by Isi Esene

Special adviser to the president on media and publicity, Reuben Abati on Thursday disclosed to newsmen that the president has ordered the suspension of the planned introduction of the N5,000 scheduled to come into circulation next year.

According to him, the president Jonathan’s latest disposition to the issue was based on the need for more “enlightenment and consultation”.

Abati said, “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.”

Jonathan was reported to have expressed his readiness to halt the process when he met with the president of the Senate, David Mark, and speaker, House of Representatives, Aminu Tambuwwal, on Tuesday.

To confirm the presidential directive to put the currency review on hold, the Central Bank of Nigeria through its spokesman, Ugo Okoroafor, yesterday released a statement saying: “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.

“It is important to stress that till date, no contract whatsoever has been awarded by the CBN in connection with the printing and minting of the new currency notes and coins. Consequently, no currency note or coin has been printed or minted under the proposed exercise.”

Since the announcement of the proposed currency review exercise, analysts have expressed their opposition to the policy saying it was contrary to the apex bank’s cashless programme.

Others had posited that the introduction of the N5,000 note is unnecessary and will tend to encourage inflation.

So, its bye-bye to the N5,000 note… at least for now.