The group warned that if immediate steps were not taken to resolve the cash crisis, the country risked descending into deeper economic turmoil.
According to the organisation, 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.
In a statement signed by its National Coordinator, Emmanuel Onwubiko, HURIWA chided the Central Bank of Nigeria (CBN) for “provocative incompetence.”
The association condemned the CBN Governor, Dr Olayemi Michael Cardoso, for his inability to effectively manage the country’s monetary policy, resulting in severe hardship for millions of Nigerians.
According to HURIWA, 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.
The association highlighted that small-scale businesses, artisans and daily wage earners had 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,” Onwubiko said.
The body emphasised that the scarcity of cash was not only a failure of monetary policy but also a clear indicator of deeper systemic issues within the Nigerian economy.
The organisation noted that the crisis had 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 fulfil its fundamental responsibilities,” HURIWA stated.
It argued that the CBN’s monetary policies, including recent attempts to redesign the naira, had been poorly executed, leading to chaos and confusion in the financial sector.
The association urged President Bola Tinubu to intervene and ensure that the CBN restored normalcy to the banking system.
