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N5000 Note: Jonathan Bursts Sanusi’s Bubble

By on September 21, 2012

Pressure from the National Assembly has forced President Jonathan to cave in on the Central bank of Nigeria’s currency restructuring project leading to the scrapping of the plans for the proposed N5,000 note.

Special adviser to the President on Media and Publicity, Dr. Reuben Abati confirmed this to State house Correspondents in Abuja yesterday.

According to his statement, “The introduction 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 to understand why it proposed it in the first place.

“So, for now, the full implementation is on hold.”

The Central bank of Nigeria also confirmed the development in a statement issued by the bank’s Head of Corporate Affairs,  Ugo Okoroafor.

The statement said, “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.”

One Comment

  1. cbn

    September 21, 2012 at 8:44 am

    better to turn 1 naira coin to note and leave moni like that