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Address cash crunch as economic hardship bites -Reps urge CBN
“Entrepreneurs and individuals are subjected to long queues, sometimes spending days at banks without success. This situation has particularly affected rural dwellers who rely on cash for transactions and lack access to digital payment systems,” Hon. Emmanuel lamented.
The House of Representatives Tuesday expressed concern over the ongoing cash crunch in commercial banks across the country, calling on the Central Bank of Nigeria (CBN) to address the situation which has disrupted economic activities and caused significant hardship to citizens.
This followed a motion of urgent public importance moved by Hon. Uguru Emmanuel.
Moving the motion, Emmanuel highlighted the severe economic and social implications of the cash scarcity, which has left many Nigerians unable to access funds even for basic needs.
He noted that while economic growth relies heavily on consumer spending and business investment, the persistent cash shortage has become a major impediment to these activities.
The lawmaker recalled that the CBN in its policy directive of December 21, 2022, set cash withdrawal limits of ₦500,000 for individuals and ₦5 million for corporate entities.
However, he observed that commercial banks have largely disregarded this policy, often limiting cash withdrawals to as little as ₦10,000 or nothing at all.
“Entrepreneurs and individuals are subjected to long queues, sometimes spending days at banks without success. This situation has particularly affected rural dwellers who rely on cash for transactions and lack access to digital payment systems,” Hon. Emmanuel lamented.
He further raised alarm over the apparent disconnect between commercial banks and Point of Sale (POS) operators, who seem to have unlimited access to cash, often selling it at exorbitant rates.
“Where do POS operators get their cash from while banks remain dry?” he queried.
The lawmaker warned that unless the CBN takes immediate action, the situation could worsen, especially with the approach of the festive season, leaving businesses frustrated and citizens plunged into deeper economic hardship.
In its resolution, the House mandated the Committee on Banking Regulations to investigate the cash crunch in commercial banks and report back within one week.
The House directed the CBN to urgently address the cash scarcity if it is not responsible for the shortage.
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