FG - No going back on N5000 note as Dangote, Otedola, others back CBN's Plan

THE POPULAR outcry against its introduction notwithstanding, the entry of the N5000 note into the nation’s money market is a good one, the Federal Government has said.

Minister of Planning, Shamsudeen Usman, who spoke to journalists at the meeting of the Economic Management Team on Tuesday said that President Goodluck Jonathan had approved the proposal to print the N5000 denomination. He added that government would push ahead with the printing.

“The discussion yesterday was basically to endorse(the introduction of N5000 note). Mr. President had already approved and that is the only requirement by law. The CBN (Central Bank of Nigeria) is to propose and Mr. President is to approve,” he said.

Jonathan presided over the EMT meeting which has Alhaji Aliko Dangote, Mr. Femi Otedola, Mr. Atedo Peterside, Mr. Aigboje Aig-Imoukhuede and other top government officials as members.

N10000 note?

While supporting the planned introduction of the N5000 notes, Peterside said if he was the CBN governor, he would have even gone ahead to introduce a N10000 note.

He argued that the country would save huge money whenever it printed bigger denominations.

He said, “If I were the CBN Governor, I would prefer to print N10000 notes.

Olokor and Ade