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.
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.”
Obviously, the planned introduction of the note had attracted a huge outcry in the public domain. Those against the move had hinged their position on the fact that it could worsen inflation in the country. Many also said it was contrary to the apex bank’s cash-less policy.
At resumption on Tuesday, both arms of the National Assembly passed resolutions asking the CBN not to go ahead with the plan. But the Minister of Information, Mr. Labaran Maku, said that the resolutions are advisory.
From what Olufamous.com gathered, the suspension might be government’s way of cancelling the project without much fuss.
Reacting to the latest development, an economist, Mr. Olujimi Boyo, said the President should have cancelled the project instead of suspending it.
He said, “This is an indication that it may still be revived. If the President has really considered people’s opinion on this action by the CBN, then it should be stopped and not suspended. Telling them to do more work on the project is not what the people are calling for.
“The CBN needs to do more research on what is really affecting the value of the naira, instead of introducing a higher currency or even redenomination. Both moves are not what we need to stabilise our currency. They should find out what can be done to address inflation because this is the main reason why they keep talking about redenomination or introduction of higher currency.
“If the CBN is claiming that the introduction of higher currency will complement the cash-less policy, then they are wrong because redenomination would have been better,” Boyo added.
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.
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.”
Obviously, the planned introduction of the note had attracted a huge outcry in the public domain. Those against the move had hinged their position on the fact that it could worsen inflation in the country. Many also said it was contrary to the apex bank’s cash-less policy.
At resumption on Tuesday, both arms of the National Assembly passed resolutions asking the CBN not to go ahead with the plan. But the Minister of Information, Mr. Labaran Maku, said that the resolutions are advisory.
From what Olufamous.com gathered, the suspension might be government’s way of cancelling the project without much fuss.
Reacting to the latest development, an economist, Mr. Olujimi Boyo, said the President should have cancelled the project instead of suspending it.
He said, “This is an indication that it may still be revived. If the President has really considered people’s opinion on this action by the CBN, then it should be stopped and not suspended. Telling them to do more work on the project is not what the people are calling for.
“The CBN needs to do more research on what is really affecting the value of the naira, instead of introducing a higher currency or even redenomination. Both moves are not what we need to stabilise our currency. They should find out what can be done to address inflation because this is the main reason why they keep talking about redenomination or introduction of higher currency.
“If the CBN is claiming that the introduction of higher currency will complement the cash-less policy, then they are wrong because redenomination would have been better,” Boyo added.
Also, former President Olusegun Obasanjo, had at a roundtable advocacy forum organised by the Institute of Directors, Nigeria, in Lagos, submitted that the N5000 note would kill production and affect small businesses negatively.
This is the best decision GEJ has ever taking. The next is to sack thatt mallam called Sanusi, he's a confusionist.
ReplyDeleteCOMRADE SEGUN
This Sanusi of a man has an hiding agenda and he should be closely watched by relevant agencies.... Is actions are not right!!!
ReplyDeleteThe N5000 is very ok and anyone who doesnt like it should not use it as it is not for everybody.
ReplyDeleteHon Tony
u are a fool
Delete@Hon Tony,thank God u added dat accursed title 2 ur name who does not know dat in Nig.it is thieves and rogues dat carry dat title & 2 sum it all Bradson of Arik airline has said u're all insane which wit ur statement I agree wit him,it is only a mad man dat will say dat. The useless idea introduced by a useless almagiri is 2 be realised wit our tax money & u sit there wit ur maggot infected hands dat it is not 4 evryone but d tax is deducted from evry1. U deserve death by hanging. Shameless ewu
DeleteWhy suspend it when you can stop it?
ReplyDeleteWhy suspend it when you can stop it?
ReplyDeleteu shld be mallam tony not hon tonny
ReplyDeletethis man called sanusi should be sacked without any benefit, he is a fool that don't know his right from lifth, if he should still be in that position he will do the wost in time to come, let him be sacked, or Nigerians should be ready for more hardship in the country, if you remember he is the one that took our money over one hundred million naria (100,000000000000) and give to his people in the name of bomblast, are they the only people in Nigeria that had the bomblast in they area? mallam sanusi is a thife, and should be treated as one.
ReplyDeleteSince d rich want d N5k poor people should allow them hav it, nothing wrong wit d currency. PEPPLE
ReplyDeleteNigerians can't u see? Open your eyes well.remember the fuel subsidy issue, the president knew the masses would definitely object to that idea so he first said a litre of fuel be sold for 240 which after thier so called "close examinations" into the matter reduced it to the present amount.this is just a repetition of that.they have suspended (instead of cancelling) it nd very soon, (after their mumu close examination), they will approve it.But baba GOD dey standby to help his people out.IZU
ReplyDelete@hon,i think u r new 2 nija terrain.if dat is d case,u av my 4givenes but if odawise,u r a representatn and bigotry extension of d few corrupt people in nijja.wit al economic indicators,sanusi is wrong,ill-advised and represent d gud of few corrupt nigerians 4 their own selfish aggrandisement.thumbs up nijja comrades of justice.
ReplyDeleteMay G̶̲̥̅Ơ̴̴̴̴͡D̶̲̥̅ let dem cancele it ooo,because dis ȋ̝̊̅§ anoda strategy of diers †̥̥☺ steal agAin ooo,as far as am concern hon tony and sanusi are thieves and sons of iniquities. G̶̲̥̅Ơ̴̴̴̴͡D̶̲̥̅ punish ƔU̶̲̥̅̊ . Mitchewwwwwwwwwww!!!!!
ReplyDeletethank God
ReplyDelete