N5,000 note: We’ll stop Sanusi -Senators

Opposition against moves by the Central Bank of Nigeria (CBN) Governor, Mallam Sanusi Lamido Sanusi, to introduce the N5,000 note has gathered momentum in the Senate.

Daily Sun investigations indicated that senators have resolved to take on the CBN over its stance that only a presidential approval was needed for the introduction of the N5,000 note and a restructuring of the nation’s currency.

It was gathered that some senators had already met on the issue and were perfecting strategies on how to stop Sanusi when they resume from the summer recess.

Senate is on recess and will resume plenary on September 18.

But unconfirmed reports indicated that the resumption might be a week earlier.

Three weeks ago, the Senate, through its Committee on Banking, Insurance and other Financial Institutions, directed the CBN to stop the proposed move to introduce the N5,000 note and the restructuring of the naira.

The chairman of the committee issued the directive in Abuja.

Thereafter, the committee reportedly met with the CBN, but details of the meeting were not made public.

Regardless, some members of the nation’s upper legislative chamber, opposed to the new naira note, had met, reviewed the Senate’s response and had tacitly endorsed what they termed the ‘quick intervention.’

A member privy to the meeting, but who was not authorised to talk on behalf of the group, told Daily Sun at the weekend that some senators were not happy with the CBN for not carrying the National Assembly along on such a sensitive issue as the issuance of the N5,000 note.

He added: “In any democracy anywhere in the world, the parliament is always involved in crucial economic and monetary issues; particularly as it affects the citizens.

“It was an embarrassment for the leadership of the National Assembly to read reports that even the President had been briefed as far back as December 2011, yet, we only got to read of the policy just as any Nigerian on the pages of newspapers.”

Asked whether President Goodluck Jonathan had already briefed the National Assembly leadership that in turn decided against telling other lawmakers, the lawmaker retorted: “That’s a plausible thing to say. It is not possible for the President to tell our leaders and they will not, at least, discuss it during one of the routine meetings of the body of principal officers.

“No, the National Assembly was not briefed at all. Besides, the Presidency has not even gone about this matter the right way. Imagine that there is a bill pending before the Senate on the autonomy of the CBN and the same apex bank has gone ahead to disrespect the National Assembly.

“At the right time, we will tell Sanusi that he cannot be greater than Nigerians. We are the representatives of the people and if you listen very well, they are saying that they don’t want the new note at this point in time.”

Another senator, who was not a part of the meeting but who declined to be named also added: “The CBN governor is not even discreet about his role in the Nigerian economy. We are still considering amendment of the CBN Act, which will hopefully address the autonomy of the apex bank and here he is, restructuring the nation’s currency without the input of the National Assembly.

“We heard that the CBN and his directors have met the Banking Committee, but they should know that the matter has not ended there. When we resume, some of us will take up the matter.”

Adding his voice to the debate, the Chairman of the Senate Committee on Rules and Business, Ita Solomon Enang, submitted that in line with international standard practice, the CBN and the ruling government ought to brief the National Assembly before going public about the new note.

Enang said this during a meeting of the Nigerian Bar Association (Class of 1985).

His words: “I want the NBA, and in particular the Law Class of 1985, to take interest in this matter and join the debate. And the debate is: Can the CBN issue a currency and re-denominate the currency of a country without the legislature?

“Is the exercise of this power within the exclusive powers of CBN? Should the president or government in power be parties to the action that is happening?

“Is the denomination of the currency of a country not an economic matter for that country and should standard practice all over the world not be a guide?

“In the United States of America or the United Kingdom and other standard democracies, should it not be a matter that should be debated and agreed upon? “Should it not be a matter that should be a major campaign issue (in) the presidential election that should we re-denominate our currency?

“Should we allow our economy to be run and dictated outside of Nigeria or have posted persons into Nigeria in the name of public offices?

“I want us to ask ourselves since we grew up to travel and to see the currencies of other countries have we seen any currency or Pound Sterling higher than the £50? “I don’t remember seeing the U.S Dollar more than a hundred dollar bill. I want us as a body to stand up and discuss this matter because I’m not asking for discussion only…On my own as a person and as a representative, I am opposing it.

