CBN stops plan to Introduce N5,000 Note

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.

“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.”