I guess the introduction of the N5,000(Five Thousand Naira ) Note is not really welcomed by all Nigerians as the Senate tends to put a stop to CBN on the N5000 note that is about to storm the market.

According to the latest development, it was said that the Senate committee warned the Governor of the Central Bank Of Nigeria to stop the proposed N5000 note that is about coming in to the market.

 The Chairman of the Senate committee on Banking, Insurance and other Financial Institution,Senator Bassey Edet Otu, address the press in Abuja that it had become imperative for Senate to put a halt to the new CBN arrangement because a project of this kind required parliamentary approval, adding that the upper legislative chamber was never briefed prior to the announcement of the soon-to-be introduced note.

N5000

  He said that a project of this kind demands a parliamentary approval because there are numerous and fiscal implications on the entire economy

Speaking further, Senator Otu  warned the CBN to be very careful in taking some decisions that would worsen the nation’s economy and send wrong signal that Nigeria’s currency was valueless. He stressed that the country did not deserve this policy since the nation was not in a major crisis.

The CBN governor had on Thursday, last week, announced the introduction of a new currency series where the existing denominations of N50, N100, N200, N500 and N1,000 will be redesigned and a new note of N5,000 introduced.

Do you really think their is a need for this development?

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