Senate rejects N5,000 notes

THE National Assembly on Monday said it would stop the Central Bank of Nigeria from introducing its proposed N5, 000 note.
Chairman of the Senate Committee on Banking, Currency and Other Financial Institutions, Senator Bassey Otu, made this known yesterday.
He said that the Senate believed that the project required parliamentary approval because it had numerous and fiscal implications for the entire economy.
Moreso, The Civil Liberty Organisation (CLO)The Akwa Ibom State branch, has called for the prosecution of the Governor of Central Bank of Nigeria, Lamido Sanusi, for the planned introduction of N5,000 note.
Speaking on Monday in Uyo, Clifford Thomas, the State Chairman of CLO said: The N5,000 proposed by the CBN is anti-people. It is a deliberate policy to increase poverty, punish the over 160 million Nigerians so that the rich will become richer and the poor, poorer. It will be much easier to commit electoral fraud, as the money will be handy to transmit about,”.

I hope he is kidding about the prosecution part sha o but I particularly think this is a failed macro-economic policy.Inflation won't just gallop,it will fly noni.Nigeria has passed the stage where one CBN governor parades himself as the mr-know it-all-of-our-time and yet our economy keeps crashing while he makes unhealthy policies to imprint his name on national annals instead of working in the economic interest of the people and nation of Nigeria as is required of him by virtue of his office.

mscheww...

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