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N5000 Note: Protesters Storm CBN  print

Published on September 4, 2012 by   ·   33 Comments

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 on the issue. The protest was peaceful as the Police, led by Ade  Shinababa, FCT Commissioner of Police ensured there was order.

 

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Posted by on September 4, 2012, 3:27 pm. Filed under Metro, National, News, Today's Headlines. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

33 Comments for “N5000 Note: Protesters Storm CBN”

  1. OperationFlush

    Q1. Can any good thing come out of Northern Nigeria?
    Q2. Can any serious business (except SUYA SPOT) be entrusted to aboki mallam?
    This aboki lamido saNUsi with his criminal 5,000 naira note printing and looting plot. These aboki mallam are arrowheads of northern Nigeria’s boko haram terrorism grand plan, with their foolish religious and economic ideology.
    I just hope the president is aware of this fact!

  2. Sam

    More peaceful protest should be organised to stop CBN from going ahead with the proposed introduction of N5000 note and coinage of N5, N10 and N20 notes.This is not our priority now, let’s deal first with issues such as our poor infrastructures , security unemployment & corruption etc..

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  3. Oladotun

    This is not an argument on the cost of printing, it is absolute refusal of the printing of 5000 naira single note and coinage of the 5, 10, and 20 naira notes.
    The CBN did not conduct any referendum before going ahead with this anti-poor policy.
    What then is the CASHLESS POLICY IDEOLOGY IF CASH WILL BE DENOMINATED FOR EASIER CARRIAGE?
    I think Sanusi has overstayed, this is my simple explanation to his anti-people policy. Remember Soludo sang a similar song of decimals satin of the currency b4 his exit so please join me in chanting SANUSI MUST GO!!!

  4. OperationFlush,since nothing good can come from Northern Nigeria could you tell us about Dangote and his origin

  5. Amaechi

    They printed polythene naira a few months ago, and now they want to change them to coins, please somebody should call Sanusi to order. I think Sanusi is making his money by changing our currency because those that will handle the comtract will surely settle Sanusi. Many Nigerians lost their jobs because of his useles banking policy. Is Sanusi saint? Jonathan should speak up and end this criminal activities of this man called Sanusi.

    • Alajo

      Who told you jonathan did not have a hand in this thing. For a common employee under the umbrella of the Federal Ministry of Finance to ignore the National Assembly, you should know that he has a backing.

      What I know is that the God of Mekunnuns will strike dead any Nigerian government official that is bent on making life unbearable for us.

      We know that they are preparing for 2015. Let us wait and see whether SANUSI LAMIDO SANUSI will go scot free on this one. I can bet it with anybody who cares to listen that if SLS comes to this world again, he will know that the voice of the people is the voice of God.

      GEJ was adamant with fuel subsidy in January, see what is happening to the wife now. They do not know that all these ‘small small curses’ by poverty-stricken Nigerian people are having negative consequences on their families.

  6. Charlly CHilly

    This should serve as a warning to Sanusi, if he dare bring out any 5000naira note or change any money to coins, we would protest his removal and we are ready to make it as bloody as ever

  7. GERRY

    NIGERIANS SELF
    LOOK BEHIND THE SCREEN AND YOU WILL SEE THAT PEOPLE WHO HAVE MACHINES FOR PRINTING OUR MONEY WILL KICK AGAINST THE RESTRUCTURING.
    THERE ARE SO MANY FAKE NOTES IN CIRCULATION AND THOSE CABALS THAT PRINT MONEY WILL GO TO ANY LENGTH TO SPONSOR PROTESTS
    WHAT IF THIS POLICY IF FOR SECURITY REASONS ALONE ?
    LOOK DEEP NIGERIANS

    • julius

      Gerry you are mad with this comment, if you are talking about fake notes in circulation, how are you so sure the same people will not print the N5000 note when it comes out?

  8. I think it is all about 2015 election. To give bribe and buy delegates votes in a “scientific way” or to give “clean bribe” or rather “money”, apology to Farouk Lawan, one needs smaller volume of the currency. In fact one can just put the amount in his cap and go to the rendezvous with ‘clean hands”; no bribe would be given because none was taken along. If the problem Sanusi was trying to avoid was cost of reprinting currency notes, he must first of all explain how the cashless policy he just introduced and has barely implemented would not solve that problem. I think Sanusi is quick metamorphosing into a politician. A pity.

  9. okey

    that sanusi of a man is confused,,,today cashless economy,,tomorrow printing of 5000 naira note and coinage of 5,10,20 nairas claiming that it will encourage the use of coins,,,if that is his interest,i suggest he coin the 5000 denomination,,it will at least encourage the rich to start using it.

