President Goodluck Jonathan has agreed to reverse his administration’s plan to introduce the 5000 naira note.
The currency restructuring, announced by the Central Bank of Nigeria, would have seen the unveiling of the N5000 note as the highest naira denomination while lower currencies were to be converted to coins.
Weeks of public outrage criticizing the policy culminated in the Senate and the House of Representatives, approving separate resolutions on Tuesday, demanding that the plan be suspended.
Mr. Jonathan met with the leadership of the two arms hours after the National Assembly sessions on Tuesday and assured that any “approval given in the regards can be reversed since it is the wish of the people,” lawmakers informed about the decision said Wednesday afternoon.
It remains unclear whether the president has issued a directive to that effect.