An Igbo leader and former President of Ohanaeze Ndigbo in Spain, Chief John Nduwuisi, has appealed to President Bola Tinubu to direct the Central Bank of Nigeria to tackle the lingering cash scarcity affecting Nigerians.
In a statement issued on Thursday in Abuja, Nduwuisi expressed concern over the difficulties Nigerians face in accessing their funds through banks and Automated Teller Machines, particularly as the festive season approaches.
He described the situation as mentally stressful and economically damaging for citizens.
Nduwuisi highlighted that while bank customers struggle, Point of Sale operators exploit the situation by charging exorbitant fees for cash withdrawals.
He questioned how POS operators could access large sums of cash, including mint notes, while banks claim scarcity.
“There is certainly a connivance or a cartel in the CBN working in cohort with commercial banks to deprive bank customers of their money to the advantage of POS operators. Otherwise, how are they able to get cash to sell?” he asked.
The former Ohanaeze leader commended President Tinubu’s efforts to revitalise the economy and alleviate the hardships of ordinary Nigerians but criticized elements within the system for undermining these efforts.
He called on the CBN Governor, Olayemi Cardoso, to intensify reforms in the banking sector and dismantle any collusion between the apex bank and commercial institutions.
“Why should Nigerians be forced to buy their currency at outrageous rates? This practice is not only exploitative but also unacceptable,” Nduwuisi added.
He urged government officials at all levels to emulate President Tinubu’s commitment to delivering the dividends of democracy, leveraging available resources to improve citizens’ lives.
Nduwuisi’s remark echoed growing frustrations among Nigerians who have been grappling with limited cash availability since the cashless policy and currency redesign initiatives disrupted the financial system earlier this year.
“Many are now calling for immediate government intervention to restore normalcy and ensure equitable access to cash,” he added.
