The Federal House of Representatives has directed the Governor of Central Bank of Nigeria (CBN) Mallam Sanusi Lamido Sanusi to put on hold all processes involved in the production of the proposed N5,000 note.

The House which was just reconvening after its annual long recess witnessed a one-sided debate as regards the CBN's proposed initiative. Rep Sam Tsokwa (Taraba State), who moved the motion, prayed the House to immediately stop the CBN Governor from going ahead with a venture he believes is of no immediate benefit to Nigerians.

Rep Sani Umar Kargo (Kebbi State), who was also in support of the motion, said the issue though a very technical one, should be handled technically.

According to him, the proposed N5,000 note seems a very heavy currency to be carried around by Nigerians.

Another member, Rep Nicholas Osai said there is nothing positive in the proposed currency production. According to Osai, "There is no single positivity that will emanate from the production of the said note. Any attempt to introduce the note will be interpreted to mean an act of economic genocide by the Central Bank governor."

House Minority Leader Femi Gbajabiamila in his submission said the National Economic Council which is supposed to advise the president in such cases is yet to address the issue of the N5,000 note. "I am not aware of any forum where the NEC which is supposed to be an advisory body of the president has addressed the issue of the proposed note introduction."

He equally suggested that the autonomous status of the apex bank should be reviewed and asked the House to sponsor and pass a Bill whereby the CBN's budget will be subjected to the approval of the National Assembly.

The House session which was presided over by the Deputy Speaker Emeka Ihedioha, however adopted the following resolutions; that the CBN governor Sanusi Lamido Sanusi put on hold any further actions regarding the proposed production of the N5,000 notes pending the outcome of the House's investigations. It also mandated the House Committee on Banking and Currency to meet with the CBN governor to further look into the matter.