The Senate, in a press conference in Abuja today, said that CBN had no right to embark on a matter that has 'far reaching implication on Nigeria and Nigerians' without first consulting the Senate and other stakeholders, adding that “until this is done the CBN must stop action.”
Statement from The Senate when you continue...
By the Chairman, Senate Committee on Banking, Currency, Insurance and other Financial Institutions, Senator Bassey Otu
"The CBN must be very careful in order not to send a wrong signal or message to households, domestic sector and even the external ones that the Nigerian currency is valueless, which I believe it is definitely not, and that for every unit of value they need to carry a large quantity of cash."
"As a committee we should do our work, this morning there is a burning issue that is going on in our country and there is need for us; as a committee to comment on this topical issue. I am the chairman of the senate committee on banking, currency and other financial institutions. We have also read in the papers just like you about the currency restructuring that the CBN embarked on.
"I believe that a project of this nature requires parliamentary approval because there are numerous and fiscal implications on the entire economy.
"The CBN in 2008 and 2009 came up with a proposal to re-denominate the currency, that was even to take off the zeroes. This was just 2008 and 2009 and here we are in 2012 we have seeing a kind of policy somersault even though we understand the dynamics of the sector very well. I believe that we have to be well briefed on this.
"Also in 2005, the CBN undertook a major currency restructuring which ran into billions of Naira. Till date a proper value has not been done to know it's costs to the Nigerian taxpayers and the extent of the benefits and in that 2005 coinage, I think it did not work at all because both the goldsmith and the blacksmith converted the coins to molding bangles, earrings and so on etc.
"So, we believe that the coinage works very well where there is infrastructure to take it like a half, probably like a parking where you go and put it etc. We have not developed that real basic infrastructure and those coins most of them are nowhere really to be found.
"So, the CBN will have to prove that the policy is not a clear contradiction or at variance with cashless society, which they are even yet to justify and whether this is the popular economic way to go.
"So, we are asking and we are sending a letter to them to stop all further actions on this until the senate of the federal Republic is properly briefed", he said.
70 comments:
Good, in America there is no 5,000 dollar note, so whyin Nigeria?
Gud one.dis country self
Not just stop the action for now but forever. Dear God pls frustrate every plans of our government (via new policies)dat ll not be of benefit to the common man . Amen
I saw this coming.. Well done senate. Meanwhile u can make money online by simple refferals.. http://referraltask.com/ref.php?page=act/ref&invcod=83734
Phew! Thank God. No need to devalue our currency the more.
*Adjusts reading glasses *
One word THIEVES!
Linda post my comment oh!
Better!!!! What Nonsense......5000naira note ko! 5000 naira note ni.....
With his Lamido face, he wants to make our dear NAira valueless.......NO WAY!!
Dats a whole lott'a bullshit....so all CBN needs 2 do is inform d senate n dey can move on dat is?*smh 4 Nigeria......anyways I'm still proudly Naija...peace★
This country needs help
The most educated response to this maddness.
Well said Senate chair! Well said!!
I dont even cae to read what his write up says..I totally agree with putting a stop to it. Life is Hard in Nigeria already.. #5000 Note? for what now..Rubbish!
for once i agree with the senate.The CBN governor should think of other ways of making the naira have value.A new denomination of naira will not solve our problems at this point in time.
Very sensible.
Dis is d best news I've got frm d senate since inception... #aplauds#
A̷̷̴̐͠βȋ̝̊̅ ˚˚˚°ºo.
Sanusi clearly does not know what time it is.
I am sure the guy read a book on how to destroy a nation's economy and is trying to put theory to practice. Ewu Gambia. Linda , u berra post ma comment.
We tnk God 4 diz senate o...........
We tnk God 4 diz senate o...........
Finally somebody is thinking straight!
Hei!God is still interested in the affairs of this country!Thank you Lord for frustrating the plans of the evil ones...
Right now,the prayer has changed direction oooh...All the enemies of Nigeria,whomever they are,what ever form they come in,let them fall and die!!!
Word!! Senate stops CBN from producing 5k notes Same way they stopped new plate numbers & drivers licence & after 'oiling their palms' it was approved. MFM prayers 4 all of them. Rogues
The senate should stop deceiving the poor masses because this same senate will come back to the public in a matter of weeks to say all is now ok.
They just need settlement as 9ja culture (Share of national cake)
O thank Jesus. But you go fear O. Of all the groups of people to come up with this 5000 naira idea - the central bank! *smh*
we r all talking is dt wat we need in our country now pensioner they should pay them and we need security not printing money or changing money,it doesnt make any sense at all if dey like dey should print 20thousand naira,but there should provide for the poor not all for d rich pple nigeria need change not change of money
Finally Some encouragement !!! I pray they don't bring up feasible points to counter the opposition ... GOD BLESS NIGERIA
Thank God but they can do better and Sanusi is Devil . May his plans slap him hard in the face and may him be sacked .
I really like this,because i see no reason in introducing 5000naira single note since we are going on cash less policy. So what does that mean, contradicting the cash less policy.
