The Human Rights Writers Association of Nigeria (HURIWA) has raised concerns over the persistent cash shortage in the country, describing it as a clear indication of a collapsing economy.
The organization criticized the inability of depositors to access their money in cash, labeling it an act of economic sabotage and evidence of dysfunction within Nigeria’s financial system.
In a statement by its National Coordinator, Comrade Emmanuel Onwubiko, HURIWA strongly condemned the Central Bank of Nigeria (CBN) for what it called “provocative incompetence.” The association specifically blamed CBN Governor, Dr. Olayemi Michael Cardoso, for failing to manage the country’s monetary policy effectively, leading to widespread hardship.
HURIWA noted that the cash scarcity has left millions of Nigerians unable to carry out basic transactions, particularly in rural areas where electronic payment systems are unreliable or non-existent. The group highlighted the plight of small businesses, artisans, and daily wage earners, many of whom have been pushed deeper into poverty as a result of the crisis.
Across the country, long queues at banks and Automated Teller Machines (ATMs) have become a daily ordeal. Depositors frequently report being unable to withdraw funds despite having sufficient account balances, fostering widespread frustration and distrust in the financial system.
HURIWA argued that the crisis is not only a failure of monetary policy but also a sign of deeper systemic issues within the Nigerian economy. The group stated that the situation has crippled economic activities, leaving businesses struggling to sustain operations due to limited access to cash.
“The ongoing cash crunch is a clear sign of a failed economy,” the group said. “When depositors cannot access their own money, it signifies a total breakdown of trust in the financial system and the inability of the Central Bank to fulfill its core responsibilities.”
HURIWA also criticized the recent naira redesign policy, describing it as poorly executed and chaotic. The group called for immediate accountability, urging the Federal Government to address the leadership failures at the apex bank.
“The incompetence of the CBN Governor is loudly provocative,” the statement read. “Poorly implemented policies and mismanagement of cash flow have worsened the economic hardship faced by millions of Nigerians.”
The association stressed that President Bola Ahmed Tinubu must intervene urgently to restore normalcy in the banking system and prevent further economic collapse. HURIWA called on the National Assembly to summon the CBN Governor for a comprehensive explanation of the crisis and to provide oversight for the financial sector.
HURIWA also emphasized the humanitarian impact of the cash scarcity, particularly on vulnerable groups such as women, children, and the elderly. It cited numerous reports of Nigerians unable to pay for transportation, medical expenses, and food due to the unavailability of cash.
“This crisis is not just an economic issue; it is a humanitarian emergency,” the group declared. “The failures of the CBN have left ordinary Nigerians struggling to survive while the elite remain unaffected.”
The association called on civil society organizations, professional bodies, and citizens to demand urgent reforms to address the cash scarcity and avert further economic collapse.
In conclusion, HURIWA warned that failure to resolve the crisis could push the country into deeper turmoil, reaffirming that the ongoing cash scarcity is a systemic failure rooted in poor leadership within the financial sector.
“The time for action is now,” HURIWA stated. “The Federal Government must prioritize the welfare of Nigerians, ensure the CBN fulfills its mandate, and steer the economy back on track.”
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