Reps direct CBN to halt introduction of N5000 note
The House of Representatives in a unanimous resolution on Tuesady, ordered the Central bank of Nigeria (CBN) to hold on the proposed introduction of the 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.