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So with all his degrees and awards didn't he notice this would be detrimental to the Nigerian economy..all this people work 4 the devil and not for the good of the people!!
Wat we really nid in nigeria is coins not sum dumb 5000 naria notes! I so much hate the fact that I am a nigerian! Fuck dis country!
I want to introduce wireless technology.........so lets purchase lots of wires.
They want cashless economy and at the same time bringing up the issue of 5,000 naira notes, that goes to show we have a bunch of confused human beings running this country. May God deliver us!
Biko make una check his bow tie. Ee be like say d thing dey reduce d blood supply to his brain so he aint thinking right. So it mite not actually be his fault that he sounds like someone talking from a partially functional brain. Shebi CBN get doctors.
In fact even ONE THOUSAND NAIRA (N 1,000.00)SHOULD BE withdrawn from CIRCULATION...N 5,000.00 KINI? Thank U MR MARK JAREEE.
Amen o o o
Sanusi is a demonic agent. What is the relationship between cashless society and the introduction of N5000 note. Does a cashless society need intro of new notes? Barawo, thief, ole. Help add the ibo version.
Degrees does not make one wise and as you can see Sanusi is a living proof. Sanusi is wicked soul on hell's errand to destroy nigerian economy, devalue the naira and impoverish the masses. He will meet his waterloo.
why r u guys spoiling business forbme??? haba. after i have spent time re calibrating how many 5k notes that will sith in a ghana must go bag as per our coorruption and bridbery process, now u people want to spoil my pay in Mauritius. God no go gree ooo
Ok I get the joke......... I enter bus in lagos i'm to pay hundred naira then bam I pull out 5000 naira note.....lool can imagine me and the conductor busting laugh. Hahahaha.
Who is SLS n who are d senate? Na dem dem jare!
may God please help us take sanusi out of the way, let him go and rear cows...mad man. He is a mad man!!
Honestly, I used to think the words of elders are words of wisdom. So far this is the first country where I see its the opposite. Its a shame to say that our so called elders in this country have done nothing but ruin this country with their greed, wickedness and stupidity right from 1960 till date.
Lets be realistic. We are just wasting our time and money commenting on such posts, calling to share our views on radio programs that discuss such issues because the truth is our voices and opinions are not heard and don't count. These bastards in those offices would do what they want no matter what, whether we contest or strike. The past issue with the fuel subsidy matter is a perfect example. We contested the action for what? a week and most were already crying... what did the God forsaken government do? They reduced the price from 140 to 97naira and people started rejoicing. Everybody automatically were OK with 97naira instead of the initial 65naira.
I am just writing this comment to tell you all wasting your internet bits commenting on this 5000naira note to stop because mark my words today it will come to pass. It is what they've all agreed on in their secret meetings and this shameful act from the senate is just a media act to fool the people. This just goes to show that nothing is done by the book in this country because I don't see why the bastard called Lamido Sanusi didn't think he needed to table this action with the senate before putting it in motion, which believe me is a lie. David Mark already knows about this. I also dont see the need to waste a mega sum of 40billion naira in printing this irrelevant 5000naira note when there are other immediate and important issues that need to be financed. This is a country they say is broke. Why? Cant this 40billion about to be wasted do any good in our health sector? Refineries? Are we complaining about the denominations we already have? Or is it affecting the country in any way?
When will we understand that our voices can never stop these so called leaders from doing what they want to? When will we realize that these so called leaders only do things that will favor their ill causes? When will we realize that these so called elders have failed us? What kind of examples are they setting? These leaders see we the people as cowards that cant start a revolution. And the bitter truth is these men will never stop unless something happens in this country just like it has happened in other countries suffering from similar issues.
I am done wasting more time on this BS.
This stupid man sanusi should have known tht Nigerians are allergic to coins, so what he should have done was to convert all coins into notes and the economy will boom again....mtcheeeeeww
More grandstanding by our senate as usual. As far as I know (and I stand to be corrected) the CBN does not report to the senate nor does the senate dictate fiscal policy.
Sanusi was acting as if there is no legislature in Nigeria,please,the issue of 5000 naira note should be buried
Exactly!!!!
Kudos 2 d NASS esp Senator Otu, 4 seein failure behind dis idea. I believe Sanusi jst want more of his signature in Naira notes, how cn he embark on such project without d consult of d house, its embarasin... A Mallam indeed - dats attractin inflation. He better tink of reintroducin kobo n help dis nation 2 stand @ peace. I pray senate wont go bk wit decision. God save Nigeria.
Voiceless, powerless n useless senate...they only share comments like every other citizen whatever the executive does is final who cares if d senate approves or not *hiss fingerz crossed 4 d due date
Voiceless, powerless n useless senate...they only share comments like every other citizen whatever the executive does is final who cares if d senate approves or not *hiss fingerz crossed 4 d due date
Y our country go dy different self..C.B.N TAKE TIME O
God help us.....Bcos only God can deliver dis our great nation.. Hwever, am proud 2 be a Nigeria no matter d situation.
Yes oo, Nigeria is already hard why make it worse dat is even if its not worst. God help us in this country with all dis sensleless leaders.
