House of Reps summon CBN Governor, Lamido Sanusi over proposed N5,000 notes

The House of Representatives Committee on Banking and Currency yesterday summoned the Governor of Central Bank of Nigeria, CBN, Sanusi Lamido Sanusi, to explain how the introduction of N5,000 notes will promote its planned cashless policy.

This was disclosed by the Chairman of the Committee, Jones Onyereri and his Deputy, Haruna Manu while briefing newsmen. Onyereri declared that “the House Committee will invite the CBN to know whether the apex bank is still pursuing the cashless policy, and how this higher currency note complements the cashless policy or if it contracdicts the policy what the next step should be”.

The Committee Chairman added “we believe that the Nigerian people deserve to know whether there is a short, medium and long term strategy through which the introduction of these new denominations will bring benefits to the monetary system.

“The Committee on Banking and Currency is mindful of the fact that the CBN has not communicated its plan of introducing a N5,000 note to the committee.

“Whereas we fully respect the separation of powers enshrined in the Constitution and the Central Bank’s autonomy as provided in the Central Bank Act 2007 as amended, as well as the Banking and Other Financial Institutions Act, we have a responsibility to the Nigerian people to engage the Executive arm on issues that may have a far reaching effects on the economy, and affect the day-to-day lives of the ordinary Nigerians”.