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Senate May Approve N5,000 Note Project

By on August 30, 2012

Lawmakers

The Nigerian senate may go ahead to approve the Central Bank’s plan to introduce the N5,000 note as well as phase out some smaller denominations into coins.

The indication was given by Senator Eyinnaya Abaribe (PDP, Abia South) via a telephone call with Sahara Reporters.

Abaribe who is Chairman, Senate Committee on Media and Publicity said, “You cannot take a decision that affects the economy of the country without including the Parliament,” Abaribe said. “You cannot take such a momentous decision which affects the economy in very fundamental ways without reaching [out] to the Parliament.”

He said, ““The CBN was expected to consult with the Senate Committee on Banking that supervises the CBN, at least to let everybody know the details of what [they] were doing. You are not supposed to act with disregard of Parliament. The Parliament has oversight functions.”

Further, “The Senate is saying that the major policy change that the CBN is doing has implications for the country, in terms of inflation… Every stakeholder in the Nigerian government must be carried along. Let us know what you are doing, why you are doing it, the reasons behind that, and everything, before you go ahead. This is international best practice. “

The remarks from Senator Abaribe imply that the Senate may just be upset it was not carried along on the project. Many cynical Nigerians will begin to wonder if the Senate is merely interested in how the N40 billion earmarkerd for the project will be shared.

On the other hand, analysts are expecting that Sanusi will have a tough time selling the idea to the House of Representatives who have already invited the CBN Boss to testify before it.

2 Comments

  1. Nura Mohammed Kamfut

    August 31, 2012 at 2:07 pm

    Well it will b very disappointing if d senate goes ahead & approve it, though one may not b surprise considering d kind of people we have in d senate whom are all rich & will not have any problem wiz d note but rather it may b an advantage 2 them in terms of easy carrying. But my problem is; what is really wrong wiz our leaders? Introducing a policy by hook or crook dat will obviously have negative effect on d poor masses? I don’t think we are practising democracy bcos if we are, people’s views are suppose 2 respected since d electorates are d same people dat gave them d mandate 2 govern them. Since when dis issue came up, I never came across anybody dat is supporting dis unpopular policy so why d insistence? Dis country belong 2 all of us & we have a stake in it. 4 my country men & women, we should start knowing our rights & begin 2 elect people dat will truly represent us & start thinking of recalling doz dat are doing otherwise. Our last hope is d house of reps, we pray & hope dat, they will really depend their people’s interest dis time around.

  2. Anthoga

    September 11, 2012 at 4:38 pm

    What did you expect before? have senate ever stop any bad policy in this country? They are money collectors, when once money has pass hands, nothing again. they are full of empty arguments on every matter, whether good or bad. Their existence is completely of no use to the masses. The new note will even ease their activities of sharing money . They will be smiling each time they seat. acceptance of new note, increment in allowances. That is our government for us. They should have allowed the N5, N10 and N20, to stay as notes, to coin them is to face them out of existence as what happened to the previous coins.