The Nigerian House of Representatives on Wednesday said it will invite the Central Bank of Nigeria (CBN) to clarify its position on cashless policy.
Chairman House Committee on Banking and Currency Jones Onyereri told a news conference in Abuja that the apex bank would also clarify the issue on the planned introduction of 5, 000 naira ($30)notes in the country.
"We believe that Nigerians 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," he added.
The intervention of the house is to ensure that due process is followed and the rule of law adhered to, the lawmaker told reporters.
Onyereri enumerated factors that would be key to the House consideration including cost of implementing the policy to government, the inflationary trend, devaluation implication and cashless policy derivative.
He said the committee had not received any information from the CBN on its plan to introduce 5, 000 naira ($30) notes in the economy.
He said the lower chamber, which had oversight responsibility over the banking industry, would set up the processes to immediately address the matter.
According to him, the committee on banking and currency had been briefed extensively on the cashless and wireless payment system policy of the CBN, which we understand is designed to reduce the actual cash in circulation.
The CBN had in 2011 introduced the cashless policy and recently announced plans to introduce 5, 000 naira notes into the Nigeria economy.