18th September, 2012
Nigeria’s House of Representatives this morning returned with a criticism of the Central Bank of Nigeria and the Executive Arm for the planned introduction of N5, 000 note and its endorsement by the presidency.
Members of the House who spoke during a debate on a motion against the action described the move by CBN as largely a show of policy inconsistency and not in line with international best practices.
Moved by Albert Sam Tsokwa and 19 others and seconded by Nasiru Aliyu Ahmed, the motion sought the resolution of the House to put a stop to the planned act.
According to Tsokwa, the motion is an endorsement of the will of the public. Nigerians have rejected the planned introduction of N5, 000 but the leadership of the Central Bank of Nigeria has in defiance maintained that it is not going back on the plan. This according to Tsokwa is in negation of the constitution which says that sovereignty belongs to the people. Tsokwa and his colleagues cited section 14 (2), and section 16 (a)of the 1999 constitution.
The House, he said, recognises that the law establishing the CBN has given it so much latitude to do so many things but when this is being abused, the representatives of the people cannot sit back, fold their hands and do nothing.
Tsokwa called for the constitution of a committee to look into issue and report back to the House.
Chairman of House committee on Banking and currency, Chukwudi Jones Victor Onyereri stated that contrary to the claims by the CBN Governor, Sanusi Lamido Sanusi that the legislature was properly briefed, he and other members of the Committee were not briefed but only heard of it days after it went public.