  10. Fitz

    The current CBN seems to be acting script written by his godfather(s) at least I know one of them. The very one whose son attempted to bomb US airline on a certain Christmas day. It was this godfather that got him out of detention when he was fingered in the murder of a Alukuma in Kano and got him into UBA and when the guy became First Bank chairman he brought him as his proxy to first bank.

    So much money has been spent sponsoring B-Haram activities and 2015 needs money. In order to get money some elements may get Contracts of printing and coining?

    This is just a figment of my imagination from available info from the past

  11. Gideon Orkar

    Dino return all the money you ate at house of reps first

  12. TRUTH

    Gerry abi na garri u dey answer, it is obvious that u are not seeing what nigerians are seeing. Is there any currency in the world that does not have fake? Sanusi is a traitor and should be treated as one. Jonathan should watch people like sanusi closely. He is among those that want to thwart the effort of the president. God bless nigeria.

  13. Jay

    The civil society groups should organize protests in Abuja, Lagos, Kaduna, Port Harcourt and Enugu.
    The policy is anti-masses and it should be seen as such.

  14. James

    But my question is this: is mr president not aware of this? and if he is aware, what is he saying?

  15. Jose

    It is disheartening to know that these rulers dont care about us. FGN is struggling to pay 18,500 naira minimum wage and u will only discover that d reward for 30 days work is about 4 currency notes. Naira will continue to devalue and life will become more unbearable. N5,000 naira note isnt what we want but better life.

  16. Hassan Bashir

    Mr Sanusi Lamido,pls can u tell Nigerians wht is cash less?,tht is my first question to u.if u can be able to answered this nw u can start printing tht ur foolish five thousand naira note tht u want to print .
    Defintions of cash less is by using ATM card,cheque transtion of money frm one account to another foolish man this the mean of cashless polices,dnt take NIGERIANS for stupid.
    Introduce hw pple will be buying things with their ATM cards and hw to use the ATM cards to buy things on the internets,introduce payment machine by card to all business in the Country
    Saunsi pls u need to go back to school to knw the definition of cash less,not by introducing 5000 NAIRA note.
    Western world,Europe use cashless but they didnt introduce highest note on their cash less,the highest money is five hundred euro.

    • niddamugu

      Please tell him that cashless is a modern name for barter. I think you can decode it better to him since he is your brother????? lol

  17. stupid nigeria goverment

    that man is very stupid how can you introduce 5000 naira not to nigeria,do you want to kill the poor macies,

  18. Juka

    My candid opinion to Mr. Lamido Sanusi is that he should resign before he throw Nigeria into a state of confusion. On the other hand, I am beginning to think that he Sanusi is becoming too big on that seat, so before the seat got broken under him, he should do well to step aside as that has always been the language of Northern leaders when they want to go out of power.

  19. CORRECT

    SANUSI is feeling like a BIG BOY when the so called PRESIDENT can not ACT as a LEADER. I wonder where the MAN got HIS DEGREE honesly his a DISGRACE to the ACADEMICS

  20. Tayelolu

    It is no more new anyway. Even if Electricity is stable in Nigeria, you will still see some people hooooo, constant electricity is not good because one can easily experience electric shock. These are the kind of people we have in large quantity in Nigeria. They never look a the positive sides of things. They will never check how much the benefits are more than the negative effect of things. And that is why many are afraid of going into businesses because they are afraid they might loos. Somebody that read YORUBA Education in the college will come on the internet because of free access to analyse economy and politics. I still wonder how people think the printing of 5,000 naira notes will increase inflation. It is not compulsory you carry this money around if you dont want. other denominations are there fore you to spend but you can easily keep large amount of money with such money. It has nothing to do with inflation. Most of the counties we are running to now have larger denomination equivalent. American $100 dollars is more than 15,000 naira. Malaysia 200 ringint is 10,000 naira. and many more. We also need coins. There is no country where coin is not being spent.

    They said they spend less money to print these money than lower denomination. If you say Government official will easily still money with these, remember when the highest denomination was 100 naira, they stole, Abacha, Babangida and the rest stole a lot. Why then do we want to use such meansure to control corruption.

    Remember Jonathan wanted to pay Tunde Bakare and the rest in Dollars when they went to visit him in Aso Rock.

    Faruk Lawan and the other guy paid themselves in dollars and many more like that. Why then are we saying Nigeria money will increase corruption when they were already using dollars?

    If you dont know about something, don’t just talk. Read and learn.

    • niddamugu

      You spoke well. But your analysis is contradictory. This introduction supports corruption in high places. They devalue the naira, since they dont settle themselves with that, and spend the same to settle the impoverished citizens during elections because it is a big deal to the local man here. Besides, what happened to the former coins Soludo introduced? They simply went into extinction and that is the fate that awaits the next ones to be introduced. This is inflation.

