The Arewa Consultative Forum (ACF) has declared its support for President Goodluck Jonathan's directive to the Central Bank of Nigeria (CBN) to suspend the planned introduction of N5000 banknotes. The Forum's spokesman, Anthony Sani, said the decision is appropriate given the widespread public opposition and the need for further consultation.
Public Outcry and Presidential Action
The proposed N5000 note had sparked significant agitation, with the National Assembly urging the President to halt the exercise. Instead of an outright cancellation, President Jonathan chose to suspend the plan, which was originally scheduled to commence in 2013. Sani, speaking with The Nation on Saturday, noted that the President may not have had sufficient information to make a final decision.
"I don't see anything wrong in the President's decision. Maybe he does not have enough information, and he needs time to get this information," Sani said. He added that the public outcry against the introduction is well known, but the President needs time to articulate the concerns and understand why Nigerians oppose the notes while the CBN wants to introduce them.
Commendation for Suspension Over Cancellation
Sani praised the President for choosing suspension rather than outright cancellation, stating that this approach allows for a more informed decision. "So, I think that the President should be commended for the decision to suspend the introduction rather than outright cancellation for now," he said. He expressed confidence that the final decision will ultimately serve the general interest of Nigerians.
The ACF's stance aligns with the broader debate over the currency redesign, which has seen mixed reactions from various stakeholders. While some have welcomed the suspension as a responsive move to public sentiment, others remain cautious about the potential economic implications of introducing higher denomination notes.
Next Steps and Implications
The suspension provides an opportunity for the government to engage with the public and the CBN to address concerns. The outcome of this consultation will determine whether the N5000 note is eventually introduced, redesigned, or abandoned. As Sani noted, the final decision will be made in the general interest of the Nigerian people, ensuring that all perspectives are considered before any irreversible steps are taken.
