The Nigerian House of Representatives has launched an investigation into the Central Bank of Nigeria (CBN) following a widespread cash shortage affecting commercial banks and causing hardship for citizens. During a session on Tuesday, Hon. Uguru Emmanuel presented a motion emphasizing the economic disruption caused by the scarcity, including limited access to cash for individuals and businesses. The House noted that these challenges hinder consumer spending, investment, and overall economic growth, particularly impacting rural dwellers and those with limited access to digital payment systems.
In his remarks, Hon. Uguru highlighted that despite existing CBN cash withdrawal limits set in 2022, commercial banks struggle to meet even minimal withdrawal requests, leaving account holders with insufficient funds. Meanwhile, point-of-sale (POS) operators seem to have abundant access to cash, raising questions about the source of their funds. The House expressed alarm at the impact of these shortages on healthcare access, food security, and the livelihood of citizens, warning of dire consequences as the festive season approaches.
The House has tasked its Committee on Banking Regulations to investigate the cash crunch and report back within a week. Additionally, the CBN has been directed to address the crisis promptly to alleviate the economic and social distress experienced nationwide. This intervention underscores the legislative body’s concern over the disconnect between policy implementation and the realities faced by Nigerians.
