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Friday, September 21, 2012

President Jonathan Orders CBN Governor To Suspend Introduction Of N5000 Notes

Before I start removing the cobwebs from this blog, let me apologize to you all for my long unprecedented and unavoidable absence. I'm so sorry. Its been a long while. Thanks to you all for your calls, comments and emails. No doubt we missed a lot of interesting events, but we will try and make up for all that. Thanks for your understanding.
Meanwhile President Goodluck Jonathan appears to have given in to pressure from Nigerians, as he ordered the Governor, Central Bank of Nigeria, Mallam Lamido Sanusi, on Thursday to suspend the planned introduction of N5,000 note.

According to Punch Newspaper: 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 CBN, in a statement on Thursday, also confirmed that it had received a presidential directive to stop action on the currency restructuring plan.
Some persons are of the opinion that the suspension might be government’s way of cancelling the project without much fuss, so what do you think about the suspension?

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