President Jonathan May Reverse Introduction Of Single N5,000 Note | Welcome to Linda Ikeji's Blog

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Thursday 20 September 2012

President Jonathan May Reverse Introduction Of Single N5,000 Note

Barely 24 hours after the National Assembly vowed to move against the proposed currency restructuring exercise and the introduction of N5,000 banknote by the Central Bank of Nigeria (CBN), there are  indications that the project may be shelved.

Investigations showed that President Goodluck Jonathan met behind closed doors with the leadership of the National Assembly on Tuesday night where the two arms of government reviewed the project and agreed in principle to explore the possibility of shelving it.
 
Both chambers of the National Assembly, after debates at their plenary sessions on Tuesday, had adopted motions rejecting the project.

In separate motions, the parliamentarians unanimously voted against the currency restructuring exercise and urged Jonathan to direct the CBN Governor, Mallam Sanusi Lamido Sanusi, to halt it.

Chairman, Senate Committee on Information and Media, Senator Enyinnaya Abaribe, who addressed journalists after the plenary, said the Senate considered the matter as very urgent because of the likely impact of the currency restructuring exercise on the populace.

He said the resolution of the Senate is that the proposed action of the CBN was illegal because it directly contravenes Section 4(2) of the constitution which states: “The National Assembly shall have power to make laws, order good governance of the federation or any part thereof on any matter included in the exclusive legislative list set out in Part 1 of the Second Schedule of this Constitution.”

However, the House directed its Committee on Banking and Currency to conduct an investigation into the planned restructuring of the currency and report back in four weeks.
While the investigation lasts, the House said the CBN must suspend all plans and processes towards the actualisation of the project.
Although there was no formal briefing on what transpired at the secret meeting between Jonathan and the National Assembly leadership, sources confirmed that the presidency was persuaded to drop the project because of the perceived negative impact it will have on the economy.

Jonathan was also said to be getting weary of swimming against the tide of public opinion and the rage of the parliament.
THISDAY learnt that one of the reasons behind the plan to shelve the introduction of the N5,000 banknote was because  the president, notwithstanding the fact that he had approved the project, is having a rethink based on the strong opposition to the exercise.

The House of Representatives yesterday held a prolonged executive session where, it was learnt, lawmakers were briefed on the latest development on the issue.

Speaker of the House, Hon. Aminu Tambuwal, briefed his colleagues on a wide-range of issues, including the currency project, finances of the House and the legislative agenda of the lower chamber.
According to one of the sources, Tambuwal, during the meeting, calmed frayed nerves over the House’s finances and refocused attention on the legislative agenda launched about a year ago.
Chairman, House Committee on Media and Public Affairs, Hon. Zakari Mohammed, could neither deny nor confirm the secret meeting.

All he said was that the likelihood of the project being shelved following the legislative intervention was high.
However, the growing discontent with the proposed introduction of the N5,000 banknote by the CBN and its plan to restructure the currency may have played into the hands of the Senate, which has resolved to exhume the amendment to the CBN Act that could rid it of its autonomy.

THISDAY learnt that the Senate intends to retable the issue of CBN’s autonomy today during its plenary and tie it to the banking system regulator’s decision to restructure the currency as the perfect reason why the central bank should be stripped of its autonomy and made answerable to the National Assembly.
The amendment to the CBN Act suffered a blow four months ago when during the public hearing on the amendment bill, sponsored by Senator Ita Enang, it was defeated 27 – 0 following public opposition to the bill.
However, the Senate, THISDAY gathered, has decided to capitalise on the current disenchantment with the CBN over the proposed restructuring of the currency and introduction of the N5,000 banknote to re-introduce the amendment to the Act.
But reacting to the development last night, financial sector analysts criticised the move by the Senate, saying the currency restructuring exercise should not be mixed up with the central bank’s autonomy.

Source: THISDAY LIVE

47 comments:

Anonymous said...

Linda u dey try o. U no dey sleep? Blogging this early morning. Well done o. I use ur blog to relax when I'm tired of reading.

lovelylady said...

