Central Bank’s Plans To Print New N5000 Notes Were Not Approved, Senator Says

By SaharaReporters, New York In a telephone interview with SaharaReporters, Senator Eyinnaya Abaribe revealed that the Nigerian Senate did not know or approve of the Central Bank of Nigeria’s plans to spend N40 billion to print and circulate N5000 bank notes. “You cannot take a decision that affects the economy of the country without including the Parliament,” Abaribe said. “You cannot take such a momentous decision which affects the economy in very fundamental ways without reaching [out] to the Parliament.” Abaribe underscored that no contact by the Central Bank of Nigeria (CBN) with the Parliament had been made before the decision was taken. Abaribe made the point that what the CBN did was not a breach of law but of convention. However, “The CBN was expected to consult with the Senate Committee on Banking that supervises the CBN, at least to let everybody know the details of what [they] were doing. You are not supposed to act with disregard of Parliament. The Parliament has oversight functions.” Abaribe said that under Section 66 of the Constitution, “Parliament has the right to inquire into any ministries into which it appropriates funds.” Further, “The Senate is saying that the major policy change that the CBN is doing has implications for the country, in terms of inflation… Every stakeholder in the Nigerian government must be carried along. Let us know what you are doing, why you are doing it, the reasons behind that, and everything, before you go ahead. This is international best practice. “ The Senate returns from vacation on Sept. 18.