Senate stops introduction of N5,000 currency

The Senate on Monday mandated the Central Bank of Nigeria to halt forthwith its plan to restructure and introduce N5, 000 notes as the highest currency denomination in the country.



 Chairman of the Senate Committee on Banking, Currency and other Financial Institutions, Senator Bassey Otu, handed down the order at a press conference in Abuja.

 Out, who described the proposed introduction of N5, 000 currency denomination as a “burning issue” said the measure the apex bank planned to take could only be necessary in a country undergoing major financial crisis.

 The CBN, he warned, must be careful in order not to send wrong signal to households, domestic sector and foreigners that the Nigerian currency is valueless.

 CBN Governor, Mallam Sanusi Lamido Sanusi, last week unfolded plans to restructure the naira and introduce a new N5, 000 currency denomination.

 The apex bank declared that the new naira note, which will be the highest currency denomination in the country, would be officially inaugurated early in 2013.    

 But Otu said that a memo would immediately be dispatched to CBN to halt all further actions on the N5, 000 currency until the Senate was properly briefed.

 He wondered why the Senate would be kept in the dark in such a grave financial restructuring that was bound to affect the country’s economy.

 Out, who represents Cross River South in the upper chamber noted that the interest of the lawmakers was the ripple effect of the new currency policy on Nigerians.

 He said that a project like the introduction of N5,000 notes and wholesale overhaul of the currency required parliamentary approval because of the expected fiscal implications on the country’s economy.

 He said, “There is a burning issue that is going on in our country and there is need for us as a Committee to do something about topical issue.

“We have read in the papers just like you about the currency restructuring that the CBN plan to embark on.

 “I believe that a project of this nature requires parliamentary approval because there are numerous and fiscal implications on the entire 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.”

---

Posted: at 27-08-2012 04:47 PM (12 years ago) | Gistmaniac

See d guy head sef

Posted: at 27-08-2012 05:45 PM (12 years ago) | Gistmaniac

Yes, We Have Minerals

This is a TRUE story.

Former President Olusegun Obasanjo was being interviewed many years ago.
Interviewer: "Nigeria doesn't have many minerals, does it?"
 President Olusegun Obasanjo: "Of course we do! We have coke, sprite, 7-up....NAIJA una too much oo coffee wey I dey drink for hia comot for my nose as I read this

Posted: at 27-08-2012 06:01 PM (12 years ago) | Gistmaniac

 

Posted: at 27-08-2012 06:20 PM (12 years ago) | Addicted Hero

sanusi is sick, he is just a strategy for him to steal billions. charles soludo spends billions of naira to print new 10,20,and 50 naira note, its is not up to 5yrs now he want to get rid of those once and do his own. imagine how this aboki man can think. he want to sack 10% of the CBN staffs and now use 4billion to print new note.

Posted: at 27-08-2012 06:41 PM (12 years ago) | Newbie

WELL DONE

---

Posted: at 27-08-2012 07:31 PM (12 years ago) | Addicted Hero

---

Posted: at 27-08-2012 07:33 PM (12 years ago) | Addicted Hero

A Nigerian Writes From Finland....

"...The Problem With Nigeria Is Not In The Currency, (Graphic Design, Multiple Colors, Size, Pictures And Figures) The Problem Is In Corrupt Leadership. Lamido Sanusi Should Know This As The Educated Man He Claims To Be. What The CBN Needs To Do Is To Re-Value The Currency By Focusing On The Regulation Of The Economic Sector Particularly On Export/Import Goods, Nationalizing And Controlling The Oil And Gas Sectors, And Re-Structuring The Political Sector To Allow The Naira Gain Some Strength. The Nigerian Economy Was The Best In Africa And One Of The Best In The World Soon After Our Independence, From The First Republic (1960-1966), Till The Second Republic (1979-83). After This, The Country Fell Into Economic Depression.


SOLUTION:

In All Honesty, If The Present Nigerian Government Would Adopt The Same Economic Reforms Of The Past Successful Republics And Sustain It, This Will Possibly Revive The Current Failed Economy.    

Posted: at 27-08-2012 07:38 PM (12 years ago) | Gistmaniac

A Nigerian Writes From Finland....

"...The Problem With Nigeria Is Not In The Currency, (Graphic Design, Multiple Colors, Size, Pictures And Figures) The Problem Is In Corrupt Leadership. Lamido Sanusi Should Know This As The Educated Man He Claims To Be. What The CBN Needs To Do Is To Re-Value The Currency By Focusing On The Regulation Of The Economic Sector Particularly On Export/Import Goods, Nationalizing And Controlling The Oil And Gas Sectors, And Re-Structuring The Political Sector To Allow The Naira Gain Some Strength. The Nigerian Economy Was The Best In Africa And One Of The Best In The World Soon After Our Independence, From The First Republic (1960-1966), Till The Second Republic (1979-83). After This, The Country Fell Into Economic Depression.


SOLUTION:

In All Honesty, If The Present Nigerian Government Would Adopt The Same Economic Reforms Of The Past Successful Republics And Sustain It, This Will Possibly Revive The Current Failed Economy.   

Posted: at 27-08-2012 07:39 PM (12 years ago) | Gistmaniac

rubbish, medicine after the death, that has come to stay now and noting they could do about it

Posted: at 27-08-2012 08:08 PM (12 years ago) | Grande Master