The Central Bank of Nigeria (CBN) has addressed the reported ‘scarcity’ of naira notes, stating that there is an ample supply of currency notes in the country. Isa AbdulMumin, the Director of Corporate Communications, released a statement confirming this on Thursday.
The statement reads, “The Central Bank of Nigeria has been made aware of reports regarding the perceived shortage of cash in banks, ATMs, Point of Sale devices, and among Bureau de Change (BDCs) in various major cities across the nation.”
“Our investigations have revealed that the apparent cash shortage in certain areas is primarily due to significant withdrawals by Deposit Money Banks (DMBs) from CBN branches and customers’ panic withdrawals from ATMs.”
“While we understand the concerns of Nigerians regarding the availability of cash for financial transactions, we want to assure the public that there is an adequate supply of currency notes for economic activities in the country.”
“The CBN branches nationwide are actively working to ensure the smooth circulation of cash in their respective states of operation.”
“We, therefore, advise the public to refrain from panic withdrawals, as there is a sufficient stock of currency to support economic activities. Nigerians are also encouraged to adopt alternative payment methods that can alleviate the reliance on physical cash.”
