Reps Task CBN On Scarcity Of Naira Bills

The House of Representatives has directed the Central Bank of Nigeria (CBN) to urgently address the challenge of currency scarcity in many commercial banks across the country.

Many Nigerians have had to endure the cash crunch as banks’ Automated Teller Machines (ATMs) have only been dispensing between N5000 and maximum of N10000 lately. Many of the ATMs don’t dispense cash at all.

Point Of Sale (POS) operators have been cashing in on the situation as they continue to charge exorbitant withdraw rates from hapless customers.

But the House, during its plenary on Tuesday, adopted a motion of urgent public importance consequent upon which the directive was given to the CBN.

Rep Emmanuel Uguru, representing Abakiliki/Izzi Federal Constituency, Ebonyi State who moved the motion, said the current gap in cash supply to commercial banks could have consequences on Nigerians and the nation’s economy.

Uguru recalled that the CBN had in 2022 reviewed cash withdrawal limits to N500,000 per day for individuals, and N5 million per day dor corporate organisations.

He noted that the said directive of the apex bank was still subsisting, wondering why commerical banks have now cut the amount down to N50, 000 for individuals.

“The House is disturbed that 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.

“This results in a loss of man-hours only to get N10,000 and in most cases go back home with nothing, subjecting this class of persons who have no access to POS that is mostly not applicable in some articles of trade especially in the rural areas to hopelessness. This causes untold hardship to this uninformed populace most of whom are rural dwellers we are representing,” Uguru said.

While urging the apex bank to address the matter, the lawmaker said, lives could even be lost for lack of cash to take the sick to hospital or to buy food with.

The member cautioned that many individuals and even businesses would, especially as the yuletide season draws close.

Consequently, the House mandated its committee on Banking Regulations to investigate the matter and report back in one week.

END

Reps Task CBN On Scarcity Of Naira Bills is first published on The Whistler Newspaper