President Goodluck Jonathan of Nigeria has suspended the issuance of N5,000 notes in the polity following resistance from Nigerians. This was revealed Wednesday by his Special Adviser on Media and Publicity, Mr. Reuben Abati.
Speaking on the recent suspension of the N5,000 note issuance by the Presidency, Mr. Abati said:
“the introduction is being suspended for now to enable the CBN do more enlightenment on the issue and enable Nigerians understand why it was proposed in the first place.. “For now, the full implementation is on hold,” he said.
The country’s National Assembly notably passed resolutions this past Tuesday asking the Nigerian President to suspend the issuance of the notes.
Nigerians were infuriated when it was revealed by Nigeria’s National Planning Minister, Mr. Shamsudeen Usman that the notes would be reserved for banks and heavy spenders with many arguing that it was a contradiction to the country’s on-going cashless Nigeria exercise and that the policy would encourage more embezzlement of national funds.