The Central Bank of Nigeria (CBN) has assured Nigerians that there is an ample supply of Naira notes circulating in the economy.
The bank’s Director of Corporate Communications, Isa AbdulMumin, addressed concerns regarding the availability of Naira notes in various financial channels across the country.
Complaints had emerged from some bank customers about the scarcity of Naira notes at bank counters, Automated Teller Machines (ATMs), Point of Sale (PoS) systems, and Bureaux de Change (BDCs).
AbdulMumin explained that the perceived currency shortage is primarily the result of significant cash withdrawals from various CBN branches by Deposit Money Banks (DMBs).
“The attention of the CBN has been drawn to reports of alleged scarcity of
cash at banks, ATMs, PoS and BDCs in some major cities across the country.
“Our findings reveal that the seeming cash scarcity in some locations is due largely to high volume withdrawals from the CBN branches by DMBs and panic withdrawals by customers from the ATMs.
“While we note the concerns of Nigerians on the availability of cash for financial transactions, we wish to assure the public that there is sufficient stock of currency notes for economic activities in the country.
“The branches of the CBN across the country are also working to ensure the seamless circulation of cash in their respective states of operation,” he said.
The director urged the public to refrain from panic withdrawals, highlighting the availability of sufficient currency notes to facilitate economic activities.
He also encouraged Nigerians to embrace alternative payment methods, which can help reduce the reliance on physical cash.
