The House of Representatives has called for an investigation into the current scarcity of currency notes in commercial banks, citing the hardship it is causing Nigerians.
This move was prompted by a motion of urgent public importance raised by Uguru Emmanuel (APC, Ebonyi), who emphasized that consumer spending and business investment are crucial for economic growth.
According to Uguru, the cash supply shortages in commercial banks have severe consequences on individuals and the nation’s economy.
He recalled that in December 2022, the Central Bank of Nigeria (CBN) reviewed the cash withdrawal limits across all channels to N500,000 and N5,000,000 for individuals and corporate entities, respectively.
However, commercial banks have failed to adhere to this policy, often unable to dispense even N50,000 to current account holders.
The lawmaker expressed concern that the cash crunch in commercial banks has become a significant obstacle to economic activities.
Entrepreneurs are forced to spend hours in banks, only to receive a meager N10,000, leaving them without access to funds for essential needs like healthcare and food. This situation is particularly dire for rural dwellers, who often rely on cash transactions.
Uguru also questioned how POS operators seem to have an endless supply of cash, often selling up to N1 million to individuals. He asked where they were getting this cash from, given that commercial banks were struggling to dispense funds. This disparity has led to widespread frustration and hardship among Nigerians.
The House of Representatives therefore, urged the CBN to address the scarcity of naira notes immediately and call commercial banks to order if they are not responsible for the hardship.
The lawmakers emphasized that the CBN must ensure that commercial banks have sufficient cash to meet the needs of their customers.
