Jonathan suspends introduction of N5,000 notes

Dr Reuben Abati, the Special Adviser to the President on Media and Publicity, confirmed this to State House correspondents on Thursday night in Abuja.

``The introduction is being suspended for now to enable the CBN do more enlightenment on the issue.

``Yes, President Jonathan has directed that the implementation of the new N5,000 note be suspended for now.

``This is to enable the apex bank to do more in terms of enabling Nigerians to understand why it proposed it in the first place.

``So, for now, the full implementation is on hold," he said

It would be recalled that the CBN recently announced that it would  introduce the note, and coins to replace the current N5, N10 and N20 notes.

The policy was endorsed by the National Economic Management Team, an advisory body coordinated by the Minister of Finance, Dr Ngozi Okonjo-Iweala.

However, both the Senate and the House of Representatives have passed separate motions calling for the suspension of the introduction of the note.