DESPITE criticisms trailing the proposed currency restructuring exercise tagged ‘Project Cure’, the Central Bank of Nigeria (CBN) has said it is moving ahead as scheduled and there is no going back.

Nigerian Tribune gathered that the apex bank had set up a sensitisation machinery to convince the various interest groups and members of the public on the desirability of going ahead with the project.

The senstisation team, which commenced its tour of Abuja last week, will stopover in Lagos today. The team is expected to go round the six geopolitical zones of the country.

It will be recalled that ‘Project Cure’, especially the planned introduction of N5,000 note and coinage of lower denominations, has generated furore, with many prominent citizens calling on the CBN governor, Lamido Sanusi, to dump the project.

However, CBN had insisted that there was no going back.

According to the apex bank, under the CBN Act of 2007, it has the overall control and administration of the monetary and financial sector policies of the Federal Government. It stressed that the planned project was in line with global best practice which demands that countries restructure their currencies every five and eight years to be ahead of counterfeiters.

It explained that the coinage of the lower denominations up to N100 was recommended by the currency management key stakeholders at different forums held in Lagos and Abuja prior to the restructuring, noting that the redesigning of the notes was aimed at making them more secure, enhancing their durability to last longer in circulation and streamlining their aesthetic and security features.

The banking watchdog maintained that the new N50 and N5,000 would be launched during the first quarter of 2013 and which would be followed by the gradual introduction of the two denominations at a time.

Re-enforcing the stand of the apex bank, Head, Corporate Communications of CBN, Ugochukwu Okoroafor, averred that it would be cheaper to print and issue N5,000 note, stressing that the introduction of a higher bill would complement the cashless policy initiative by reducing the volume of bank notes to be printed.

According to the CBN spokesman, countries around the world was looking for a way out of polymer notes, stating that the move to do away with polymer notes was consistent with the CBN’s position of changing with times and technology.

He disclosed that the apex bank had started reaching out to various interest groups to ensure acceptability, adding that the project was also in line with the country’s Vision 20:2020 policy.

http://tribune.com.ng/index.php/lead-stories/46916-cbn-insists-on-implementation-of-n5000-note-begins-sensitisation-tour

What more insults are we to swallow from these people? CBN has made a final decision on the introduction of new currency and they are coming after the fact to sensitize Nigerians. . Furthermore, CBN is now making so much noise about removing the polymer notes from the system. What reasons did they give to us not too long ago when they introduced those notes? Our government should keep dumping rubbish on Nigerians, maybe, just maybe one day soon, Nigerians will get so suffocated by these policies that they will say, NO MORE and stand for their rights! When people are overwhelmed by their jobs, I believe that the best thing is for them to resign and allow people that know better to do the job.

Can anybody tell me the real achievements of sanusi since he became Governor of cbn?

What does this mean?
Do Nigerians need sensitization?
If oil subsidy failed. . .do we expect a mere '5000 Naira' note to do just that?

Boy! I am tooooooooooo happy this morning.
*Shhhhhhhhhhhhhh! Don't ask me why*

Nigerian news always makes for a good 'FOLGERS' in my cup!
God bless America. . .the land of NO CONCERNS!

van bonattel: Can anybody tell me the real achievements of sanusi since he became Governor of cbn?

errr...i think your looking right at it.

Going to school, having all certificates etc does not make u have common sense. You can only have common sense when you reason like any other person. This Sanusi, reasoning is irrational.

Too late Sanusi...N5000 will do us no good now.

I comment my reserve

van bonattel: Can anybody tell me the real achievements of sanusi since he became Governor of cbn?

He must have "achieved so much" that people are thinking of this man as a proposed presidential candidate! These country is just practicing nothing but comic politics. CBN(SLS) is an unruly horse which carries its rider to unpredictable destinations. We have to be really careful.

I FEEL LYK PUNCHIN DIS SANUSI GUY ON THE FACE....... HAS OUR NAIRA APPRECIATED AGAINST D DOLLAR? YET DIS DUDE WANNA WORSEN IT, CASHLESS OR NO CASHLESS, NIGERIA AINT RIGHT FOR SUCH MEASURES RYT NOW...KAPISH!

WE NO GO GREE OH!
WE NO GO GREE!!
WE NO NEED N5,000 NOTE!!!
WE NO GO GREE!!!

