September 10, 2012
•Insist presidential assent not enough
From ADETUTU FOLASADE-KOYI, Abuja
Opposition against moves by the Central Bank of Nigeria (CBN) Governor, Mallam Sanusi Lamido Sanusi, to introduce the N5,000 note has gathered momentum in the Senate. Daily Sun investigations indicated that senators had resolved to take on the CBN over its stance that only a presidential approval was needed for the introduction of the N5,000 note and a restructuring of the nation’s currency. It was gathered that some senators had already met on the issue and were perfecting strategies on how to stop Sanusi when they resume from the summer recess.
Senate was on recess and would resume plenary on Tuesday, September 18. Although unconfirmed reports indicated that the resumption might be shifted forward by a week. Three weeks ago, Senate, through its Committee on Banking, Insurance and other Financial Institutions, directed the CBN to stop the proposed move to introduce the N5,000 note and restructuring of the naira. Committee chairman issued the directive in Abuja.
Thereafter, the committee reportedly met with the CBN, but details of the meeting were not made public. Regardless, some members of the nation’s upper legislative chamber, opposed to the new naira note, had met, reviewed the Senate’s response and had tacitly endorsed what they termed the ‘quick intervention.’
A member privy to the meeting, but who was not authorised to talk on behalf of the group, told Daily Sun at the weekend, that some senators were not happy with the CBN for not carrying the National Assembly along on such a sensitive issue as the issuance of the N5,000 note. He added: “In any democracy anywhere in the world, the parliament is always involved in crucial economic and monetary issues; particularly as it affects the citizens.
“It was an embarrassment for the leadership of the National Assembly to read reports that even the president had been briefed as far back as December 2011, yet, we only got to read of the policy just as any Nigerian on the pages of newspapers.” Asked whether President Goodluck Jonathan had already briefed the National Assembly leadership who in turn decided against telling other lawmakers, the lawmaker retorted: “That’s a plausible thing to say. It is not possible for the president to tell our leaders and they will not, at least, discuss it during one of the routine meetings of the body of principal officers. “No, the National Assembly was not briefed at all. Besides, the Presidency has not even gone about this matter the right way. Imagine that there is a bill pending before the Senate on the autonomy of the CBN and the same apex bank has gone ahead to disrespect the National Assembly.
“At the right time, we will tell Sanusi that he cannot be greater than Nigerians. We are the representatives of the people and if you listen very well, they are saying that they don’t want the new note at this point in time.” Another senator, who was not part of the meeting but who declined to be named also added: “The CBN governor is not even discreet about his role in the Nigerian economy. We are still considering amendment of the CBN Act, which will hopefully address the autonomy of the apex bank and here he is, restructuring the nation’s currency without the input of the National Assembly. “We heard that the CBN and his directors have met the Banking Committee, but they should know that the matter has not ended there. When we resume, some of us will take up the matter.” Adding his voice to the debate, Chairman of the Senate Committee on Rules and Business, Ita Solomon Enang, submitted that in line with international standard practice, the CBN and the ruling government ought to brief the National Assembly before going public about the new note. Enang said this during a meeting of the Nigerian Bar Association (Class of 1985).
His words: “I want the NBA, and in particular, the Law Class of 1985 to take interest in this matter and join the debate, and the debate is: Can the CBN issue a currency and re-denominate the currency of a country without the legislature? “Is the exercise of this power within the exclusive powers of CBN? Should the president or government in power be parties to the action that is happening? “Is the denomination of the currency of a country not an economic matter for that country and should standard practice all over the world not be a guide? “In the United States of America or the United Kingdom and other standard democracies, should it not be a matter that should be debated and agreed upon? “Should it not be a matter that should be a major campaign issue (in) the presidential election that should we re-denominate our currency?
Should we allow our economy to be run and dictated outside of Nigeria or have posted persons into Nigeria in the name of public offices? “I want us to ask ourselves since we grew up to travel and to see the currencies of other countries have we seen any currency or Pound Sterling higher than the £50? “I don’t remember seeing the U.S Dollar more than a hundred dollar bill. I want us as a body to stand up and discuss this matter because I’m not asking for discussion only…On my own as a person and as a representative, I am opposing it.
“I am not speaking for the Senate and I’m not speaking for others, but I’m saying that I, Senator Ita Enang, representing the Akwa Ibom North-East Senatorial District and this class, I’m opposing the introduction of N5,000 note and please we should do this to the end. “I want this class and this Assembly to take interest in these matters because if we keep quiet today it affect our currency and our country tomorrow.”
SOURCE: 10 September 2012.
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