A
show down is looming between the National Assembly and the Governor of the
Central Bank (CBN), Mallam Sanusi Lamido Sanusi over his insistence to
introduce the N5000 banknote.
The two chambers are due to resume from their annual recess
on Tuesday with members determined to stop the introduction of the new
banknote.
Influential members of the Senate and the House of
Representatives are said to have been meeting to strategise on their move
following the pronouncements of the CBN governor to forge ahead with the plan
and his description of critics of the banknote as bad economists.
It was gathered that the NASS members are likely to first
approach President Goodluck Jonathan to prevail on Mallam Sanusi to have a
rethink on the policy.
The lawmakers, one source said, are angry that in
spite of the opposition to the new note, the CBN is pressing ahead with its
proposal to introduce the larger bill and convert the N20, N10 and N5 bills
into coins as from 2013.
According to findings, the Senators and Reps met in Abuja
last Wednesday and Thursday and resolved that their position on the matter has
been strengthened by a recent survey conducted by the National Bureau of
Statistics (NBS).
The survey confirmed that 75.1 per cent of Nigerians are
opposed to the currency restructuring. Only 16.1 per cent of the populace are
in strong support of the CBN policy while 4.04 and 4.62 per cent are partially
in support and against the currency restructuring policy respectively.
The anti-N5000 banknote federal lawmakers resolved to make
the new note a major issue upon resumption from recess.
A source at the meetings said: “We have met and concluded
that since the new note is unpopular, we will ask the CBN to stop the minting
of the new currency.
“We won’t be part of any policy that will lead to inflation
because the consequences will be too much for the economy. In a country, where
people live on less than $2 in a day, it is not ideal at all.
“Definitely, we will overrule the CBN on this policy which
is a contradiction of the cashless policy of the government.”
A principal officer of the House said: “Some of us
have been meeting because the NBS survey has shown that it is not a popular
policy. The economy is better run based on the interest of the citizenry.
“Why will a good government go against the popular wish of
all Nigerians? We want to lay the card on the table on why the new note policy
is ill-timed.”
A Senator from the South-East said: “Most of us prefer mass
employment to minting of new notes. There is no point having a higher note
without empowering Nigerians to spend it.
“The cost of producing the new note and coins, whether
locally or abroad, can provide many jobs. This is a question of opportunity
cost.”
On his part, a high-ranking Senator added: “Some of us are
trying to prevail on the leadership of the National Assembly to hold dialogue
with President Goodluck Jonathan to reverse the policy because it will hurt the
economy.
“We want to try as much as possible to avoid a fresh row
with the Executive. But if the President does not listen, we will pitch our
tent with the masses.”
Credit: The Nation
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