FG suspends planned introduction of N5,000 note

THE presidency, on Thursday, confirmed the suspension of the plan by the Central Bank of Nigeria (CBN) to re-denominate the nation’s currency.

The apex bank had planned to launch a new N5,000 currency and some naira coins under the ongoing currency and payment reform scheme, but the policy has encountered stiff opposition from segments of the country, though CBN appeared determined to press ahead with the plan.

However, it emerged in Abuja on Wednesday that President Goodluck Jonathan may have decided to put it on hold, after discussing the issue with various stakeholders, especially the leadership of the National Assembly, who were believed to have convinced him to put an end to the move.

Presidency spokesman, Dr Reuben Abati, confirmed the decision of President Jonathan to apply brakes to the policy for now, to enable the CBN to do more sensitisation of the public on the matter. 

He said in response to enquiries in Abuja on Thursday that “the introduction is being suspended for now to enable the CBN do more enlightenment on the issue.” click HERE for the past story on 5000 naira note issue.