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Anti-N5000 Notes Movement hits the Streets – #Occupy CBN Protesters storm Headquarters in Abuja in Protest Against New Notes



Ever since the Governor of the Central bank of Nigeria, Lamido Sanusi officially announced that the apex bank was going to introduce N5000 notes into circulation, a large percentage of Nigerians have condemned the initiative.

When Bellanaija first broke the news of the CBN Governor’s announcement {click here}, many readers were not in support of it for various reasons. Some said it would further devalue the currency while others said it wouldn’t have a favourable impact on the economy amongst other objections.

Earlier today, Dino Melaye, a former house of representatives member, led protesters in Abuja today to express their disapproval of the planned introduction of the N5000notes. The protesters mobilized online under the banner of  #OccupyCBN.

They braved the early morning showers to make a strong presence at the Central Bank of Nigeria headquarters in Abuja.

However, in support of the planned N5000 notes, the CBN yesterday disclosed that about N7 billion out of its total cost of printing currency will be saved annually with the proposed introduction a N5000 banknote.

He debunked rumours that the apex bank would spend N40 billion on the currency review, adding that the CBN would publish the actual figures this week and make the amount available to Nigerians.

Considering both arguments, what are your thoughts on the street protests? Are you in support of the Occupy CBN movement?

The CBN has said that about N7 billion out of its total cost of printing currency will be saved annually with the proposed introduction. Do you think they should be given a chance?

Photo Credit: Sahara Reporters 

Adeola Adeyemo is a graduate of Industrial Relations and Personnel Management from University of Lagos. However, her passion is writing and she worked as a reporter with NEXT Newspaper. She believes that anything can be written about; anything can be a story depending on the angle it is seen from and the writer's imagination. When she is not writing news or feature articles, she slips into her fantasies and creates interesting fiction pieces. She blogs at


  1. teenaa

    September 4, 2012 at 5:08 pm

    Dis sanusi guy sha, he needs 2 be flogged… wat in heaven’s name do we need 5,000 naira note 4 na eehn?????? Hiaaann

  2. chike

    September 4, 2012 at 5:13 pm

    CBN’s leadership is more confused than Nigerian leaders. Cashless economy + high bills are like trying to establish a relationship btw a vulture and a barber.
    I wonder how these people think. I really wonder! Illetrates could have done better…

  3. Laide O

    September 4, 2012 at 5:17 pm

    Why not tackle the problem of our weak currency but increasing our foreign reserve at the World Bank instead of wasting money printing silly 5,000 notes. I wuld think that makes more sense.

    Also, the main people who will benefit from being able to carry around such a high amount of money is small notes will be fraudsters and yahoo boys.

  4. brandigest

    September 4, 2012 at 6:16 pm

    Another fruitless initiative of Sanusi. Me too I will occupy Lagos

  5. Toyin

    September 4, 2012 at 6:22 pm

    @ Laide

    Exactly. I doubt these people think or use their common sense. I wait for the day when Nigerians will not only glory in having ten degrees but will actually use their brain to think and using their logic.

    • jagudax

      September 5, 2012 at 11:11 am

      You need a lot more than ”common sense” in matters such as this. It is this type of sense that is making you all fly off at tangents without thinking for longer than 10 seconds about this. A knee-jerk protest if you will.

  6. colourfulbutterfly

    September 4, 2012 at 6:56 pm

    I have a feeling Sanusi just wants to create something!

    • jay

      September 5, 2012 at 12:42 am

      #GBAM…thats it

  7. Dids

    September 4, 2012 at 7:01 pm

    Well I guess his signature on the new note seems like a jollygood Parting gift to himself before he leaves the system….

  8. Demmy

    September 4, 2012 at 8:03 pm

    lmao I actually like this five thousand naira note idea. It would be great as a birthday present for me though. Lots of people don’t like the idea sha…don’t know why x

  9. unknown grave

    September 5, 2012 at 12:50 am

    D̶̲̥̅̊ε̲̣̣̣̥γ̲̣̣̥ want 2 steal more cash 4rm nigerians easily without been noticed watch out 4 more bomb blast i̶̲̥̅̊n̶̲̥̅̊ all CBN BANKS απϑ commercial respectively, δσητ̲̅ ßε̲̣̣̣̥ suprised W̶̲̥̅ε̲̣ will beat D̶̲̥̅̊ security… I WILL set Five hundred bombs daily i̶̲̥̅̊n̶̲̥̅̊ nigerian banks across D̶̲̥̅̊ country targeting only τ̣̣ђё rich D̳̿α̲̅Ŧ came 2 τ̣̣ђё bank as soon as I see τ̣̣ђё note

  10. Otunba

    September 5, 2012 at 4:28 am

    Sanusi is one and if not the only effective public servant at the federal level, I really don’t understand what the complain is about the new notes. If you understand the cost of producing money, you will know why it I needed. I am not. Fan of President Jonathan, but I can tell you the CBN is on the right path for. True and sheer success of th economy.

  11. jagudax

    September 5, 2012 at 11:08 am

    It is mass ignorance and a decidedly obstinate mob that will keep going on so vehemently about something they don’t understand. For the ‘sharpness’ that we lay claims to as Nigerians, I see more of a population that is wallowing in the Pretence of Knowledge.

    • Ovadje

      September 5, 2012 at 2:39 pm

      Thank you bro. The ignorance among the Nigerian chattering class is quite staggering.

  12. ND

    September 5, 2012 at 2:34 pm

    in NAIJA, protesters achieve close to nothing. Our government do not consider the opinions of their citizens. Maybe they are protesting for record sake. I prefer we wait them out and see if the said 7billion that is be saved from printing cost would be realistic or just fictitious like other Governmental resolutions. Even at that, we can’t still do anything……its so frustrating to think about.

  13. Dayo

    September 5, 2012 at 2:44 pm

    How does a N5000 ($30) note actually “increase” inflation — when there are also lower denominations in circulation? At least, some of us do not how to log around GMG bags of cash just to pay school fees.

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