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Why FG's Suspending Introduction of N5,000 Note, By Abati

20 Sep 2012

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CBN Governor, Mallam Lamido Sanusi Lamido

By Muhammad Bello

The suspension of the introduction of the N5,000 by the federal government  has now  been  confirmed.

The Special Advise to the President on media and Publicity, Dr Reuben Abati gave the confirmation Thursday night on telephone when a question on the issue was put to him.

He explained that the apex government is stepping down the introduction of the N5,000 note by the Central Bank of Nigeria (CBN) in order to give the bank time to sale the idea to the public.

Dr Abati said: "The introduction 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."

Tags: 000 NOTE, Featured, FG, N5, News, Nigeria

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  • Maybe Sanusi's position is no longer tenable - either resign or be sacked!

    From: Ade Olu

    Posted: 8 months ago

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  • good riddance.........

    From: Otu Ekpenyong

    Posted: 8 months ago

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  • Thank you, Mr President. But come to think of it, why did the federal government allow the Governor of the CBN
    to make the pronouncement in the first place. Kai, this Lamido man should be reprimanded for being too forward.

    One more thing, Mr President should suspend the reintroduction of coins. Coins are now old fashioned. The whole
    world has stopped the use of coins. We should move with the time.

    From: Ozieh Udegbue

    Posted: 8 months ago

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  • Not 2 suspended, w d Nigerian dont wt #5000 note, let see American tell us there hight note all so London, Saudi arabia etc. #5000 note total condem by d people of Nigeria, if d govrnment is d people gov

    From: Ismail

    Posted: 8 months ago

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  • There is no need for suspension of the 5,000 note and coinage .But complete termination of the plan,since it will cause multiple inflation and still push Nigerians to more hardship.Sanusi has to be warned seriously on how he churns out useless policy in CBN,and the Presidency should learn to do what favours average Nigerians and not priviledged few.

    From: Chijioke

    Posted: 8 months ago

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  • BlockHEADS! Cart before the Horse!

    From: Don Arinze

    Posted: 8 months ago

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  • This is nice, at last CBN realises their mistake of not creating an awareness to the public before embarking on such economic policy.

    From: Ahmed Patigi

    Posted: 8 months ago

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  • .....Honestly,more often than not,I feel our President does NOT have the right advisers. According to Dr. Reuben Abati,"The introduction of the N5,000 is being suspended for now to enable the CBN do more enlightenment on the issue". Pray,what is the job of those that man the communication department of the Central Bank? Why did they not embark on that so called 'enlightenment' prior to announcing such monumental project that will affect majority of Nigerians positively or negatively depending on which side of the divide one is on? Why do our leaders often act brainless despite their mountain of 'degrees'(some very questionable)? Why do they always put the cart before the horse? Why is the current Government so much into policy somersault? I have lost all form of respect for Mr. Abati since he joined GEJ's Government.........maybe he joined to 'chop' too!!!

    From: Ozo

    Posted: 8 months ago

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  • Good riddance to bad rubbish.

    From: Rita

    Posted: 8 months ago

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  • I think that is better

    From: Yemi Suleiman

    Posted: 8 months ago

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  • Very sad indeed. We have a shaky shaky president. As unstable as water. Very sad indeed. A noble idea being frustrated by a man who cannot put down his feet. Always prevaricating. Please where is OBJ. We need help.

    From: Richard

    Posted: 8 months ago

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  • I think that is better

    From: Yemi Suleiman

    Posted: 8 months ago

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  • On this introduction of #5000 note, I think the point that is being missed is not the introduction of the note itself, but the changing of some of the already existing currency from their current note form to coins. It is a known fact that the Nigerian populace have not been favourably disposed to the use of coin. Changing the #5, #10 & #20 note to coin automatically takes them out of circulation and moves up the price of the cheapest commodity to #50 - this is the inflation we are talking about. It is not the introduction of #5,000 bill, but the redenomination of the lower currencies. My take, if CBN likes, it can introduce #1,000,000 bill, but leave the lower denomination as they presently are, in this way the purchasing power of the lower denominated currency remains as they are. This suggestion is not an absolute, so if you differ in your opinion, it is welcome. However, the debate should shift from introduction of the #5,000 bill to redenomination of the currency. Let CBN leave the #5, #10, & #20 notes as notes and not turn them to coins, Thank you

    From: ayan1314

    Posted: 8 months ago

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  • The idea of introducing 5000 note should be suspend finally.because it will do more harm than good .And sanusi lamido should be fired with immdiate effect

    From: Patrick

    Posted: 8 months ago

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