The Senate Committee on Banking, Insurance and other Financial Institutions on Monday directed the Central Bank of Nigeria (CBN) to suspend the introduction of N5, 000 note until the Senate was properly briefed.

The Chairman of the Committee, Sen. Bassey Otu (PDP- Cross River) issued the directive while speaking to newsmen in Abuja. Otu noted that the re-denomination of currency required the approval of the National Assembly, warning that the CBN must avoid sending the wrong signals to stakeholders in the economy.

He said it was vital for the CBN to discuss the implications of the currency re-denomination with the Senate before it was implemented. `` I believe that a project of this nature requires parliamentary approval because there are numerous fiscal implications on the entire economy.

``The CBN must be very careful in order not to send the wrong signal to the domestic sector and external partners that the Nigerian currency is valueless. ``So, we are sending a letter to them (CBN) to stop all further actions on this until the Senate of the Federal Republic is properly briefed,'' he said.

He warned that the conversion of some denominations into coins would lead to a waste of public funds as the previous exercise did not yield the desired result. ``In 2005, the CBN undertook a major currency restructuring to re-coin some denominations which ran into billions of Naira. ``It did not work at all because both the goldsmiths and the blacksmiths converted the coins to moulding bangles, earrings and so on,'' he added.

The Committee chairman said there were other mechanisms available to the apex bank to tackle the problem of inflation other than the re-nomination of the nation’s currency.
http://www.businessdayonline.com/NG/index.php/news/76-hot-topic/43469-senate-orders-cbn-to-suspend-introduction-of-n5-000-note

Let's see how far they can go with this.

I personally think the timing is wrong,moreover N40billion can address many issues presently instead of printing new notes.

Boazizzy08: I personally think the timing is wrong,moreover N40billion can address many issues presently instead of printing new notes.

No be only the timing wrong...everything is wrong about it,even the image of the currency is like a joke.

nigerian cbn governors always come up with policies that suit their whims irrespective of the far reaching consequences of their action.
the 'na me' introduce this naira note will lead to a six or even seven figure denomination if this attitude is not checked.

I don't need to be on the finance sector to know that Sanusi is wrong.

So wrong that I want Soludo back.

Toothless senators, what happened to their order to stop the new plate number that reads from the right to left?

Stallion77:


No be only the timing wrong...everything is wrong about it,even the image of the currency is like a joke.

BIG joke

Now this is definitely affeting d price of garri in the market

Sanusi is a copy and paste governor. He got no personal plans of his own. Since his regime, bank workers and everything is in a messs

Dis senators wil soon back down now if dey re bribed, 5 bags of Ghana must go Bag each of 5000 naiara note n its a deal.
Honestly I wonder attimes y we ve dose generations

Good one

A round of applause for the fools. U'll think they're workin until like d issue of the new licence plate, they'll ask sanusi to ride on!

This 'Otu' guy nawaa

So we stl av sensible leaders at d senate! Dt means hope dei 4 we contri oh...or wt do u tink?

The Senate need to be 'Settled' . . .

Sanusi - Just add anoda 10billion to the costs of printing the notes and distribute that one to the senate.

Naija ohh . . The left hand cant make a move without paying bribe to the right hand.

Poor thinking.....At a time when you say cashless, you are introducing another currency of higher denomination. Is that not contradiction? these guys think the majority of Nigerians are not right thinking people....

Nonsense!!!! Infact make dem even comot 50,000 note.....mtchewwww

Bad omen! Anytime senate halt things like this, it would eventually go ahead.

For the first time, i salute the senate for this order. I hereby move the motion that this cattle rearer be replaced and sent back to his primary contituency (the cattles)with immediate effect. If you're with me say HAI!

Even me i need to b briefed cos i see lack of sense in that flimsy excuse sanusi is givin, this was how he wasted money on jaiz islamic bank, i hope he is not milking nigeria of d money he wuld need 4 his 2015 ambition.

Michky: For the first time, i salute the senate for this order. I hereby move the motion that this cattle rearer be replaced and sent back to his primary contituency (the cattles)with immediate effect. If you're with me say HAI!

HAI!

Wat a mess!

It seems like a good move by the Senate but my fear is that by the time this CBN guy bambooze them with his econimic n policy jagons, they wuld tell the guy to carry go. And mind you it will be easier for the thieves in d house to steal our money. May God help us

Stallion77:


No be only the timing wrong...everything is wrong about it,even the image of the currency is like a joke.

Well said bro

Senate, pls suspend this forever.

I ve said it over and over that this mallam had just two issues immediately he came 1. To deal with Erastus n Ibru 2. To prepare for 2015.

This is a good first step and I hope the next step will be to COMMAND the tyrant to scrap the policy all together. The SENATORS MUST not allow SLS the tyrant fool they with those stupid english words of his, they MUST show him that they are also enlightened (this is very vital) individuals. They (Senators) should know they are the closest to the people so MUST act in the interest of the people.

They should know that this is not a hausas against the south matter but rather a matter that can negatively affect the purchasing power of their own people (hausas, yorubas, igbos, etc) thereby throwing even more into poverty.

If possible they shd ask the tyrant SLS to resign cos that's the wish of an average Nigerian @ this time. I do know our Legislators read comments on NL, please do so u can gauge the desires of ur people properly.

Thank you.

These senators, what do they think we are? Morons? Nooooo, from what I read they are not stopping this move for any other reason rather than, that they were not informed. So when they are financially informed now, the circulation of this hyper inflective policy will be granted. When other countries are busy reducing the zeros in their currencies we are busy adding zeros to ours. What a country? This is a looting made easy policy for the final looting of the treasury before the dissolution of the Geographical Expression called Nigeria. Mr. Sanusi, please print 1million naira note if you want, only drop some Ghana must go bags to the senators, and then is approved. Plate number came like this, after settling it was approved.Concienceless country.

Hahahaha,i watched adamawa state deputy governor defending the introduction of 5000 note on nta,make i see wetin he go do,these are the penrobbers,4billion naira while people are going to bed emty stomach.God come to our aid