The N5,000 banknote battle is over – for now- with opponents of the plan carrying the day.
President Goodluck Jonathan yesterday bowed to pressure and suspended the proposed introduction of the N5000 banknote.
He advised Central Bank of Nigeria (CBN) Governor Sanusi Lamido Sanusi to step down the idea to allow for adequate consultation with the people.
The National Economic Management Team and a few other bodies and individuals, especially in government, supported the move.
But many Nigerians, including the National Assembly, opposed the idea, saying it will breed corruption and boost inflation – the very ills the CBN said it would tackle.
The Senate and the House of Representatives on Tuesday kicked against the idea. President Jonathan later met with Senate President David Mark and House Speaker Aminu Tambuwal, who both stood by the decision, insisting that they were merely ventilating the feelings of the majority of Nigerians..
“We are stepping it down for now,” presidential spokesman Reuben Abati said last night.
Abati added: “The introduction is being suspended for now to enable the CBN do more enlightenment on the issue. President Jonathan has directed that the implementation of the N5,000 note be suspended for now. This is to enable 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 last night, announced its compliance with the presidential directive.
The statement by its Director of Corporate Communications Ugo Okoroafor, said: “For the purposes of more efficient payments and currency management systems, the CBN proposed and obtained the approval of the President of the Federal Republic of Nigeria, Dr. Goodluck Ebele Jonathan, GCFR, to embark on the currency restructuring exercise, codenamed “Project CURE’ on December 19, 2011.
“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.
“In full compliance with the provisions of the law, the CBN hereby announces that further action on the said restructuring exercise has been stopped, until such a time Mr. President may direct otherwise.
“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.
“In line with its mandate, the CBN remains committed to the pursuit of policies and programmes aimed at promoting the growth and development of the Nigerian economy.”
But, the controversy is getting bigger by the day.
Lawyers joined the fray yesterday, urging President Goodluck Jonathan to sack Central Bank of Nigeria (CBN) Governor Sanusi Lamido Sanusi.
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