“I am not speaking for the Senate and I’m not speaking for others, but I’m saying that I, Senator Ita Enang, representing the Akwa Ibom North-East Senatorial District and this class, I’m opposing the introduction of N5,000 note and please we should do this to the end.

“I want this class and this Assembly to take interest in these matters because if we keep quiet today it affect our currency and our country tomorrow.”

http://sunnewsonline.com/new/national/n5000-note-well-stop-sanusi-senators/

Very good. And please threaten them with drastic actions. That is the only language they understand. It seems their political positions are more important than Nigerian's. N5,000 just doest make any sense at all. I now see why all these awards were given to members of NASS recently. Honestly, they should ban awards and things that seem to come with inducements from members of NASS till they leave office. I smell undercover bribes

The senators are too daft for words - why would adding another currency denomination be a major campaign issue?

If currency denomination is within the autonomous powers of the CBN, they don't need the Senate's approval to do anything. That is the issue at hand, not the daft comparisons to the UK or US.

Does your currency carry the same value as those other currencies before you compare?

While the mor0ns called senators are in the mood for comparison, they should also check whether MPs and Senators in the UK and US collect constituency allowances and the other ridiculous allowances they pay themselves in Nigeria.

dis so call senators re broke,just want some egunje from DANMAJE CBN

Please kindly help me ask them is these the way FORWARD for our nation "NIGERIA"

My issue is why are some senators opposing it and yet doesn't want their names to be mentioned?barking dogs dat doesn't bite. I smell a rat somewhere cos the same senate has always failed nigerians since the presidency controls it. Ask David Mark if he is not aware of it. Abeg make I chop my FuFU jare

debosky: The senators are too daft for words - why would adding another currency denomination be a major campaign issue?

If currency denomination is within the autonomous powers of the CBN, they don't need the Senate's approval to do anything. That is the issue at hand, not the daft comparisons to the UK or US.

Does your currency carry the same value as those other currencies before you compare?

While the mor0ns called senators are in the mood for comparison, they should also check whether MPs and Senators in the UK and US collect constituency allowances and the other ridiculous allowances they pay themselves in Nigeria.

wot the Bleep is wrong with u..cant u read d passage very well before blabbing.THE BILL FOR THE AUTONOMY OF CBN IS B4 D NASS & IT HAVENT BEEN SIGNED INTO LAW.wen d bill becomes law,then d apex bank can then take action without consulting the NASS....Read d passage again for proper understanding b4 u post*smh*

stoping 5000 note or approval is not the problem of Nigeria. let all stake holders face the issue of Boko Haram and ELECTRICITY first before we talk of this currency issue. I'm already playing my own part but a tree may not make a forest.

Better

Senators *smh* they want their "shut-up share" that's all. Pls gej should form a commitee to look into this matter

;DAlright! Alright! Alright! We shall know between sanusi and NASS who has more powers to stop the introduction of the 5k note.this is getting more interesting!

Am just watchin.
Its next year.
Who wil win?
[img]http://www.sympato.ch/smileys/Vache2.gif[/img]

Only God can help this country...... but wait o, God helps Those who help themselves.
Wahala dey bi dat

Hmmmmh....listen to their petty sentiments, how i wishd such sensitive issues as the country's security, bribery and corruption etc are tackled in a similar way as they intend doin, that country would 've been much better place today...... SMH

Sanusi's goal is to turn Naira to Francophone Africa's CFA. But on the flip side, that will make it easy to move around with €500 bill changed to Naira without attracting undue attention . Well, let the prudent minds win....

hahahahahahaha,We all understand this body language,pls sanusi u knw how its bn done,u knw d standard,sorry senate practice,GREESE SOME PALMS and watch them back you all the way.Afterall what u want to do is in their best interest and d average Nigerian knows this.Bunch of shameless thieves,now they re quick to compare Nigeria to d UK and US,how about their allowance and salaries,wont they compare theirs with those countries too?These fools think we re bigger fools.Imagine a senator of a republic standing against a govt's economic policy and doesnt want his name published,then who is he representing?God i really wish a drone will go through that building on d day of their reconvening.dis pple re vampires.they stand for nothing but their own interests.As for sanusi,ur day will come and nigerians will rejoice over u,keep running d cbn like ur father's business.from boko haram appologist to economic dictator.welldone

GEJ said YES senate ... awaiting YES/NO

They will disgree to agree after they are given their Ghana-must-Go

What people fail to understand is that SLS is bent in wrecking the Nigerian economy with his policies that targets a select few to enrich his friends the more and distabilize his percieved enemies.

adetwin: Please kindly help me ask them is these the way FORWARD for our nation "NIGERIA"

Why evils!!!?

