Following the ongoing cash shortage across the country, the Federal House of Representatives has urged the Central Bank of Nigeria (CBN) to explore immediate solutions.
The motion was raised during Tuesday’s plenary by Hon. Uguru Emmanuel, who said the scarcity of cash does not only affect the country’s economy but also humanitarian issues.
He also stressed that Nigerians are struggling to meet their basic needs due to the nationwide scarcity of cash.
He said, “This cash crunch is not just an economic inconvenience; it is a humanitarian issue. Nigerians are queuing endlessly at banks and ATMs, only to leave empty-handed. Businesses are suffering, and families are struggling to meet basic needs.
“The Central Bank of Nigeria must urgently investigate the root causes of this issue and implement practical solutions to restore normalcy.”
The House further appealed to the APEX bank to liaise with key stakeholders in the banking sector to come up with solutions that would make cash more available to customers across the country.
“The House, in adopting the motion, directed its Committee on Banking and Currency to liaise with the Central Bank of Nigeria (CBN) and other financial institutions to explore immediate solutions. The committee is expected to report back within a stipulated timeframe.”
The hefty service fees have been criticised by certain POS vendors’ customers, who claim that the bank also charges for transactions.
The majority of point-of-sale operators reportedly collect twice as much for each transaction as they used to do to the challenge of obtaining cash.
It would be recalled that the CBN reiterated its intention to punish banks that disregard cash disbursement guidelines, stressing that these actions are intended to address problems with cash accessibility and enhance currency circulation in general.
