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.. Speaking for the apex bank, the deputy governor of CBN had this to say;
"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, in a Channels Television interview programme on Saturday.
Lemo added that, "Every Nigerian has the choice 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 and it would be given to you' because it will be illegal for that bank to say you must have N5000.
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