Jonathan Agrees To Reverse N5000 Note Plan

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Published on Wednesday, 19 September 2012 22:26

Written by Elombah.com

President Goodluck Jonathan has agreed to reverse his administration’s plan to introduce the 5000 naira note, but the Federal Government is yet to formally announce the reversal of the policy. Mr. Jonathan told Senate President, David Mark, and House speaker, Aminu Tambuwal, at a meeting, that any approval he gave for the

printing of a N5000 note, and coins for lower denominations from N20 downward, can be suspended “since it is the wish of the people,” elombah.com learnt.

“The president gave the assurance and said it was the voice of the people,” a source said.

The meeting with National Assembly leaders held on Tuesday, hours after the two chambers of the National Assembly approved resolutions severely condemning the policy.

The  National Assembly on Tuesday passed different resolutions asking the President to stop the Central Bank of Nigeria from introducing its controversial N5000 note. 

Members of both the Senate and the House of Representatives resumed from their recesses on Tuesday with the controversial plan by the CBN taking the front burner. 

While the Senate unanimously adopted a motion urging “The President and  to direct the CBN to stop all actions on the issuance of the proposed N5000 note and all matters connected therewith,” the House members  directed the apex bank  to  put the plan  on hold  for four weeks.

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