The House of Representatives has raised concerns over the persistent cash scarcity affecting commercial banks across Nigeria, urging the Central Bank of Nigeria (CBN) to take immediate action.
Moving a motion under Matters of Urgent Public Importance, Hon. Uguru Emmanuel described how limited cash availability has disrupted daily life, leaving citizens struggling to access funds for basic needs.
He highlighted inconsistencies in cash distribution, noting how banks enforce withdrawal limits while Point of Sale (POS) operators appear to access cash freely, often reselling it at high rates.
The House mandated its Committee on Banking Regulations to investigate the situation and report back within a week. Lawmakers stressed the need for urgent CBN intervention, particularly with the festive season approaching, warning that the cash crunch could deepen economic challenges and societal frustration.
