Presidency Suspends Introduction Of 5000 Naira Note

 

The Special Adviser to the President on Media, Dr. Reuben Abati, disclosed the development to State House correspondents in Abuja.

 

Abati told journalists that Jonathan’s latest disposition to the issue was based on the need for more “enlightenment and consultation”.

 

He said, “The introduction of the new note 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 understand why it proposed it in the first place. So, for now, the full implementation is on hold.”

The President's earlier approval of the plan by Governor Lamido Sanusi of the Central Bank of Nigeria to introduce the jumbo note had triggered criticism, condemnation and even some street protests.

The president's aide clarified that the policy was merely being suspended, not abandoned.

According to the aide, the decision to suspend the policy is to enable the administration to adequately inform Nigerians about the rationale behind the decision to introduce the new note.

The two chambers of Nigeria's legislation had passed motions calling on the president to shelve the plan to introduce the N5,000.

In a meeting hastily requested by President he failed to convince both Senate President David Mark and House Speaker, Aminu Tambuwal to persuade members of the National Assembly to drop their objection to the policy.