President Goodluck Jonathan yesterday confirmed reports in the media that the federal government has resolved to step down the introduction of the N5,000 note by the Central Bank of Nigeria.
“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 enablenable 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 said through his Special Adviser On Media and Publicity, Dr Reuben Abati last night.
Report in the media yesterday indicated that Jonathan may have eventually succumbed to the outcry of Nigerians by reversing an earlier endorsement to the proposed Naira restructuring by the Central Bank of Nigeria (CBN).
Earlier in the month, CBN had announced the introduction of the single N5,000 note and conversion of lower denominations to coins.
But in a meeting with the leadership of the two chambers of the National Assembly after their reconvening on Tuesday (following a two-month recess), the president was said to have accepted to overturn any previous executive approval for the policy if it was what Nigerians wanted. The source asked not to be named in our report.
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