The House of Representatives has expressed grave concern over the ongoing cash scarcity in commercial banks nationwide.
In response to the economic hardship faced by Nigerians, the green chamber of the National Assembly has urged the Central Bank of Nigeria (CBN) to take immediate steps to resolve the situation. The motion was brought under Matters of Urgent Public Importance by Uguru Emmanuel.
Emmanuel highlighted the devastating economic and social consequences of the cash shortage, noting that many Nigerians are struggling to access funds for basic needs. According to him, consumer spending and business investments depend on cash flow, but the persistent scarcity has become a significant roadblock.
He recalled that the CBN had implemented a policy directive on December 21, 2022, which set cash withdrawal limits of N500,000 for individuals and N5 million for corporate entities. However, Emmanuel criticized commercial banks for largely ignoring this policy, often limiting cash withdrawals to as little as N10,000 or refusing to disburse cash altogether.
The lawmaker also lamented the struggles of rural dwellers, who depend on cash for basic transactions but lack access to digital payment methods. Additionally, he raised concerns about the role of Point of Sale (POS) operators, questioning how they maintain cash supplies while banks remain empty.
“Where do POS operators get their cash from while banks remain dry?” Emmanuel asked.
He warned that unless the CBN takes swift and decisive action, the situation could spiral further—especially with the festive season approaching, worsening economic strain for businesses and individuals alike.
In response, the House resolved to mandate the Committee on Banking Regulations to investigate the cash crunch and report its findings within one week.
The lawmakers also directed the CBN to address the scarcity, clarifying that if the CBN is not directly responsible for the shortage, it must urgently act to mitigate the crisis.
