President Goodluck Jonathan has officially suspended the introduction of the N5,000 currency note in Nigeria.
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. Click to signup for FREE news updates, latest information and hottest gists everyday
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That's a bit better.this should never come up again in the life of this administration!
ReplyDeleteTo suspend not to abandon. I doubt if our President understands economics very well. Besides, majority of Nigerians dont want d introduction. That was how he supported fuel subsidy dat was a scam and he never got around to fuel price reversal nor render apology to Nigerians. Nedum - PH
ReplyDeletenija will always be niaja? Suspension or not the project will still continue as long as the president has a say. Our laws dont hold water,talkless of papper? So niaja i dey hail oh. 5,000 will still be in the masses likes it or not its there business not theres. Gazula
ReplyDeleteThank God but I still want d introduction to be cancelled completely 'cos it introduction will not make any benefit to people like us who earn meagre salary.
ReplyDeleteSuspended so as to bribe all those that needed to be bribe for the full implimentation. Hope both House won't be drag into ds suspected scandal
ReplyDeletePls lets abadon it completely and remove 500 and 1000 naira note too so that our money shld hv value.
ReplyDeleteThanks to mr president for the suspension of the introduction of the N5000 note. I also applaud the National Assembly & the judiciaries for not supporting the introduction. It is now that democracy is partially speaking in Nigeria.
ReplyDeleteThanks to mr president for the suspension of the introduction of the N5000 note. I also applaud the National Assembly & the judiciaries for not supporting the introduction. It is now that democracy is partially speaking in Nigeria.
ReplyDeleteThe idea of suspension is right so as to give room for proper orientation.But what is the idea of printing the money while the masses are saying it's of no value now?
ReplyDeleteThat plan should be absolutely discarded not mere suspension. I am happy bcos aleast there is a halt on Sanusi's obstinacy and l know that suspending this expendable project is the first to abandonment of it. Kudos to senate n house of reps.
ReplyDeleteThat plan should be absolutely discarded not mere suspension. I am happy bcos aleast there is a halt on Sanusi's obstinacy and l know that suspending this expendable project is the first to abandonment of it. Kudos to senate n house of reps.
ReplyDeleteEmir Sanusi... has he resigned yet?
ReplyDeleteYes, Sanisi will now understand that he don't own this country alone.
ReplyDeleteThe CBN Governor - Sanusi may have gone to school and as it were graduated. The very man he challenged to be a bad economist(OBJ)is actually his Lecturer. President Goodluck Jonathan, please understand who you are to the nation, What would you want to be known for after now? my President, you need to seek the face of The Lord in everything you do, Nigeria is a Great nation that needs no human wisdom, knowledge or understanding. You are too quick in making terrible and a-near-irrevisible decisions and absolutely slow in making decision that add value to humanity. It is never too late to make amendment. You are surrendered with wolves in sheep clothings, please do not be swallowing all baits in the likes of N5,000.00 note for aclaimed good economy. Economist Sanusi is a part and available tool in the hands of "Ukokoebi" playing a written script and there are so many of them there with you.
ReplyDeleteI am amazed that my comments are posted. Then it is of no use asking for readers comment.
ReplyDeleteOne good step so far! All hail Jonathan! Not to worry, suspension is equivalent to abandonment in Nigeria, they use that language as a matter of pride so those who err shall not be put to shame having been defeated by popular opinion. #5000 will die a natural death. So shall it be!
ReplyDeleteYet again, the President has fallen for the
ReplyDeleteemotional sentiments that made late President Yar' Adua to scottle the planned shift of the decimal point that would have us to carry less cash as recommended by Charles Soludo. If the President has decided to play to the galery on people's perceived grievances with the N5k notes, what about the other aspect of the restructure, especially on coinage. The abscence of coins or denominations below N5 has created instant 5% inflation.We have used coins from the colonial period up till early 80s when banks refused to issue them because of the cost of managing it. All advanced countries in the world use coins, why not Nigeria.