Reeling from a barrage of public anger, disagreement and
threats, the Central Bank of Nigeria (CBN) has buckled under pressure
and suspended the planned introduction of the N5000 note following a
directive from the presidency.
This is coming after the presidency through the Special Adviser to
the president on Media and Publicity, Reuben Abati, on Thursday declared
that President Goodluck Jonathan has ordered that the planned
introduction of N5,000 be put on hold.
The Nigeria Bar Association (NBA) had also on Thursday, called for the immediate sack of the governor of the CBN, Mallam Sanusi Lamido Sanusi over the planned introduction.
Announcing the change in policy, a statement by the director of
corporate communications of the apex bank, Mr Ugochukwu Okoroafor
however explained that “it is indeed within the powers of the bank to
print new currencies as provided in Section 19(1) of the CBN Act 2007.”
The statement further explained that “It also provides that such
introduction of the Naira denominations shall be approved by the
president upon recommendation of the board.”
“In line with this provision, the CBN had proposed and obtained the
approval of the President, Dr. Goodluck Jonathan 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” the
statement read.
It also emphasized that no contract 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”, the statement added.
And confirming this directive, the president’s spokesman Dr. Reuben
Abati stated that the decision to suspend the exercise is to enable the
central bank to embark on more enlightenment campaigns.
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