"Suspend Introduction of N5000 note", National Assembly tells CBN

The Senate and the House of Representatives have asked the Central Bank of Nigeria (CBN) to “immediately” suspend its planned introduction of the N5000 note and the conversion ofcertain notes to coins. In separate unanimous motions on Tuesday, federal lawmakers said the policy will heighten inflation and impoverish more Nigerians. The order topped issues considered by the lawmakers as they resumed from months of recess on Tuesday. Senators spent long hours after meeting behind closed doors in condemning the controversial policy which the CBN governor, Lamido Sanusi, and the federal government have insisted must go on. “The policy is inconsistent with international best practices,” said Sam Tsokwa(Taraba, PDP) who sponsored a motion at the House denouncing the planned introduction. The CBN has said the policy is to save cash management cost and has argued that it will only complement its cashless policy. But lawmakers at both chambers dismissed the arguments as smacking of the influence of the World Bank and the International Monetary Fund. “If a doctor treats a patient, it is left for the patient to say how he is doing,” said Ali Ndume, a senator from Borno State. “It is not the doctor to discountenance what the patient is saying and continue giving him drugs.” His comments reflected the public outcry that has greeted the planned policy and the CBN’s defiance to go ahead with the launching slated for early next year. Lawmakers said the CBN’s refusal to consult with the National Assembly on the matter remained illegal. The Senate said it remained for President Goodluck Jonathan to respect the opinion of Nigerians through the National Assembly and halt the policy. “We have made the resolution of the Senate known to the president; it is now left for him to decide to obey the voice of the representatives of the people or not,” said Enyinaya Abaribe, the Senate spokesperson.