Tuesday 4 September 2012

N5000 Note: Protesters Storm CBN

Honourable Dino Melaye, a former member of Federal House of Representatives led scores of protesters to the headquarters of Central Bank of Nigeria, CBN in protest against the proposed introduction of N5000 note and coinage of N5, N10 and N20 notes as recently announced by the apex bank.

Dino who led the group of protesters under the aegis of Anti Corruption Network reiterated opposition of Nigerians to the currency restructuring policy of CBN. He told Tunde Lemo, Deputy Governor of CBN who received the protesters that the introduction of a single N5000 note will result in inflation and that Nigerians were opposed to it.




Melaye who described the entire proposed currency restructuring policy as anti people said the CBN Governor must listen to the opinion of the public on the matter. The lawmaker who described the proposed N5000 note as Haram also said it is unfortunate that Sanusi Lamido Sanusi has refused to listen to calls by National Assembly that he should suspend the policy.

He vowed to continue to lead protests against the proposed currency restructuring until the apex bank dropped the idea. While speaking for CBN, Lemo said it is not true that the apex bank will use N40 billion to print the new currency as recently reported in the media. He also said even if the CBN is not introducing the new notes, it will still spend money to print currency. Lemo also said the CBN will not do anything that will not be interest of the masses, while arguing that contrary to popular opinion, the introduction of the new N5000 note will not lead to higher inflation.

The CBN chief however promised that the apex bank will listen to the opinion of the people

5 comments:

Anonymous said...

sanusi has done well,seriously, even the Europian leaders have recognised this that they have called him for meetings to help tell tmem how he did that of emerging banks who were going under and not letting individuals money go down with the banks. The man know what is doing lets give him all the chances

Anonymous said...

The elites in this country know this will not cause inflation,why bring up issues that has nothing to do with new introduction of the new notes

Anonymous said...

It will save a lot of money which has been the standard practice to have the patents of national currency held by foreigners.

Era said...

Enough of this already,the nation has issues that shld be tackled first that's the point,this can come up later

Bimbo said...

Era, why are you talking like in are in a beer parlour, each ministry in Nigeria have their responsibilities, security, finance,education etc have been allocated to meet their targets so if there are issues in other areas the rest offices shld not be on hold or suffer