The House of Representatives has called for an investigation into the current scarcity of currency notes in commercial banks to address the hardship being experienced by Nigerians Adopting a motion of urgent public importance by Uguru Emmanuel (APC, Ebonyi), the House asked the Central Bank of Nigeria to immediately address the issue of scarcity of the naira notes and call the commercial banks to order if it is not responsible for the hardship/Uguru said one of the major factors that stimulate economic growth is Consumer spending and business investment, adding that cash supply shortages in Commercial Banks have dire consequences on individuals and the nation’s economy.
He recalled that on 21st December 2022, the Central Bank of Nigeria by 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N500,000 and N5,000,000 for individuals and Corporate entities respectively, a decision that is not known to have been repealed.
He expressed concern that the Commercial Banks in the Country have jettisoned this policy as they can hardly give N50,000.00 to even current account holders.
He said the cash crunch in Commercial Banks in the Country has become a dog 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.
According to him, this has caused untold hardship to this uninformed populace most of whom are rural dwellers we are representing, hence this cry to protect their interest, as lives could even be lost for lack of funds (cash) to take their sick ones to hospital and sometimes nothing to buy food with.
He said while the Commercial Banks have no money to dispense, the POS operators have in their disposals up to one million Naira in mint to sell to their cronies and the public, and the pertinent question is; where do they get the money from?
He said if the Central Bank of Nigeria continue to starve Commercial Banks of cash, especially as we approach the yuletide season, many people and even businesses will be frustrated and people plunged into untold hardship.
