Monday, August 27, 2012

Senate Suspends N5000 Note Introduction

I don't know if you will see this news as a happy on sad news but the latest updates on Nigerian Five Thousand Naira (N5000) Note introduction is that 

The Senate Committee on Banking, Insurance and other Financial Institutions on Monday directed the Central Bank of Nigeria (CBN) to suspend the introduction of N5,000 note until the Senate was properly briefed.

The Committee Chairman, Sen. Bassey Otu speaking to newsmen in Abuja immediately after the seating

The CBN must be very careful in order not to send the wrong signal to the domestic sector and external partners that the Nigerian currency is valueless. So, we are sending a letter to them (CBN) to stop all further actions on this until the Senate of the Federal Republic is properly briefed.
He continued

In 2005, the CBN undertook a major currency restructuring to re-coin some denominations which ran into billions of Naira. ``It did not work at all because both the goldsmiths and the blacksmiths converted the coins to moulding bangles, earrings and so on.

Honestly I think  Sen. Bassey Otu got this one Right!

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