank.
Spokesperson to president Goodluck Jonathan, Dr Reuben Abati who confirmed this in Abuja on Thursday said the move was to allow the Central Bank enlighten Nigerians on the currency reform.
He said, “The introduction of the new notes is being suspended for now to enable the CBN do more enlightenment campaign on the issue. Yes, President Jonathan has directed that the implementation of the new N5,000 notes be suspended for now.
“This is to enable the apex bank 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.”
The CBN, in a communiqué issued on Thursday also confirmed that plans have being stopped as ordered by the presidency.
Spokesperson to the apex bank Ugo Okoroafor, reads, “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 Sanusi led Central Bank’s planned introduction of N5, 000 notes had been followed with mixed reactions by many Nigerians including the former president, chief olusegun obasanjo who said it would kill productivity.