Hair products containing Lye

If this has been discussed before, I apologize. After finding out that Creme of Nature shampoo contains Lye I was a bit shocked. I know that MANY products out there contain Lye and even more caustic substances. Heck, my relaxer is a Lye one. But will using a shampoo often that contains Lye (towards the end I might add) effect my hair in a damaging way? I know that Lye has millions of uses, including being used in soaps, so is its presence in Creme of Nature shampoo simply just another cleansing agent?
 
I read on another website that CON has sodium hydroxide in it as a "chemical agent" or something like that. It doesn't have Sodium Laureryl Sulfate or whatever so it needs the lye to help it suds up. Don't qoute me though.
 
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