There are strong indications that President Goodluck Jonathan may eventually yield to popular demand by reneging on an earlier endorsement to the proposed Naira restructuring by the Central Bank of Nigeria (CBN).

Earlier in the month, CBN had announced a controversial restructuring of the Naira, headlined by the introduction of the single N5,000 note and conversion of lower denominations to coins — a move that has fetched its governor, Mallam Sanusi Lamido Sanusi, opprobrium from the public and the elite ruling class, including erstwhile president, Chief Olusegun Obasanjo.

A top government source told THEWILL that Jonathan held a meeting with the leadership of the two chambers of the National Assembly after their reconvening on Tuesday (following a two-month recess), and agreed to overturn any previous executive approval for the policy if it is the wish of the people. The source asked not to be named in our report.

However, the Presidency is yet to issue a formal statement on the president’s latest stance.

Source: The Will/Fisayo Soyombo