Linda u have power oh,this early morning to start typing all this .GEJ has started becoming wiser thank God.

Verity said...

Foolish people, they just keep tryna make things worse, they had better scrap the N1000 note along with that to help save our economy.
Oh Nigeria!

I say so, via my pink IPad 2

BONARIO NNAGS said...

Yet another would av been laudable policy of d government,may not see d light of d day coz it setoff on wrong footing. Just like d fuel subsidy,d governments inability to properly sensitize d citizens before d introduction of such policy,has resulted in so much criticism,thus giving d policy a wrong image. I pray they learn to carry the people they rule along in all their policy formulation.
~BONARIO~says so via NOKIA3310.

Anonymous said...

Dis our president no try at all, cnt yu think wisely 4 once? End dis madness already..hmph!

Anonymous said...

I'm so down wit d new development.I sumtimes wonder if dese fucked up leaders we av got senses @ all.

Anonymous said...

Dis our president sef is rily a confused man...he has a gud hrt buh a shitty brain...I wnda hu is alwyz advicin him....

Noble said...

Good move guys, for once you have acted like responsible pple. Well done.

Anonymous said...

Mr Odenson Ebele Badluck....Thunder fire you.Linda post abeg!

HORDHUNHARYHOR said...

Only of something good can eventually come outta ds. But unfortunately it appears d@ critical issues lke ds get swept unda d carpets evn after being overstretched 4 months.

Anonymous said...

Very impressive, thnk you mr president

Anonymous said...

Na dem sabi #sighs#

Anonymous said...

See as u resemble drawing u dey abuse person, the ordor from ur mouth sef smell reach here, Abeg next when people wey get since dey talk try listen b4 u talk...

francis job said...

that's exactly what we are expected to face in Nigeria.Confusion everywhere

francis job said...

that's exactly what we are expected to face in Nigeria.Confusion everywhere

Anonymous said...

What Jona up to?
naijaopenmouth.com

francis job said...

that's Nigeria for you . MAY GOD HELP US

Unknown said...

abeg, 2015 dey come.

Warri Girl said...

The motion for the introduction of N5,000 note should be denied or else we would die from inflation.

mosesakinfe said...

Please if you love this our president; tell him not to do nonsense come Jan1 2013. ehn ehn ehn, We are waiting for this guy oooooo

Anonymous said...

Na wa 4 ya grammar. U dey suffer 4rm Spelling-syndrome ni? Ordor/ odor + since/sense.. My dear go bck 2 sch..

Yetie

Anonymous said...

That N5000 note should not near my shop ooo because I no get change before dem give me counterfeit.*chewing my delicately flavoured cow skin on a stick*

Anonymous said...

Presido wake up well well..act on dis, put a stop 2 it.Gbam!

Anonymous said...

I am in the U.S, when I heard that CBN was trying to circulate #5,000 note, I thought that there was hyperinflation in NIgeria. Sanusi is the wrong person for this job. Here is a guy who is pushing for a cash less society in a country that has no electricity. At the same time he is trying to introduce #5,000 note. These two policies are not compatible. Besides introducing #5,000 note will eventually lead to inflation. He is the bad economist and not Obasanjo.

Legal said...

Abeg you fit change 5000 naira note for me? I wan use am pay bike man.... Abeg do fast him dey wait for me.

Anonymous said...

on point bro,don't allow some haters on LIB to discourage u, love d way u approach every post here. From a fan of ur's.

Anonymous said...

jonathan, u clueless bastard P.S jonathan could be anybody's name

Anonymous said...

Well,I am a lawyer and not an economist. But I rember taking economics in Secondary schl. In as much I don't subscribe to the introduction of d #5000 note as that will bring to a higher level d difficulties being encounter by Nigerians in changing #1000 to smaller denominations,d idea itself is as a result of d failure of d cashless policy of the CBN and move to reduce the huge sum usually expended on printing of currency. There is no convincing point that introduction of #5000 note will lead to inflatio. If you go to shop where things are sold for #2000 and possibly have #5000 note with you,will you leave the remaining #3000 change or what? Pls it stand to good reason that it will lead to inflatio or I need an economist to eduacate me on that pls.

