Reps to CBN: Address Naira notes scarcity urgently

The House of Representatives, has asked the Central Bank of Nigeria (CBN) to urgently address the lingering scarcity of naira notes, calling for an investigation into the circumstances surrounding the development.

A member of the House, Hon. Uguru Emmanuel had in a motion under matters of urgent public importance insisted that the apex bank must call all commercial banks to order if it is not responsible for the challenges being created by the scarcity.

According to him, one of the major factors that stimulates an economy towards growth is consumer spending and business investments, but that the lingering cash supply shortage is having dire consequences on individuals and the country’s economy.

He said that on 21st December 2022, the Central Bank of Nigeria through a policy contained in a circular number BSD/DIR/PUB/LAB/015/073 reviewed the cash withdrawal limits across all channels to N500,000 and N5,000,000 for individuals and Corporate entities respectively, a move he recalled not have been withdrawn through any public statement.

He argued that it was however worrisome commercial banks in Nigeria have ceased complying with the policy as they hardly give above N50,000.00 to even current account holders.

“The cash crunch in commercial banks in the Country has become a clog in the wheel of economic activities, as entrepreneurs are subjected to long queues and sometimes spend a whole day or two in the bank with a loss of man-hours, only to get ten thousand Naira (N10,000) and in most cases go back home with nothing, subjecting these class of persons who have no access to point of sale (POS) that is mostly not applicable in some articles of trade especially in the rural areas to hopelessness”, he said.