Abuja - The House of Representatives’ Committee on Banking and Currency has been mandated to investigate the Central Bank of Nigeria (CBN)’s plan to introduce N5 000 note as one of nation’s legal tender by 2014, and determine, if the project is desirable for the nation’s economy.
The committee was also mandated to find out the likely benefits the project would have.
This was sequel to a motion that was brought under matters of urgent national importance by Hassan Saleh.
Under the motion, Saleh reminded his colleagues of CBN’s plan to introduce a new legal tender (N5 000 note) before the end of the first quarter of 2014 through a programme called ‘Project Cure’.
Noting that there are no compelling change in the economic space, Saleh concluded that the plan is uncalled for.
“The purported ‘project cure’ programme was first muted in September 1, 2012 when it (CBN) announce that the programme was designed to restructure the nation’s currency by minting N5, N10 and N20 coins, redesigning the N50 note and introducing the N5 000 note.
“This scheme was greeted with an overwhelming public disapproval and outraged, and it was suspended by the apex bank to enable it educate Nigerians on the benefit of the scheme.
“As vast majority of Nigerians do not spend up to that amount per day, and have no need for this expensive economic expedition that the Central Bank of Nigeria is about to embark upon,” Saleh said.