SENATE SAY PROPOSED FIVE THOUSAND NAIRA NOTE IS ILLEGAL

Senate President David Mark

National Assembly reconvened today after two months recess, and both chambers of the assembly have opposed the planned introduction of five thousand naira note.

the upper chambers of the national assembly say the planned introduction of the five thousand naira note is illegal and urged President Goodluck Jonathan to stop the proposal.

Masquerade234 investigation revealed that members of the Senate consider the proposal as a direct negation of the cashless policy of the Jonathans administration which discourages cash transaction in preference for electronic cashless transaction now in operation in Lagos state.

National Assembly

Members of the upper chamber also believe that the policy will create multiple economic problems like inflation, corruption and security challenges and would also erode the value of the nations currency and ruin the economy.