Worry that it may affect the cash-less policy being adoptedArticle | August 30, 2012 – 3:38am | By Iferi Etuk

The House of Representatives Committee on Banking and Currency says it will invite the Central Bank of Nigeria (CBN) to ascertain that the apex bank is still pursuing the cash-less policy.

Jones Onyereri (PDP-Imo), the committee’s chairman, stated this at a news conference on Wednesday in Abuja.

“The House Committee will invite the Management of the Central Bank in an effort to know whether the Central Bank is still pursuing the cash-less policy,” he said. “And if they are, how this higher currency note will complement the policy or if it contradicts, what the next line of action is.

We believe that the Nigerian people deserve to know whether there is a short, mid or 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 said factors such as cost of implementing the policy to government, the inflationary and devaluation implication and cash-less policy derivatives, among others, would be “key to our consideration”.

“Whereas we fully respect the separation of powers enshrined in the Constitution, we have a responsibility to the Nigerian people to engage the executive branch on issues that may have a far reaching effect on the national economy, and affect the day to day lives of the ordinary Nigerian,” he said.

“In doing so, we will rely strictly on the provisions of the Constitution of the Federal Republic of Nigeria, Central Bank of Nigeria Act of 2007 as amended, Banking and Other Financial Institutions Act, as well as other requisite legal and regulatory instruments.”

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