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

Sanusi lamido sanusi
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…

  • segun

    That is cool, I wonder what sort of power is given to the governor of the CBN to think he can jst impose any policy as he did pertaining islamic banking

    • Adam

      Hi Segun, It is very clear for the issue of N5000 note that Sunusi is trying to impose it on us, but with regards to the Islamic Banking, he met the proposal in the office. In any way, you have choice as to bank with Jaiz or not: no compulsion in Islam, period.

  • Mpitikwelu_na_Ugwu_Awusa

    Tambuwal should know that only one president was elected in April 2011. If he decides to destablise this government, he will be the first casualty.

    • FreeKick

      I don’t understand you, Are you Okupe Abati or something? What the heck?

  • http://www.facebook.com/ytaddy1 Yakubu S. Taddy

    sanusi lamido should be talking of reducing poverty reducing & creating employment not printing N5000 notes for the convenience of looters.what is the essence of a cashless economy?well done national assembly.

  • http://profile.yahoo.com/DTQSACOZIIEZYYV37V4EGFDXOA Edo

    No! He wouldn’t. The bokonomist CBN governor is above the law.

  • Day break

    It is unpleasant that people in positions of authority who should promote and encourage respect for popular opinion and wishes of the people, seem to ignore same for reasons that beat common understanding. Nigerians say they do not want the proposed N5000 note. Simple. Thank you, National Assembly.