Wednesday, April 16, 2014

UPDATED: House directs CBN to halt N5, 000 note introduction

Published:

Sanusi Lamido Sanusi

The House of Representatives has ordered the Central Bank of Nigeria to shelve its plans to print the N5, 000 notes.

The House gave the directive at its plenary sitting on Tuesday after weeks of recess. Ongoing debates on the floor of the Senate shows that the Senate may arrive at a similar resolution.

The lower chamber also directed the President to remove Aruma Oteh, the Director General of The Security and Exchange Commission, SEC, who was initially suspended and later re-instated by President Goodluck Jonathan.

The house in its resolution asked the President to implement its recommendations following the report of a committee that probed the capital market.

One of the recommendations was the removal of Ms. Oteh who was indicted by the committee of malpractices.

Should President Jonathan fail to remove Ms. Oteh, the House said it will henceforth stop dealing with her as the SEC DG.

More details later…

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