By David Stephen.
The Federal Government of Nigeria has suspended the introduction of N5000 note and the intended currency restructuring exercise by the Central Bank of Nigeria (CBN). The announcement came in a statement, yesterday, by the Special Adviser to President Jonathan on Media, Dr. Reuben Abati. 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 CBN thereafter submitted that, “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.”
The President’s stance reportedly changed after the Legislature passed a resolution on Tuesday – disapproving the exercise – and he met behind closed doors with the leaders of the House and Senate. Nigerians have called on the Federal Government to halt the move, after the CBN announced it, citing inflation, crime and headwind to CBN’s cashless policy.
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This article was first published on 21st September 2012
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The Federal Government of Nigeria has suspended the introduction of N5000 note and the intended currency restructuring exercise by the Central Bank of Nigeria (CBN). The announcement came in a statement, yesterday, by the Special Adviser to President Jonathan on Media, Dr. Reuben Abati. 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 CBN thereafter submitted that, “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.”
The President’s stance reportedly changed after the Legislature passed a resolution on Tuesday – disapproving the exercise – and he met behind closed doors with the leaders of the House and Senate. Nigerians have called on the Federal Government to halt the move, after the CBN announced it, citing inflation, crime and headwind to CBN’s cashless policy.
Jona is trying to get on Nigerians good side after all the his FUCK UPS…maybe another strategy to win 2015 election.