President Goodluck Jonathan on Thursday finally bowed to pressure as he directed, Central Bank of Nigeria to suspend the planned introduction of N5,000 note.
Spokesperson to president Goodluck Jonathan, Dr Reuben Abati who confirmed this in Abuja on Thursday said the move was to allow the Central Bank enlighten Nigerians on the currency reform.
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 plans have being stopped as ordered by the presidency.
The statement by the apex bank’s spokesperson, Ugo Okoroafor, reads, “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.”