12 Sep 2012

The Central Bank of Nigeria and the Federal Government have finally listened to the mass of protest against the proposed introduction of a 5000 Naira note.

Opponents of the plan have expressed concerns over the inflationary effect the note would have, but CBN’s Sanusi has up to now countered their argument by saying inflation will happen with or without 5000 Naira note.

In a U-turn reminiscent of fuel price hikes, Nigerian authorise have now abandoned their earlier plan to introduce the note, and have decided instead, by way of compromise, to only introduce a 4,500 Naira note for now.

The proposed new note, said theCBN, being lower in value, should allay the fears of those concerned over inflationary forces.

It is not yet known whose head or heads will appear on the 4,500 Naira note.