THE National Assembly on Monday said it would stop the Central Bank of Nigeria from introducing its proposed N5, 000 note.
While the Senate said only a major currency crisis could warrant a review as proposed by the CBN governor, Mallam Lamido Sanusi, the House of Representatives said the proposed review as far as it was concerned did not exist.Click on read more below to continue....
Sanusi had announced last Thursday the CBN’s proposal to roll out new N5,000 notes early next year and to convert to coins the present N5, N10 and N20 notes. There are already 50k, N1, and N2 coins in circulation which Nigerians had largely rejected.
Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, Bassey Otu, at a media briefing in Abuja, said the Senate would send a letter to Sanusi to stop the implementation of the proposed review of the nation’s currency.
Otu said, “We are asking, and we will be sending a letter to them (CBN) to stop all further actions until the Senate of the Federal Republic of Nigeria is properly briefed.
“We have not been properly briefed and we don’t know the reason for it; even though at the moment, we do know that inflation is really a problem but I don’t think we have used all the mechanisms
we have to tackle it and it's not really out of hand.
Sanusi just wants to make money for himself and other CBN topshots.What is the point of N5000 note?Did Nigerians tell him the current highest note; N1000 is not sufficient for them.Even in the US and Japan,they dont have a $5000 note.
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