The House of Representatives has called on the Central Bank of Nigeria (CBN) to address the ongoing cash scarcity in commercial banks, which has disrupted economic activities and imposed severe hardship on Nigerians.
This resolution followed a motion of urgent public importance moved by Hon. Uguru Emmanuel from Ebonyi State during plenary on Tuesday.
Highlighting the widespread impact, Emmanuel noted that many citizens have been unable to access funds for basic needs due to the cash crunch, which poses significant economic and social challenges.
“Economic growth relies on consumer spending and business investment, yet the persistent cash shortage has become a major impediment,” Emmanuel said.
He recalled the CBN’s December 2022 policy directive setting cash withdrawal limits at N500,000 for individuals and N5 million for corporate entities. However, he observed that commercial banks have largely disregarded this policy, often restricting withdrawals to less than N10,000 or providing no cash at all.
“Entrepreneurs and individuals are subjected to long queues, sometimes spending days at banks without success,” Emmanuel lamented, adding that the situation is particularly dire for rural dwellers who lack access to digital payment systems.
The lawmaker also questioned the apparent disparity between cash-strapped banks and point-of-sale (POS) operators who have easy access to cash but sell it at exorbitant rates. “Where do POS operators get their cash from while banks remain dry?” he queried.
With the festive season approaching, Emmanuel warned that failure to address the crisis could exacerbate economic hardships, leaving businesses and citizens in dire straits. The House urged the CBN to take immediate action to resolve the issue.
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