Anonymous said...

I tell u. Praise God 4 dat

Anonymous said...

I second d scrapping of 1,000 note as well. Until we put tins in order such dat 1 naira can b worth sumtin, we neva start.

Anonymous said...

My dear, tru talk @ gud jeart and shitty brain. A gud heart is not enuf 4 dis country. Resolute, clean hands n good quality material in d skull is wat we need.

Anonymous said...

Abeg my broda help me see. Goin Cashless+ 5000 naira note. How e make sense nah

Anonymous said...

Nigeria badt gan

Anonymous said...

Exactly! Dis man must b up 2 sumfin dis one dat he moved against d intro of #5000 note..lets just wait 4 1st jan 2013.

Anonymous said...

Kai.....Mr.Lawyer I hail º°˚˚˚°Âº‎​.

Anonymous said...

Where is the gbagaun queen?dame patty!,I heard she went to germany for tummy tuck.hian,fly when no hear word,go follow deadi bodi enter grave o....GEJ's brain has been handpicked too many times,now he wants to stand up for himself and make decisions..u try 4 d one small

Unknown said...

Copy nd paste...dats y d source is @ d bottom

Anonymous said...

Me too! #team bonario

Anonymous said...

The truth is they plan to introduce a clause to this notes. 5000 naira note is not for everybody. Was reading in a newspaper that if one is redrawing 1million and above the person will be issued in 5000 naira note. The banks accoring to the plan will not dish out 5000 naira notes anyhow. The only time it might not cause inflation Is if they regulate the flow of the bill in public. And it can be regulated by not dispensing so much into the economy. If the note is scarce. There will be no problem. But the nigerian government think through their Anus. They don't have advisers. If the note see d light of day, when it comes out, they might just dispense billions and billions of that note to the economy. Once that happens everything except pure water, sweet and chewing gum will start from 100 naira. We don't have that culture of carrying coins

Anonymous said...

He's Just a Confuse Man

Anonymous said...

Some things are not even supposed to be topic in Nigeria,at dis 53.Who sent Sanusi in d 1st place?I doubt if that dude went to grade school at all.Which country has 20 and 50 of their currencies in coins,not to talk of 100,den 2000 and 5000 notes..even if na Zimbabwe?I think Oga Jona is being weak on this seat.My able baba don't take crap from nobody(miss him).I feel sorry for the next generations in Nigeria sha..

Anonymous said...

Btw,d big head CBN governor,I'm sure has never tot of d implications of from #1000 note,upwards...*dumbf*#$*

Anonymous said...

Some things are not even supposed to be topic in Nigeria,at dis 53.Who sent Sanusi in d 1st place?I doubt if that dude went to grade school at all.Which country has 20 and 50 of their currencies in coins,not to talk of 100,den 2000 and 5000 notes..even if na Zimbabwe?I think Oga Jona is being weak on this seat.My able baba don't take crap from nobody(miss him).I feel sorry for the next generations in Nigeria sha..

Anonymous said...

This Nation with their clueless leaders.Havent they heard of consultation and enlightnment.When they wake up from the wrong side of d bed,they come here to tell us all sorts of jibberish that they cant even defend.Vagabonds in POWER.

Yemi said...

Shame on the FEC especially their useless Oga

oodetunde said...

Our president needs to stand behind the people he has handpicked to do a job for him and stop dancing to the tune of others. The popular views are not always right. People respond to stability and steadfastness, qualities Jona needs to acquire

Anonymous said...

Our prsident, u're realy endeavouring anyway! Leading is nt an easy task. But, my suggestion is dat such motive of CBN governor is jst like dat of group of young lads wo took to there favourite passtime and at d same time hopping. Of course! Such introduction wil intensify d rate of corruption in Nigeria of which we hv been fighting to scrape out but lingering.

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