House of Reps direct CBN to halt introduction of N5000 note

The lawmakers in their first session after a long recess ordered the apex bank to withhold the planned release of the N5,000 pending the outcome of the investigation of the House Committee on Banking and Finance.

The House resolved that the committee will investigate the planned introduction of the N5,000 note and redesigning of the N10, N20 and N50 into coins.

The resolution followed a motion moved by the minority leader, Femi Gbajabiamila, who called on the National Assembly to ‘urgently’ reform the CBN Act to curtail the expenditure of the apex bank which is carried out without any appropriation by the lawmakers.

Mr Gbajabiamila said the CBN is proceeding with the policy due to the Act establishing the institution which allows the bank to expend money without the National Assembly’s appropriation.

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I hope there is something in the laws that can make this N5000 scheme stop..at least for now cos this is not what we want. I just hope CBN has not wasted some millions of money underground to start this there Project Cure.

On the other hand, they will setup committee now and collect bribe now and everything goes back to nothing....