LAGOS – The Nigerian’s Federal House of Representatives has called on the Central Bank of Nigeria (CBN) to urgently address the persistent cash crunch affecting commercial banks across the country.
The lawmakers raised concerns that the cash scarcity is disrupting economic activities and inflicting severe hardship on Nigerians.
The resolution followed a motion of urgent public importance moved during Tuesday’s plenary by Hon. Uguru Emmanuel, who described the crisis as a pressing national issue requiring immediate intervention.
In his motion, Hon. Emmanuel stressed the widespread complaints from citizens and businesses struggling to access physical cash for daily transactions. He noted that the situation, if left unresolved, could exacerbate the economic challenges facing the nation.
He said, “This cash crunch is not just an economic inconvenience; it is a humanitarian issue. Nigerians are queuing endlessly at banks and ATMs, only to leave empty-handed. Businesses are suffering, and families are struggling to meet basic needs.”
The House called on the Central Bank of Nigeria (CBN) to enhance the availability of cash to commercial banks and establish more effective distribution mechanisms.
Lawmakers further urged the apex bank to collaborate with relevant stakeholders to address systemic issues fueling the current crisis.
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“The House, in adopting the motion, directed its Committee on Banking and Currency to liaise with the Central Bank of Nigeria (CBN) and other financial institutions to explore immediate solutions. The committee is expected to report back within a stipulated timeframe.”
Hon. Emmanuel has raised concerns over the adverse effects of the ongoing cash scarcity in Nigeria, emphasizing its toll on both urban and rural communities. In his motion, he highlighted the severe disruptions to economic activities, reduced productivity, and the growing frustrations of citizens unable to access their funds.
He expressed alarm at the worsening economic hardships faced by vulnerable populations, noting how the crisis has further deepened their plight.
“The persistent cash crunch is crippling small businesses, undermining the livelihoods of millions, and eroding public confidence in the banking sector,” Hon. Emmanuel stated.
“The Central Bank of Nigeria must urgently investigate the root causes of this issue and implement practical solutions to restore normalcy.”
The cash crunch persists amid broader economic challenges, including rising inflation and high unemployment rates, which have further strained the nation’s financial stability.
The committee is to report back within one week.
