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Scarcity of Cash Sign of Economic Collapse —HURIWA

“The incompetence of the CBN Governor is loudly provocative. The inability to manage the cash flow effectively, coupled with poorly implemented policies, has brought untold suffering to Nigerians and further exacerbated the economic hardship in the country” he noted.

The Human Rights Writers Association of Nigeria (HURIWA) has expressed worries  over the shortage of cash being experienced in parts of the country sating that the trend was a “ a clear indication of a completely collapsed economy”.

In a statement issued in Abuja and signed by the National Coordinator of the group, Emmanuel Onwubiko, the organization noted that depositors’ inability to access their money in cash form is not only an act of economic sabotage but also a glaring sign of an alarming dysfunction within the Nigerian financial system.

According to Onwubiko, the inability of the Central Bank of Nigeria (CBN) to make cash available to depositors was an act of  “provocative incompetence”  while condemning the governor of the Bank, Dr. Olayemi Michael Cardoso, for his inability to effectively manage the country’s monetary policy, resulting in severe hardship for millions of Nigerians.

“Cash scarcity has left millions of Nigerians stranded and unable to carry out essential transactions, particularly in rural areas where electronic payment systems are unreliable or unavailable. Small-scale businesses, artisans, and daily wage earners have borne the brunt of the situation, with many being pushed deeper into poverty.

“Across the country, long queues at banks and Automated Teller Machines (ATMs) have become a daily ordeal for citizens. Depositors have reported being unable to withdraw their funds despite having sufficient balances in their accounts. The worsening situation has sparked widespread frustration and a growing sense of distrust in the financial system” it noted.

According to HURIWA, “the scarcity of cash is not only a failure of monetary policy but also a clear indicator of deeper systemic issues within the Nigerian economy. The crisis has led to a breakdown in economic activities, with businesses struggling to sustain operations due to limited access to cash.

“The ongoing cash crunch is a clear sign of a failed economy. When depositors cannot access their own money, it signifies a total breakdown of trust in the financial system and a lack of capacity on the part of the Central Bank to fulfill its fundamental responsibilities.

“The incompetence of the CBN Governor is loudly provocative. The inability to manage the cash flow effectively, coupled with poorly implemented policies, has brought untold suffering to Nigerians and further exacerbated the economic hardship in the country” he noted.

The association argued that the CBN’s monetary policies, including recent attempts to redesign the naira, have been poorly executed, leading to chaos and confusion in the financial sector. HURIWA called for immediate accountability, urging the Federal Government to take decisive action to address the leadership failures at the apex bank.

HURIWA stressed that the current cash scarcity must be addressed as a matter of urgency to prevent further economic collapse. The association urged President Bola Ahmed Tinubu to intervene and ensure that the CBN restores normalcy to the banking system.

“The Federal Government must not remain silent in the face of this economic paralysis,” HURIWA said. “It is imperative to hold the CBN leadership accountable and implement corrective measures to restore confidence in the financial system.”

The group also called on the National Assembly to summon the CBN Governor for a comprehensive explanation of the ongoing crisis and to provide oversight to ensure the proper functioning of the financial system.

HURIWA noted that the cash scarcity has had devastating effects on the average Nigerian, particularly vulnerable groups such as women, children, and the elderly. The association recounted stories of Nigerians being unable to pay for transportation, medical bills, and food due to the unavailability of cash.

“This crisis is not just an economic issue; it is a humanitarian emergency,” HURIWA stated. “The CBN’s failures have left ordinary Nigerians struggling to survive, while the elite remain unaffected.”

The association reiterated its commitment to advocating for the rights of Nigerians and holding public institutions accountable. HURIWA called on civil society organizations, professional bodies, and all well-meaning Nigerians to join in demanding urgent reforms to address the cash scarcity and prevent further economic collapse.

 

 

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