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..
The apex bank, which denied allegations that it was forcing the new
structure of the naira on Nigerians, said customers could reject N5000
note from banks
“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. You can go to your bank and say you don’t
need N5000 note,” Deputy Governor (Operations) of the CBN, Mr. Tunde
Lemo, said in a Channels Television interview programme on Saturday.
Lemo added that, “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 ‘reject-N5000 note-call’ came even as the Nigerian Bar
Association insisted that it would take the apex bank to court if it
went ahead to introduce the N5000 denomination.
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