Reps to summon Sanusi

The House of Representatives is set to summon the Governor of Central Bank of Nigeria, Mr. Lamido Sanusi, for the apex bank’s plan to introduce N5,000 note in the economy.

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.