Foreign Institutions behind CBN’s Introduction of N5000 Notes – Ita Enang
Chairman of the Senate Committee on Rules and Business, Senator Ita Enang (PDP, Akwa Ibom North-East) has said that the influence of foreign institution is behind the planned introduction of N5000 notes by the Central Bank of Nigeria, CBN.
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, while addressing the 1985 class of the Nigerian Bar Association (NBA) in Abuja on Wednesday, 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 said 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 adding that everything possible would be done by the Senate 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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