Nigerians let us ALL come together and kick against the introduction of this N5,000 note.


See thread below to see important and vital points why we should all kick against the introduction of this N5,000 note.

https://www.nairaland.com/1030089/why-n5000-note-should-kicked


If they tell us we are going CASHLESS in 2013 then why also tell us you need to introduce N5,000 note to reduce the cost of maintaining smaller denominations in circulation.

Please who is fo*oling who in Nigeria?

Nigerian youths it is high time we all start reasoning and unite to fight all this injustice in this county.

How can a bokoharam leader understand the people? Sanusi is bokoharam.. Mtcheew

bennyraz: How can a bokoharam leader understand the people? Sanusi is bokoharam.. Mtcheew

why don't you ever drop your stu*pidity before going ahead to type on nairaland?

1. Who is there to stop sls,
2. who is there to remind sls of his policies?
3. Who is there to ask him of his achivments?
4. Who is there to remove sls?
5. Who is mightier than sls in nigeria?
God fogiv me, im not tryn to be blasphemous 'ALMIGHTY SLS' carry go!
But GOD ALMIGHTY DE

ehhmm...have nothing to comment...#walks away#

May God punish the thieves in power!!

Does this man even consider how someone would feel if the person happens to lose just two of those notes?

van bonattel: Can anybody tell me the real achievements of sanusi since he became Governor of cbn?

Do you expect him to build boreholes in community?

acidtalk: why don't you ever drop your stu*pidity before going ahead to type on nairaland?

you this morafvckin idiota Sanusi is obviously Anti-people/masses.. Do you know what he's trying to do by coining 50naira note? Obviously you don't know the implications. I repeat, sanusi wants to bokoharam Nigerians and that i will fight against even if GEJ is too blind to see. Ok

nwa-ngeme:


errr...i think your looking right at it.

Why will Sanusi not go ahead? He is working for the rogues. Because they are sponsoring him to become President come 2015, he wants to ensure that no need for Ghana Must Go any longer to pack our money away. N50m could go into a small brief case.

Come to think of it Amerca's highest denomination is $100 while that of GB is 50 GBP.

It is only God that can save us.

smtx: Too late Sanusi...N5000 will do us no good now.

Sanusi needs more cash to finance his destructive project - BH

freecocoa: Does this man even consider how someone would feel if the person happens to lose just two of those notes?

do they think about us? Do they think about the masses? They only think about themselves, makingstupid policies. Imagine the whole cries that has been made by masses, the whole programs held by some activist just to prove to the government that this move is not going to favour the masses yet they govt still persist in their plans. What are they implying by doing all this,' let them shout they will keep quiet later', yet some people would still be hailing those thieves we have in power. Pls, let have it in mind that every of such stupid moves made by our leaders tend to kill the spirit of democracy in the mind of thousands.

Wil dis discusion..bring down the price of rice beans...and garri...in d market........?...if it will nt...lets stop disturbing our self.........GARRI FOR liFE.!!!

"SANUSI" ...if u called dt name repeatedly for 4 tyms..it begins to sound like i u're sayin "nuisance".. abeg o..na joke i dey!

Acidosis:

Do you expect him to build boreholes in community?

No, I expected him to be less heard and quietly stablize the naira, regulate the banks without bitterness and stop making a nuisance of himself, is that too much to ask?

I just need someone to tell me the advantages of the introduction of this 5000 note.....my own view.....if we want to practice cashless economy so y do we need 5000 note then....in us their highest note is 1000 note and the citizens dont even see it not to talk of spending it....CBN mentioned some countries with high denomination like 10 000 note...if u check those countries their economy is no good in any way..... this mallam is just a big fool....cant any one stop him?

Acidosis:

Do you expect him to build boreholes in community?

no we don't but by his actions we shall know who he really is.

I'm beginning to hate this man.

truely: I just need someone to tell me the advantages of the introduction of this 5000 note.....my own view.....if we want to practice cashless economy so y do we need 5000 note then....in us their highest note is 1000 note and the citizens dont even see it not to talk of spending it....CBN mentioned some countries with high denomination like 10 000 note...if u check those countries their economy is no good in any way..... this mallam is just a big fool....cant any one stop him?

he and the whole problem of the country can only be stopped when attacked physically by masses, no amount of talk or any one in government can save us.