The House of Representatives has urged the Central Bank of Nigeria (CBN) to address the ongoing scarcity of naira notes and investigate the circumstances fueling the issue.
Hon. Uguru Emmanuel raised the matter during plenary on Tuesday, emphasizing the severe economic and social impact of the cash shortage, which has left many Nigerians struggling to access funds for essential needs.
Moving the motion under matters of urgent public importance, Emmanuel questioned whether the apex bank was responsible for the crisis or if commercial banks were disregarding monetary policies.
“The lingering cash supply shortage has dire consequences on individuals and the economy,” he said, adding that the issue hampers consumer spending and business investments, critical drivers of economic growth.
He highlighted the 2022 CBN directive limiting cash withdrawals to ₦500,000 for individuals and ₦5 million for corporate entities, a policy that was later rescinded without public clarification. However, Emmanuel noted that banks rarely disburse above ₦50,000, even to current account holders, while point-of-sale (POS) operators allegedly sell cash at inflated rates.
“Where do POS operators get their cash from while banks remain dry?” he queried.
The House directed its Committee on Banking Regulations to investigate the matter and report within one week. It also mandated the CBN to restore cash availability and address the situation before the festive season to prevent potential chaos.
