Nigeria - President Jonathan Suspends Apex Bank's Introduction Of N 5,000 Note
https://nigeriaafrica1.blogspot.com/2012/09/nigeria-president-jonathan-suspends.html
President Goodluck Jonathan has officially suspended a plan to introduce N5,000 currency note in Nigeria.
A senior aide of Mr. Jonathan disclosed the policy reversal to local online media Sahara Reporters in a telephone conversation.
The President's earlier approval of the plan by Governor Lamido Sanusi of the Central Bank of Nigeria to introduce the jumbo note had triggered criticism, condemnation and even some street protests.
The president's aide clarified that the policy was merely being suspended, not abandoned.
According to the aide, the decision to suspend the policy is to enable the administration to adequately inform Nigerians about the rationale behind the decision to introduce the new note.
The two chambers of Nigeria's legislation had passed motions calling on the president to shelve the plan to introduce the N5,000.
In a meeting hastily requested by President he failed to convince both Senate President David Mark and House Speaker, Aminu Tambuwal to persuade members of the National Assembly to drop their objection to the policy.
The President's earlier approval of the plan by Governor Lamido Sanusi of the Central Bank of Nigeria to introduce the jumbo note had triggered criticism, condemnation and even some street protests.
The president's aide clarified that the policy was merely being suspended, not abandoned.
According to the aide, the decision to suspend the policy is to enable the administration to adequately inform Nigerians about the rationale behind the decision to introduce the new note.
The two chambers of Nigeria's legislation had passed motions calling on the president to shelve the plan to introduce the N5,000.
In a meeting hastily requested by President he failed to convince both Senate President David Mark and House Speaker, Aminu Tambuwal to persuade members of the National Assembly to drop their objection to the policy.
