The senate has unanimously urged President Goodluck Jonathan and the CBN to stop all actions on the issuance of the proposed 5000 naira note and all matters connected therewith.
The directive followed the adoption of a motion sponsored by Senator Ita Enang and several other lawmakers.
Leading debate on the motion, Senator Enang argued that the proposed policy is a direct negation of the cashless policy of this administration which discourages cash transaction in preference for electronic transactions , now in operation.
A cross section of lawmakers who contributed to the debate alleged that the policy is Western agenda aimed at re- colonising Nigeria.
In his remarks, Senate President Senator David Mark said contrary to the provisions of section 4 sub section 2 of the constitution, the CBN failed to consult with the National Assembly before embarking on new naira policy.
Senator Mark also stressed that the policy does not make any economy meaning at the moment.