The House of Representatives has asked the Central Bank of Nigeria (CBN) to urgently address the lingering scarcity of naira notes, calling for an investigation into the circumstances surrounding the development.
A member of the House, Hon. Uguru Emmanuel, had, in a motion under matters of urgent public importance, insisted that the apex bank must call all commercial banks to order if it is not responsible for the challenges being created by the scarcity.
Moving the motion, Tuesday, the lawmaker noted the severe economic and social implications of the cash scarcity, which, he said, had left many Nigerians helpless in accessing funds even for basic needs.
According to him, “one of the major factors that stimulates an economy towards growth is consumer spending and business investments,” adding that the lingering cash supply shortage is having dire consequences on individuals and the country’s economy.
He recalled that on the 21st of December, 2022, the CBN, through a policy contained in a circular number BSD/DIR/PUB/LAB/015/073, reviewed the cash withdrawal limits across all channels to N500, 000 and N5, 000,000 for individuals and corporate entities respectively.
However, the lawmaker said the directive, according to him, had been withdrawn without any public statement.
He argued that it was however worrisome that commercial banks in Nigeria have ceased complying with the policy as they hardly give above N50, 000.00 to even current account holders.
“The cash crunch in commercial banks in the country has become a clog in the wheel of economic activities, as entrepreneurs are subjected to long queues and sometimes spend a whole day or two in the bank with a loss of man-hours, only to get ten thousand Naira (N10,000) and in most cases go back home with nothing, subjecting this class of persons who have no access to point of sale (POS) that is mostly not applicable in some articles of trade, especially in the rural areas, to hopelessness”, he said.
The lawmaker also raised concerns over the access to cash by the POS operators, who in turn, sell same at exorbitant rates to helpless customers.
“Where do POS operators get their cash from while banks remain dry?” he queried.
Emmanuel called on the CBN to urgently intervene to avert chaos before and during the festive season.
At the end of the debate, the House mandated its Committee on Banking Regulations to investigate the cash crunch in commercial banks and report back within one week, just as it ordered the apex bank to bring the situation under control if it wasn’t responsible.
…Urges FG on XEC COVID-19 variant
Also, the House Tuesday urged the federal government to take proactive measures to prevent the spread of the XEC COVID-19 variant in Nigeria.
It specifically directed the Federal Ministry of Health, the Nigeria Centre for Disease Control (NCDC), and other related bodies to intensify surveillance at all international borders and entry points.
The resolution followed the adoption of an urgent motion of public importance raised by Hon. Unyime Idem, representing Ukanafun/Oruk Anam Federal Constituency, at plenary.
In his motion, the lawmaker noted the significant threat posed by the XEC variant, which the World Health Organisation (WHO) has classified as a “variant under monitoring.”
According to him, the new strain, a hybrid of the SARS-CoV-2 Omicron variant, has demonstrated increased infectiousness and the potential to evade immune responses.
Idem stated that since its first detection in May 2024, the XEC variant had spread to 43 countries, including the United States, United Kingdom, France, Germany, and Denmark, infecting over 600 people.
He therefore raised the alarm over the strain’s potential impact on Nigeria, particularly as Africa grapples with limited testing and sequencing capabilities.
According to him, the recent detection of an index case in Botswana involving a European traveler underscored the urgent need for Nigeria to strengthen its defence against the disease.
In some words of caution, the lawmaker said with the upcoming festive season, usually characterised by high-level travel activities, this could exacerbate the risk of the virus spreading across the nooks and crannies of the country.
Adopting the motion, the lawmakers said measures such as deploying thermal scanners, infrared thermometers, and trained personnel for screening as well as quarantine to detect potential cases early should be activated.
Further to this, the House stressed the need for public sensitisation, even as it urged the NCDC and health authorities to raise awareness about the XEC variant, its symptoms, and preventive measures.
It also directed various health agencies to activate heightened monitoring systems to promptly report suspected cases.
Finally, the House mandated its Committees on Healthcare Services, Specialty Healthcare, and Health Institutions to ensure compliance to forestall untoward damage.