Reps order CBN to address cash scarcity

The House of Representatives has raised concerns about the ongoing cash scarcity in commercial banks, citing its adverse effects on consumer spending and business investment.

In a motion by a member of the house, Uguru Emmanuel, the House noted that despite the CBN’s December 2022 directive setting cash withdrawal limits at N500,000 for individuals and N5 million for corporate entities, many banks restrict withdrawals to as low as N10,000 or none at all.

The lawmaker also alleged collusion between banks and POS operators, who seem to have unrestricted access to cash and sell it at exorbitant rates, and warned that the crisis could worsen during the festive season, further straining businesses and citizens.

The House has directed the Committee on Banking Regulations to investigate the issue and report back within a week.