The House’s decision came amid the controversy the policy had generated since last week when the CBN announced it.
On Wednesday, the House said Nigerians deserved an explanation from the management of the CBN on how the N5,000 note would advance their economic well-being.
The Chairman, House Committee on Banking and Currency, Mr. Chukwudi Onyereri, who spoke with journalists on the policy in Abuja, said the committee had neither been briefed nor had the House been informed of the policy.
He admitted that though the committee was aware of the cash-less policy of the CBN, it had yet to understand how the introduction of the N5,000 note would complement the cash-less policy.
Onyereri said, “The House Committee will invite the Management of the Central Bank in an effort for the committee to know whether the Central Bank is still pursuing the cash-less policy.
“If they are, how does this higher currency note complement the cash-less policy or if it contradicts the cash-less policy, what are the next steps?
“We believe that the Nigerian people deserve to know whether there is a short, mid-term and long-term strategy that will bring any benefits to the system as a result of this introduction.
“The intervention of the House is to ensure that due process is followed and the rule of law adhered to.
“We assure you that we will also be mindful of the effect of this or any other banking policy on the ordinary Nigerian.”
Onyereri added that certain factors would inform the House deliberations.
He said, “Cost of implementing the policy to government, the inflationary trend, devaluation implication and cash-less policy derivative etc.
“Our constituents have already inundated us with reports, petitions and write ups with arguments on both sides of the Policy divide, but we believe that at this time the most effective and prudent response for the Committee would be to get a full briefing on the Policy from the Central Bank after which we will take a position.”
http://www.punchng.com/news/reps-to-summon-sanusi/
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