The House of Representatives has launched an investigation into the Central Bank of Nigeria (CBN) over the persistent scarcity of naira notes across the country.
This decision followed a motion by Hon. Uguru Emmanuel during Tuesday’s session, highlighting the economic and social challenges caused by the cash crunch.
Hon. Uguru expressed concern over the impact of CBN’s policies on key economic indicators, such as GDP, consumer spending, and business investment. He criticized the unavailability of cash in commercial banks, noting that customers often leave banks without funds, while Point of Sale (POS) operators reportedly have significant amounts of cash available for sale.
The scarcity, he argued, has worsened hardships for rural dwellers who rely heavily on cash transactions, especially during the festive season. Entrepreneurs and ordinary citizens are subjected to long queues and disrupted economic activities.
The House directed its Committee on Banking Regulations to investigate the issue and provide recommendations within a week. Additionally, the CBN has been instructed to address the cash crunch immediately if found responsible.
