CBN Moves to Appease Nigerians on N5000 Note, Says Can Reject Note at Banks
The Central Bank of Nigeria (CBN) has reviewed its tactics and has begun soft-pedaling on the issue of the N5000 note.
Speaking to journalists about the brash way the news of the policy was unfolded to Nigerians, the CBN deputy Governor, Tunde Lemo made an attempt to appease Nigerians.
He said, “We are public officers. We operate for public good. We may not be popular. Central banking anywhere in the world is not a popularity contest. We are interested in doing what is good and to explain what we are doing to the satisfaction of the public that we serve. That is why the dialogue that is going on is very important.”
Also the Deputy Governor disclosed that the N5,000 note would not be mandatory for Nigerians to accept at commercial banks.
“I say this with all sense of responsibility as the deputy governor of the central bank that we shall ensure that no bank imposes N5000 on anybody who does not want it. You can go to your bank and say you don’t need N5000 note.
“Every Nigerian has the prerogative of the currency he or she wants to have. You can go to your bank and say, you don’t need N5000 note. You can say ‘give me N500, N200 and N100.’ It will be illegal for that bank to say you must have N5000.
“We did not say take or leave it. If you don’t need it, you don’t need to ask for it. We are not saying people will be compelled to take the N5000 note.”
Despite the latest moves by the CBN, many civil and professional bodies are still against the policy. The Nigerian Bar Association has promised to drag the apex bank to court over the issue.
Even former President Olusegun Obasanjo has thrown his hat in the ring in support of those against the policy, increasing the ranks of critics of the policy to include senior PDP party members.