The Senate will stop the Central Bank of Nigeria (CBN) from yielding to the dictate of some foreign institutions regarding the proposed introduction of the N5,000 note, Chairman Senate Committee on Rules and Business, Senator Ita Enang (PDP, Akwa Ibom North-East) has said.
Enang, who said this in Abuja on Wednesday while addressing the 1985 class of the Nigerian Bar Association (NBA), said the proposed currency restructuring would hinder the nation's economy.
"Can this (introduction of N5,000) be done in Nigeria without carrying people along? Should we allow our country's economy to be dictated by institutions outside Nigeria who may have posted their agents into Nigeria? I, as senator representing Akwa-Ibom North-East, am opposed to the proposed introduction of N5,000 note by the CBN," Enang said.
The senator also hinted that the Senate would do everything possible to make the apex bank submit its budget to the National Assembly for scrutiny as required by the Fiscal Responsibility Act.
He called on the NBA to submit its memoranda to the Constitution Review Committees of both chambers of the National Assembly for the ongoing process of the amendment of the 1999 Constitution.
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Taking advice from foreign institutions/bankers like the IMF is never a good idea. The proposed introduction of the ₦5000 bill is being done only to further destroy the Nigerian economy and society. The Senate hopefully will stop this from happening and not only giving the public lip service. Again, why would foreigners come in and tell us what is best for us? That is beyond insanity!