Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Reps to investigate N5 000 note

19 December 2013, 12:28

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.

-    NAN


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...