The House of Representatives has called on the Central Bank of Nigeria (CBN) to investigate the ongoing scarcity of Naira notes that has caused significant hardship for Nigerians.
The lawmakers made this demand on Tuesday in response to a motion presented by Rep. Uguru Emmanuel (APC) from Ebonyi State. Uguru expressed concern over the impact of the cash crunch on individuals and businesses, particularly in rural areas where access to POS systems is limited.
The lawmaker highlighted that the CBN’s policy on cash withdrawal limits, issued in December 2022, has not been repealed. However, commercial banks are reportedly disregarding this policy, making it difficult for people to access their funds.
Uguru criticized the disparity between the cash shortages in commercial banks and the availability of large sums of money with POS operators. He questioned the source of these funds and expressed concerns about the potential for exploitation and corruption.
The House urged the CBN to take immediate action to address the naira scarcity and hold commercial banks accountable for any irregularities. Lawmakers warned that the continued cash crunch could have severe consequences for the economy and the well-being of Nigerians.