I have read the press release by the CBN Governor on this issue which he called project cure. I did not see the merits that justify this action of CBN. As usual, Sanusi would sail his decision through even in the face of Senate "gara gara" Senate should realise that President has given approval since last year, so why the medicine after death?
!So some of our leaders do have sense and reason well, and some stealth their senses!... #Amazin' Thingz#
"...The Problem With Nigeria Is Not In The Currency, (Graphic Design, Multiple Colors, Size, Pictures And Figures) The Problem Is In Corrupt Leadership. Lamido Sanusi Should Know This As The Educated Man He Claims To Be. What The CBN Needs To Do Is To Re-Value The Currency By Focusing On The Regulation Of The Economic Sector Particularly On Export/Import Goods, Nationalizing And Controlling The Oil And Gas Sectors, And Re-Structuring The Political Sector To Allow The Naira Gain Some Strength. The Nigerian Economy Was The Best In Africa And One Of The Best In The World Soon After Our Independence, From The First Republic (1960-1966), Till The Second Republic (1979-83). After This, The Country Fell Into Economic Depression.
SOLUTION:
In All Honesty, If The Present Nigerian Government Would Adopt The Same Economic Reforms Of The Past Successful Republics And Sustain It, This Will Possibly Revive The Current Failed Economy.
Linda please post my comment.
Sanusi lamido, Is #5000 note our problem? Stabilize nigeria economy first. #5000 would tend to distabilize it the more and give our callous politician every reason to milk this country the more.
Am beginning to doubt the competence of our CBN governor. Pls can somebody tell me where #1 and 50k coins is? He also wants #5, #10 and #20 denomination to go extinct. Wake up mr Governor.
The senate want to create relevancy and play to the gallery but they will approve after all the drama later....this is Nigeria when a set of people want to do something they get it done ...its will only cause some time and exchange of money it’s just a pity... the 5000k note has come to stay.... the rich will push for it even among the senate.... so bad......
Nigerians are saying "NO" to dat nonsense and stupid project.
.....And what happens after they are briefed and 'carried along' with the senseless plan to introduce d 5k note..won't production continue????...this people don't care about d masses.read btw d lines LIBers,what they are fighting for is the 'slightness'( not informing them) by CBN...God help Nigerian Leaders and make them lead not rule...Amen
I think our CBN governor is bankrupt of ideas, how can he preach cashless society and still introduce more denomination, what happened to the N1 50k etc coins? and he want to make N10, N20 etc coins? has he ever used the coins? He should not just try it!!!
That referral program is a scam.you will never get paid,all your effort on it will be in vein as you will be asked to complete a survey that will never end till eternity.I stand to be proven wrong.
Giano.
i hope people in d senate will reason for once and not let this 5k note see limelight....pls God touch their hearts....i cant afford to buy a sachet of water N100 yet...lolz
is like each person that finds himself on CBN's sit as gov. will like to use the avenue of printing currency to make their own doo abi. our dear country Nigeria is seriously burning like a fire and someone is out their stealing from her again:hope they stop the printing of the 5000k finally and not to fool us and will later give consent it.
this is jst a mere hide and shoot game, the senate will definatly sign it bcos its in d favor of d rich like dem nd not for d poor ok.regardless of our failin economy, Sanusi Lamindo wants to creat more problems for 9ija... may God hav mercy on all of u who dosn't wnt this country to grow
in America, there are $5000 and even $10,000 notes. buh it doesn't mean Nig is ready to hav such denominations....... SENATE SHD NOT AGREE WITH CBN!!!!!!!!!!
Helo Nigerians am seriously embarrassed by the cheapness of our politician, both by self greed and international lobbiest.
The truth is that for Nigerians to respect the value of the country many sector needs to sit-up and take some people as a scape-goat in this MONEY LAUNDRY sagga of our beloved country. Imagine the so-called award winner, who claims to be a educated proffesor, wishing to destroy Nigerian Economy by the the Introduction of 5,000 naira note and coining 50 - 5 naira. Is that not madness and illitracy? will this not result to the weakness of our economy?. or better to explain, maybe his is trying to play his own part of the BOKO HARAM mission to destroy Nigerian Economy. And lets not count out international politics here. I beleived many of us read the fiction "mother in the white House" where the secratary of state took bribe from chinese political lobbiest to weaken the economy of US by trying harder to persuade the president to sign a poisoning bi-lateral agreement with the chinese government, thats is exactly what Sanusi is up to. they have bribed him to destroy our prospective economy by the rubbish introduction of killer 5,000 naira note. it will come to a time when we say to this political leaders, ENOUGH is ENOUGH!
Ole buruku, dem jst dey find way wey dem go use chop money, odawise whts d essence of dis N5000 note? Is it d problem Of nigeria? Dey r jst bloody thieves
Am yet to understand Sanusi's mission in Nigeria, to destroy or build the economy? its so clear he doest have any good intention for Nigerians. we better stop him before he stops us.
I have been telling my colleagues, this Sanusi man hee, might be a devil incarnate oooooo sent to ruin our country. God will never allow him
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