The planned introduction of N5000 note by Central Bank of Nigeria (CBN) come 2013 met a brick wall yesterday following the fierce opposition from the senate committee in charge of currency and other related matters. Governor Sanusi Lamido Sanusi announced last Thursday about the CBN intention of converting N5, N10, N20, to coins and then minting N5000 single note as a policy which is in line with CBN's cashless policy. The Lawmakers argued that since this matter affects the whole economy, CBN must prove beyound reasonable doubt that this policy is not going to turn the economy upside down seeing that Naira has not degenerated so much to the point of introducing this policy. It was noted that President Goodluck Jonathan approved this proposal since December 2011.
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