The currency restructuring recently announced by the Central Bank of
Nigeria (CBN) would have seen the unveiling of the N5000 note as the
highest naira denomination while lower currencies – N5, N10 and N20 –
were to be converted to coins.
Weeks of public outrage criticizing the policy culminated in the
Senate and the House of Representatives, approving separate resolutions
on Tuesday, demanding that the plan be suspended.
Mr Abati, responding to inquiries, said “the introduction is being
suspended for now to enable the CBN do more enlightenment on the issue.”
He said President Jonathan has directed that the implementation of the new N5000 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,” he said.
“For now, the full implementation is on hold,” he added
