- HURIWA called for urgent reforms, warning that failure could push Nigeria into deeper turmoil.
The Human Rights Writers Association of Nigeria (HURIWA) has expressed concerns about the ongoing cash shortage, describing it as a “clear indication of a collapsing economy.”
HURIWA criticized the Central Bank of Nigeria (CBN) for its inability to ensure depositors access their funds, labeling it economic sabotage and evidence of financial system dysfunction.
In a statement, HURIWA’s National Coordinator, Comrade Emmanuel Onwubiko, condemned the CBN’s “provocative incompetence,” specifically blaming CBN Governor, Dr. Olayemi Michael Cardoso, for ineffective monetary policy management.
The cash scarcity has severely impacted millions of Nigerians, particularly in rural areas with unreliable electronic payment systems, HURIWA noted.
Small businesses, artisans, and daily wage earners have been pushed deeper into poverty due to the crisis, the group highlighted.
Long queues at banks and ATMs have become a daily ordeal, with depositors frequently unable to withdraw funds despite sufficient account balances.
HURIWA argued that the crisis signifies deeper systemic issues within Nigeria’s economy, crippling economic activities and leaving businesses struggling.
“The ongoing cash crunch is a clear sign of a failed economy,” HURIWA said.
“When depositors cannot access their own money, it signifies a total breakdown of trust in the financial system.”
HURIWA criticized the naira redesign policy as poorly executed and chaotic, calling for immediate accountability.
“The incompetence of the CBN Governor is loudly provocative,” the statement read.
HURIWA urged President Bola Ahmed Tinubu to intervene, restoring normalcy in the banking system.
The association called on the National Assembly to summon the CBN Governor for a comprehensive explanation.
HURIWA emphasized the humanitarian impact, citing reports of Nigerians unable to pay for transportation, medical expenses, and food.
“This crisis is not just an economic issue; it is a humanitarian emergency,” the group declared.
HURIWA called for urgent reforms, warning that failure could push Nigeria into deeper turmoil.
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