The Senate on Monday said it was not in support of the proposed introduction of the N5,000 note.
It thus ordered the Central Bank of Nigeria to stop the process for its introduction.
The position of the Senate was made known by the Chairman of the Senate Committee on Banking, Currency and other Financial Institutions, Senator Bassey Otu, at a press conference in Abuja.
Otu said the CBN should have consulted the Senate on such a burning issue.
He said: “There is a burning issue that is going on in our country and there is need for us as a committee to do something about topical issue.
“We have read in the papers, just like you, about the currency restructuring that the CBN plans to embark on.
“I believe that a project of this nature requires parliamentary approval because there are numerous and fiscal implications on the entire economy.
“This type of action is only taken where there is a major crisis and the CBN must be very careful in order not to send a wrong signal or message to households, domestic sector and even the external ones that the Nigerian currency is valueless, which I believe it is definitely not.”