  21. niddamugu

    is it not obvious that these government in POWER/PDP have completely lost hope in the future of Nigeria. They have likened this country to the Titanic. The ship is sinking and instead of looking for ways of keeping it afloat, they want to completely wreck the it and allow it sink completely. Recently, cashless policy was introduced and only about 1 or 2 out of 36 states have partially imbibed the culture, while the rest are yet to know what it is all about. And instead of the govt to allow for complete implementation of this policy in all other states, they have left it half done and now introduced another policy which is totally in opposition to the cashless policy.

    We don’t need to go to school to understand that with such policy, it simply means you have very few currency in circulation talk less of printing more into the system. For who? when we don’t even need to carry cash around. Is it not also obvious that Sanusi only came to destroy rather than build? He succeeded in clamping on the banking sector and since there’s nothing else to destroy, he felt he should kill the already ailing economy. This time he has failed – God will bring everyone of them down. The cry of the masses has come to the ears of God that He has decided to rise up to defend His interests – His people. God rarely does that and when He chooses to, heads will roll and blood will flow massively…….

  22. olu

    @tayeolu, i think nigeria shld start using ringit now,since malaysia currency is ringit,and who told you we dont have coins at present? go to ur bank when you want to withdraw money and ask them to pay you 10,000 naira with coins if you’ll accept it.I’m very sure you have a relations close to these thieves whom you benefit from that’s why you come here with ur nonsense statement. Pple who read yoruba should not comment bcos they’re not nigerians.You who read and have a phd in economics,read what you have written and correct yourself. Nonsense.

  23. Sola

    @ Olu well. What he said is right. That is one of our problems. We pay attention much to people’s mistake rather than the message he is passing across.

  24. Tayelolu

    Thank so much Sola. @ Olu, I think you are just one of the opportunists I mentioned earlier. You are suppose to have proper understanding of my comment if you must comment on it. Everybody wants Nigerian currency to have value, how could that have happened without having larger denomination or are you telling America and the rest to reduce the value of theirs??. Many Nigerians are still taking a lot of risks, finding all means to go and settle in these countries. We want improvement but we resist every step taking by the government. There is no doubt about it, there is corruption in the country and that is found at every level. Even you and mine are corrupt in one way or the other which u know. We need solution and for solution to come, there will be steps.

    Dino Melaye that is leading those protestant. you need to know he was looking for recognition. He was once one of those thugs in the house of representatives that fought last time.

    I have never been a family member of any of the politicians and never for ones being interested in one.

    I am not saying people should not comment but comment on what you have idea of.

    • olu

      @ tayelolu and sola, look at all the neighbouring countries like cameroun,benin republic, togo and all.They have 10,000 cfa in one note,now do ur research and let me knw which of the countries with such high denomination has it’s currency value than that of our naira.Also look at the economic situation of these countries and compare it to nigeria. We shld stop deceiving ourselves, 40billion for a worthless project,while nigerian’s are dying of hunger and poverty.

      I dont think you stay in nigeria,or maybe your a very rich man,who dont notice or care about poor people who are fellow citizen’s like you.It is also a known fact that nigerians do not use coin’s even if we have it,so you want to kill 5,10 and 20 naira. in some part of lagos okada people accept 40 naira which is 2 of the 20naira note’s.Now okada will have to carry a bad to put their coins in it if they must accept the coins. or what aprt the market woman that manage her life on pepper and tomatoes.Wht do you expect her to do? think.

  25. The CBN Sanusi Lamido Sanusi attempt to print new currencies of N5000 is IMF scriopt signed by president Jonathan,Dr Okonjo-Iweala,CBN governor Lamido Sanusi,a kind of conspiracy against the Nigerian people to further compound social economic melt down situation for the people of Nigeria by the clueless Jonathan regime of rogues and criminals.Nigerians will suffer deeper impoverishment and bit their fingers for ever electing the wicked anti people corrupt Ebekle Jonathan.Did Nigerians not see his wife excesses while she travelled to Dubai,UAE and mis-spent our national funds where she caught up with poison which landed Patience Jonathan in a German hospital?This is the worst president of the novice and clueless Nigeria ever had.

    Dr Pat Kolawole Awosan,
    Writes From Canada.

  26. kelechi

    in capital letter SMH …

  27. Comrade Sam Agbetuyi

    It was very sad if the President can approve the N5000.00 note to be in circulation because it does not improve our economy. This will bring more hardship to the Nation economy.

  28. korea

    Let us shout and organise a peaceful rally chantting
    SANUSI MUST GO
    he meant no good for the masses. No to 5,000 naira note

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