The House of Representatives has called on the Central Bank of Nigeria (CBN) to urgently investigate the persistent scarcity of naira notes across the country. This decision was reached following widespread reports of cash shortages that have continued to disrupt economic activities and frustrate citizens. The scarcity, despite recent policy changes aimed at improving currency circulation, has led to long queues at ATMs, limited cash availability in banks, and increased difficulty for Nigerians, especially in rural and informal sectors where cash transactions are predominant.
In a plenary session, lawmakers expressed concern over the detrimental impact of the shortage on daily economic life, noting that small businesses and low-income earners are disproportionately affected. They urged the CBN to provide a clear explanation for the ongoing scarcity and to implement immediate measures to ensure adequate distribution of cash nationwide. The legislators also stressed the need for transparency in the cash management policies of the CBN, highlighting the importance of restoring public confidence in the banking system.
The House’s resolution underscores a broader concern about the efficiency of the monetary system and the effectiveness of recent reforms. Many Nigerians had anticipated smoother cash flow following the redesign of higher denominations and the subsequent efforts to phase out old notes earlier this year. However, the current scarcity suggests deeper logistical or systemic issues that need to be addressed.
The CBN is expected to respond promptly to the House’s call, outlining strategies to resolve the issue and prevent future occurrences.
