HURIWA Accuses CBN over Deliberate  Cash Crunch

HURIWA Accuses CBN over Deliberate Cash Crunch

…Says Acts is a violation of Human Right

…Warns that Deliberate Cash scarcity may lead to Revolution

The Human Rights Writers Association of Nigeria (HURIWA) has accused the Central Bank of Nigeria of violating human rights by intentionally causing a cash crunch.

In a statement by its national coordinator, Comrade Emmanuel Onwubiko claimed that the systemic failure to supply deposit banks with adequate volumes of Nigerian legal tender currency violates the bank’s obligations and mandates, including promoting a sound financial system in Nigeria.

The severe scarcity of Naira notes in commercial banks may be part of a scam organized by these institutions to maximize profits at the expense of dissatisfied customers.

HURIWA warns that this deliberate scarcity could lead to a revolution and endangers national security.

The group called on CBN Governor Mr. Olayemi Michael Cardoso to put an end to these human rights abuses being suffered by customers who cannot find enough cash for their transactions.

Despite directives from CBN, banks continue to ration Naira notes, leaving many customers unable to complete essential transactions or receive medical attention due to malfunctioning internet systems HURIWA asserts that this situation is pushing Nigerians towards early graves as traders and their clients cannot carry out legitimate business transactions without sufficient cash.

The right group dismissed operators’ apprehension about fear surrounding old denominations being banned by year-end, stating it is insufficient for alleviating fears among commercial banks and their patrons.

They further condemned administrative failures within CBN enforcement efforts against illegal rationing practices employed by commercial bankers colluding with POS operators.

HURIWA asked President Bola Ahmed Tinubu and the National Assembly to investigate whether there are any collusion between commercial bankers with POS operators against starving customers access funds they need for daily transaction purposes.

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