Initial gra gra! Let them say dat when they must have rejected ghana-must-go filled wit 5k notes. Legistlooters indeed.

When i see news like ds i only lol,ALL THESE ARE DISTRACTION FRM THE SUBSIDY BROUHAHA,PLS MY PPL HW FA THE SUBSIDY THINGY?COS TIS SEEMS LIKE THEIR PLAN IS WORKIN

[color=#990000][/color]since they said they need only d president's approval to carry on with d N5000. GEJ over to u,let's c what u really stand for..... I don siddon dey look

They had better stop that stiff-necked he-goat before turning things upside down o!
.
Eyes on u Senators..be careful!

Let them oppose it with reasons. If they can provide logical reasons for the opposition. Fine.
But if they can't, let them just keep their mouths shut and face their lawmaking business

I wuld hav bin more hopeful over this issue if it were Ken Nnamani who is there as senate president. But fo D. Mark, if it doesnt affect creation of Apa State, or wuld not stop his lootin activities, its never his problem. Dat why gej and sls are havin their fun-filled government

The senators are too daft for words - why would adding another currency denomination be a major campaign issue?

If currency denomination is within the autonomous powers of the CBN, they don't need the Senate's approval to do anything. That is the issue at hand, not the daft comparisons to the UK or US.

Does your currency carry the same value as those other currencies before you compare?

While the mor0ns called senators are in the mood for comparison, they should also check whether MPs and Senators in the UK and US collect constituency allowances and the other ridiculous allowances they pay themselves in Nigeria.

uncle,
if there are institutions in nigeria that needs autonomy, they will include our judiciary, police, efcc,nafdac but funny enough these institutions are 500% dependant on the presidency who fires and sack judges at will.
what does autonomy of cbn mean to u? i was listening to a woman that represented cbn on the arguement for this N5000 note on Focus Nigeria, a programme on AIT. according to her, she said, dollar is the language of corruption in Nigeria and that once these politicians spend dollars, americans gain so they want a situation where these criminals will be spending our naira.
is that not shameful?
in the midst of all the problems in our country, one would expect cbn to make our highest denomination to be N100 so that by the time u want to dash ur mistress 100,000, she will need a truck to carry it home but these politicians want to be having 500 million in the pockets at once.
on ur own, tell me how a common nigerian will benefit from the wasting of N44B to print N5000 note.
are u saying N44B is such a little money to be wasted in our country?
the other time our senators threatened the road safety over numbers and drivers'lincence, nothing came out of it.
we have no senators in nigeria rather we have men and women who have comprised their souls, body and spirits for cash.
pdp will only lead this useless country to the pit of hell.
it is only in nigeria that the president will announce new pump prices for fuel and gas before starting consultations. now sanusi has announced his detailed plans for this N5000 note before consulting and the next time jonathan will speak, he will tell us that there is not going back on N5000 note.
i am happy for the ways great tyrants like gaddafi and saddam ended and anything is possible any where in the world. we are watching.

Sanusi is just a confused junky with no focus, goals or objectives. From islamic banking to 5k note. D guy's a total disaster. Any way what do u expect 4rm a 3rd class degree holder of Islamic studies.

debosky: The senators are too daft for words - why would adding another currency denomination be a major campaign issue?

If currency denomination is within the autonomous powers of the CBN, they don't need the Senate's approval to do anything. That is the issue at hand, not the daft comparisons to the UK or US.

Does your currency carry the same value as those other currencies before you compare?

While the mor0ns called senators are in the mood for comparison, they should also check whether MPs and Senators in the UK and US collect constituency allowances and the other ridiculous allowances they pay themselves in Nigeria.

The only voice of reason so far.
These law makers seem to think they have an expert opinion on the introduction of N5000 note but are unable to offer an logical and critical argument as to why the N5000 note will be harmful to the economy. Useless people.