Lawmaker says CBN contradicts itself on cashless policy and proposed N5000 note

The chairman, House of Representatives Committee on Media, Zakari Mohammed, on Thursday condemned the policy of  Central Bank of Nigeria (CBN) on the proposed N5000, wondering … Continue reading Lawmaker says CBN contradicts itself on cashless policy and proposed N5000 note


The chairman, House of Representatives Committee on Media, Zakari Mohammed, on Thursday condemned the policy of  Central Bank of Nigeria (CBN) on the proposed N5000, wondering if the CBN is insisting on migrating Nigeria to a cashless economy, “why then is the same CBN proposing the creation of the N5000 denomination? he asked.

He further stated that this does not only show confusion but shows contradiction on the part of the CBN, adding that “such a move as at now is not necessary” he said, speaking on behalf of the House of representatives.

Mr. Mohammed added that the resolution of the House of Representatives is always respected despite claims that the House resolutions are not bidding on the executive arm of government.