The President of the Federal Repubic of Nigeria as advisesd that the CBN should suspend the plan toward the 5000naira note as the Senate Committee on Banking, Insurance and other Financial Institutions as directed, until the Senate was properly briefed.
The Chairman of the committee, Senator Bassey Otu (PDP- Cross River) said it was vital for the CBN to discuss the implications of the currency re-denomination with the Senate before it was implemented.
”The CBN must be very careful in order not to send the wrong signal to the domestic sector and external partners that the Nigerian currency is valueless.
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