Senate panel asks CBN to stop action on N5,000 note

THE controversy trailing the decision of the Central Bank of Nigeria (CBN) to introduce N5,000 note took a different dimension on Monday as the Senate Committee on Banking, Currency and other Financial Institutions directed the apex bank to rescind the decision.

Addressing a press conference in the National assembly, chairman of the committee, Senator Bassey Otu, said lawmakers were taken aback by the report on the action of the CBN, positing that such sensitive matter required consultation with the legislature.

He said the action taken by the CBN could sen wrong signals about the country’s economy. ‘’This type of action is only taken where there is a major crisis and the CBN must be very careful in order not to send a wrong signal or message to households, domestic sector and even the external ones that the Nigerian currency is valueless, which I believe it is definitely not, and that for every unit of value they need to carry a large quantity of cash’’, he declared.

According to him, the CBN did a similar thing about four years ago and the outcome was not palatable.

So, the CBN will have to prove that the policy is not a clear contradiction or at variance with cashless society, which they are even yet to justify and whether this is the popular economic way to go.

So, we are asking and we are sending a letter to them to stop all further actions on this until the senate of the federal Republic is properly briefed.

Culled from guardian

 Is it 5000 naira note dat we are suppose 2 b tinkin about now or how 2 stop boko haram