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House of Reps Orders CBN to Withhold Introduction of N5000 Notes

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The House of Representatives has ordered the Central Bank of Nigeria to withhold the planned release of the N5,000 notes pending the outcome of the investigation of the House Committee on Banking and Finance.

The lawmakers resumed today after a long recess and at their meeting, agreeed that the committee would investigate the planned introduction of the controversial N5000 note. The committee would also look into the redesigning of the N10, N20 and N50 into coins.

Channels TV reports that the House passed the resolution following a motion moved by a minority leader, Femi Gbajabiamila. He called on the National Assembly to urgently reform the CBN Act which allows the apex bank to expend money without the National Assembly’s appropriation.

Photo Credit: Channels TV

Adeola Adeyemo is a graduate of Industrial Relations and Personnel Management from University of Lagos. However, her passion is writing and she worked as a reporter with NEXT Newspaper. She believes that anything can be written about; anything can be a story depending on the angle it is seen from and the writer's imagination. When she is not writing news or feature articles, she slips into her fantasies and creates interesting fiction pieces. She blogs at www.deolascope.blogspot.com

5 Comments

  1. bbb

    September 18, 2012 at 5:06 pm

    God help Nigeria

  2. akpan peter

    September 18, 2012 at 7:41 pm

    l don’t have any problem with the introduction of the #5000 note, but redesiging #5,#10,#20 & #50 into coin.

  3. faith

    September 18, 2012 at 8:07 pm

    Wateva!

  4. iamfascinating

    September 19, 2012 at 1:51 am

  5. queenbee

    September 24, 2012 at 2:47 pm

    can’t imagine taking 5000 naira note to market. who will have change? this is an unnecessary liability on the average citizen.

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