The president said the decision was being suspended to enable more discussion and enlightenment on the matter.
President Goodluck Jonathan has officially halted the plan by the Central Bank of Nigeria to introduce of the N5,000 note into the economy, presidential spokesman, Reuben Abati, confirmed Wednesday night.
Mr. Abati, said “the introduction is being suspended for now to enable the CBN do more enlightenment on the issue.”
He said the suspension will enable the apex bank to do more in terms of enlightening Nigerians on why the proposal was made in the first place.
The CBN’S naira restructuring policy had caused weeks of controversy with analysts challenging the CBN governor, Lamido Sanusi, on the rationale behind the policy. They say it contradicted the cashless policy of the apex bank.
The National Assembly had directed the president to put a stop to the planned proposal saying the policy is anti-people, will cause inflation, and breaches relevant laws.
As revealed by PREMIUM TIMES Wednesday, the President, at a meeting with the National Assembly leadership, yielded saying “since it is the wish of the people” the policy can “be reversed”.