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President Goodluck Jonathan Orders CBN Governor to Halt Introduction of N5000 Notes | Senate makes Impeachment Threat Against the President

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President Goodluck Jonathan has formally ordered the Governor of the Central Bank of Nigeria, Mallam Lamido Sanusi, to suspend the planned introduction of N5,000 note.

His Special Adviser on Media, Dr. Reuben Abati said in Abuja that the President’s latest resolve was based on the need for more “enlightenment and consultation”.

“The introduction of the new note 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 understand why it proposed it in the first place. So, for now, the full implementation is on hold,” Punch quoted him as saying.

The CBN, in a statement on Thursday 20th September, 2012, also confirmed that it had received a presidential directive to stop action on the currency restructuring plan. The statement also claims that contrary to rumours, the CBN has not given any company the contract to begin printing the proposed notes.

The planned introduction of the N5000 note has attracted a huge outcry and condemnation since it was proposed.

In related news, the Senate yesterday made an impeachment threat against President Jonathan over the non-implementation of its resolutions.

Channels TV reports that the impeachment threat was initiated by Senator Uche Chukwumerije (PDP Abia North), during a debate on a bill for an act to amend the public enterprises act. He threatened to  move a motion to impeach the President if he continues to ignore the resolutions of the Senate. 

The report further stated that the Senator and his supporters said they have started collecting signatures and if they collect up to two third of the Senate, they were going to move a motion against the President’s impeachment.

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 www.deolascope.blogspot.com

8 Comments

  1. Zee

    September 21, 2012 at 7:06 am

    So why didn’t the government enlighten the people first before proposing the new note? Now they have suddenly realized that this is what they need to do. Is there anyone in that cabinet that thinks at all? SMH.

    • Dwiz Lucky

      March 13, 2013 at 5:19 pm

      We Nigerians don’t need New Note all we need is Providing of Jobs for Youth paying good Salaries to the Masses, Development of Universities and Monotechnics in the Country, Good road and Electricity, Bringing out New note is going to be another story, may be very soon will we hear that 100.something Billion has been used for Producing the New note. God nor go gry

  2. bbb

    September 21, 2012 at 9:38 am

    good luck is just a big F#$%^l

  3. Kemi

    September 21, 2012 at 10:38 am

    For some reason, I actually have hope in GEJ… I think he may bring about the change we’ve all been waiting for

  4. Brandigest

    September 21, 2012 at 11:48 am

    This is just a case of starting from the middle. I keep on saying this that unless our government stops importing policies that they believe have worked abroad wholesale into Nigeria without considering the Nigeria realities, social peculiarities and mindset we will continue to whirl around the circle. We need policies designed based on our own exclusivity. How on earth do you think a man in Okoko or an unexposed peasant farmer in my village will subscribe to collecting coins as change or the angry and hungry Lagos passenger will accept 20naira coins from a danfo conductor as change.let goverment tackle their own primary job fuctions, provide fertile ground for small scale businesses to thrive then everything will fall in place.
    http://www.brandigest.wordpress.com

  5. tee

    September 21, 2012 at 1:07 pm

    tanx a lot brandigest….u have said it all

  6. Ibukun

    September 21, 2012 at 1:45 pm

    This is besides the issue but I can’t help poking holes at the grammar. Help me make sense of “This is to enable the apex bank to do more in terms of enabling Nigerians understand why it proposed it in the first place. So, for now, the full implementation is on hold,” Punch quoted him
    as saying.
    How much enabling do you need? You mean you want to “allow time for Nigerians to understand the proposal?”
    That said, NOT GOING TO HAPPEN! How do we understand a ridiculous proposal?

  7. splendidiyke

    January 1, 2013 at 12:40 pm

    I tink d house should halt d idea of impeachment n b4 cbn upgrade a new development dat concerns d public they hav 2 inform them 1st……n d gcfn should b more interested 2 tins that touches d welfare of d masses in other not 2 b gettin abuses fr d masses n I pray that GOD should help him 2 run that prodigious position given 2 him

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