CBN: BANK CUSTOMERS CAN REJECT N5,000

The Central Bank of Nigeria has said that it  will be  illegal for banks to compel their customers to accept the  N5000 note when it comes into existence, customers could reject N5000 note from banks. This comes as a response to the allegations that it was forcing the new structure of the naira on Nigerians.

The Deputy Governor (Operations)of the apex bank, Mr Tunde Lemo,  told Channels Television on Saturday;
 “I say this with all sense of responsibility as the deputy governor of the central bank that we shall ensure that no bank imposes N5000 on anybody who does not want it. Every Nigerian has the prerogative of the currency he or she wants to have. You can go to your bank and say, you don’t need N5000 note. You can say ‘give me  N500, N200 and N100. It will be illegal for that bank to say you must have N5000.
“We did not say take or leave it.  If you don’t need it, you don’t need to ask for it.  We are not saying people will be compelled to take the N5000 note.”

The Nigerian Bar Association has insisted that it would take the apex bank to court if it went ahead to introduce the N5000 denomination.