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The House of Representatives, on Tuesday urged the Central Bank of Nigeria (CBN) to urgently address the persistent cash crunch affecting commercial banks across the country.
The decision was taken following the adoption of a motion of urgent public importance sponsored by Uguru Emmanuel, calling for the immediate intervention of the apex bank in the cash squeeze.
The lawmakers expressed concerns that the cash scarcity is disrupting economic activities and inflicting severe hardship on Nigerians.
Presenting the motion, Hon. Emmanuel stressed the widespread complaints from citizens and businesses struggling to access physical cash for daily transactions. He noted that the situation if left unresolved, could exacerbate the economic challenges facing the nation.
He said, “This cash crunch is not just an economic inconvenience; it is a humanitarian issue. Nigerians are queueing endlessly at banks and ATMs, only to leave empty-handed. Businesses are suffering, and families are struggling to meet basic needs.”
Hon. Emmanuel has raised concerns over the adverse effects of the ongoing cash scarcity in Nigeria, emphasizing its toll on both urban and rural communities.
In his motion, he highlighted the severe disruptions to economic activities, reduced productivity, and the growing frustrations of citizens unable to access their funds.
The lawmakers lamented that this was happening at a time Nigerians were faced with worsening economic hardships, especially the vulnerable populations, noting how the crisis has further deepened their plight.
“The persistent cash crunch is crippling small businesses, undermining the livelihoods of millions, and eroding public confidence in the banking sector,” Hon. Emmanuel stated.
“The Central Bank of Nigeria must urgently investigate the root causes of this issue and implement practical solutions to restore normalcy”, he noted.
According to him, the cash crunch persists amid broader economic challenges, including rising inflation and high unemployment rates, which have further strained the nation’s financial stability.
In passing the motion, the House called on the CBN to enhance the availability of cash to commercial banks and establish more effective distribution mechanisms.
It further urged the apex bank to collaborate with relevant stakeholders to address systemic issues fueling the current crisis.
The House consequently directed its Committee on Banking and Currency to liaise with the Central Bank of Nigeria (CBN) and other financial institutions to explore immediate solutions and report back within one week.
