The deputy chairman of the senate committee on petroleum upstream, Senator Kabiru Marafa has warned that the insistence of the Central Bank of Nigeria to go ahead and introduce the N5,000 note into the economy despite misgivings by the general public and the senate, could pit the entire National Assembly against President Goodluck Jonathan.
Speaking to LEADERSHIP WEEKEND, Marafa who represents Zamfara central said that President Goodluck Jonathan has been ill-advised, should rescind his decision and call the CBN to order. The senator also suggested that the Senate was not powerless in stopping the apex bank from introducing the new currency.
He said the National Assembly and the executive arm of government were already at odds with each other, first over the refusal of the presidency to implement a Senate resolution asking for the removal of the director general of the Bureau for Public Enterprises and then the reinstatement of the head of the Security's Exchange Commission after the House of Representative committee had found her wanting.
Marafa said, "I have had reason to speak against it, the families of those that will grace the N5,000 note have spoken against, a cross section of Nigerian's including renowned economists are also against it. The Senate committee on banking and currency has issued a directive to stop the introduction."
"The CBN is insisting it will go ahead saying the president has endorsed it. The president was ill-advised and at any rate, he is working for the Nigerian people and Nigerians are against. The reasons the CBN is giving for wanting to introduce the new currency are useless. If they are interested in awarding contracts, they should be bold enough to let Nigerian's know."