…As CBN stops controversial currency restructuring The Central Bank of Nigeria (CBN) has finally halted its plan to introduce N5000 currency note in the country. The CBN decision came on the heels of the agreement reached between the leadership of the National Assembly and President Goodluck Jonathan at a meeting held in Abuja, as reported in the Daily Sun edition of yesterday.
President Jonathan had agreed with the resolution of both chambers of the National Assembly to put the controversial currency restructuring on hold, saying the approval given for it could be reversed, if it was the wish of Nigerians.
The CBN, in a statement last night, announced it was stopping the exercise in compliance with a presidential directive. In a statement signed by its Director of Corporate Communications, Ugo Okoroafor, the apex bank said: “For the purposes of more efficient payments and currency management systems, the CBN proposed and obtained the approval of the President of the Federal Republic of Nigeria, Dr. Goodluck Ebele Jonathan, GCFR, to embark on the currency restructuring exercise, codenamed “Project CURE’ on December 19, 2011.
“The CBN hereby informs the general public that the President, on Thursday, September 20, 2012, directed that further action on the approved restructuring exercise be stopped. “In full compliance with the provisions of the law, the CBN hereby announces that further action on the said restructuring exercise has been stopped, until such a time Mr. President may direct otherwise.
“It is important to stress that till date, no contract whatsoever, has been awarded by the CBN in connection with the printing and minting of the new currency notes and coins. Consequently, no currency note or coin has been printed or minted under the proposed exercise. “In line with its mandate, the CBN remains committed to the pursuit of policies and programmes aimed at promoting the growth and development of the Nigerian economy.”