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CBN Moves to Appease Nigerians on N5000 Note, Says Can Reject Note at Banks

By Afolabi Ogunde on September 10, 2012

CBN HQ, FCT

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.

9 Comments

Alimi Fatai Olanrewaju

September 10, 2012 at 7:31 am

Watery argument from the deputy Gov.of CBN. Nobody has any issue with spending the money but the bone of contention is the inflation it will bring to the already over inflated economy.
mikky

September 10, 2012 at 7:58 am

Dis man does,nt. Got da replay, what gud wil be of a money if is only meant 4 big man 2 ssteal? No tel me we dnt need dat note simple o else u wil force us 2 start robin
sola dosumu

September 10, 2012 at 8:03 am

If we(public) rejects it who then ask for it? Rubbish…
Aare Ago

September 10, 2012 at 8:21 am

The CBN Act forbids anyone to reject the Naira as a means of payment. It is an offense and it attracts either a N50k fine or a 6month imprisonment of found guilty. I hope the DG has gone through the act.
Pure

September 10, 2012 at 10:58 am

Well said sir….let the big boys and girls have it.
Tim

September 10, 2012 at 1:00 pm

The money is intentionally made for some certain reasons best know to them and their…. God dey sha
obiakpo

September 10, 2012 at 4:36 pm

95% of Nigerians saind NO to the idea. who are you to impose it on us.for God’s sake we have other problems disturbing us at the moment.let the 40billion for the printing and coinage of some currencies be diverted to other economically viable projects.Nigerians are suffering,we are suffering,suffering,suffering,suffering,suffering everywhere. are you people def and dumb ?
Jim Kraw

October 3, 2012 at 1:07 am

What is wrong with these Fools?The Point is we Reject It’s Existance Sef.
okandeji Dayo

October 10, 2012 at 9:27 am

If we are not obliged to accept the note then it has lost its value as a legal tender. What do these people take us for? Have they forgotten that we are now learned? Gone were those days when they used to impose on us some useless policies. Useless people with no fear of God and the judgement day. They have no love for the masses…