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No Going Back on N5000 Note – FG

By on September 20, 2012

The Federal Minister of Information, Labran Maku, has said that the Federal Government would not be rescinding its decision on the currency restructuring policy which includes the controversial issuance of the N5000 note.

Minister of Information, Mr Labaran Maku, stated government’s position on the controversial issue on Tuesday night in Abuja, as a guest of People’s Forum, a programme organised by the Nigeria Union of Journalists, NUJ.

He said the resolution of the two chambers of the National Assembly calling for a halt to the policy were not binding on the Federal Government.

His words: “A resolution by the National Assembly is not an Act. The National Assembly makes laws but the laws are different from resolutions. While the laws made by the National Assembly are binding on the government, including citizens, the same is not with resolutions. Resolutions are not binding on government as they are just positions of the legislators. The government can say yes, we have seen your position but this way is better”.

He lauded the accomplishments of CBN Governor, Mallam Lamido Sanusi and said he meant well for the country and should be allowed to continue his good works.

“I think the way the Central Bank of Nigeria has been able to manage our economy without borrowing, is quite commendable and should be appreciated”, he said.

“I think we should allow the Central Bank of Nigeria to provide leadership, give us what they are to do, it is not a matter of opinion poll but it is a matter that the experts know what they are doing. See the way he (Sanusi) took us through the period of financial meltdown, we were able to survive the situation without borrowing. The Central Bank has exuded a lot of confidence that we should give them support”, he added.

3 Comments

  1. Pure

    September 20, 2012 at 9:41 am

    Tell them. Well done SLS, you don try.

  2. M.K.O Atanda

    September 20, 2012 at 4:43 pm

    Intruder!

    • M.K.O Atanda

      September 20, 2012 at 4:48 pm

      According to Premium Times: President Jonathan agrees to reverse N5000 note plan
      Posted about 22 hours ago
      President Goodluck Jonathan has agreed to reverse his administration’s plan to introduce the 5000 naira note.
      The
      currency restructuring, announced by the Central Bank of Nigeria, would
      have seen the unveiling of the N5000 note as the highest naira
      denomination while lower currencies were to be converted to coins.
      Weeks
      of public outrage criticizing the policy culminated in the Senate and
      the House of Representatives, approving separate resolutions on Tuesday,
      demanding that the plan be suspended.
      Mr. Jonathan met with the
      leadership of the two arms hours after the National Assembly sessions on
      Tuesday and assured that any “approval given in the regards can be
      reversed since it is the wish of the people,” lawmakers informed about
      the decision said Wednesday afternoon.