The President of the Federal Republic of Nigeria, Dr. Goodluck Jonathan has made an about turn on the implementation of the N5,000 note as proposed by the Governor of Central Bank of Nigeria [CBN].
Information available to 247ureports.com through sources within the House of Representative indicate that it took the fierce arm twisting action by the leadership of the House of Representative to get the President to back down on the implementation of the N5,000 note.
In particular, the House of Representative members in their session today agreed on a two – prong approach against the CBN Governor, Sanusi Lamido Sanusi. Firstly, the leadership of the House opted to approach the Presidency directly impressing on them that the masses of Nigeria do not want the N5,000 note. And should the presidency refuse to the advice, the House leadership resolved on triggering their second approach – which is to amend the CBN Act.
According to our source, the amendment of the CBN Act will in effect put a tight check on the financial prowess of the CBN Governor. Presently, the legislative arm of the government has no control or supervisory input into the CBN annual budget. So the CBN Governor under the CBN Act is free to make as he pleases with the monies of the CBN.
The House of Representative leadership [two of them] decided to meet with Mr. President to impress on him the available options. The President chose to back down instead.
