The Central Bank of Nigeria (CBN) has reassured the public that there is enough currency notes available for economic activities in the country. This assurance comes amidst reports of cash scarcity at banks, ATMs, Points of Sale, and Bureaux de Change in some major cities. The CBN explains that the apparent cash scarcity is primarily due to high volume withdrawals by Deposit Money Banks and panic withdrawals by customers. While acknowledging the concerns of Nigerians, the CBN emphasizes that there is sufficient stock of currency notes and their branches are working to ensure the smooth circulation of cash in their respective states. The public is advised to avoid panic withdrawals and encouraged to explore alternative modes of payment to reduce dependence on physical cash.
According to Dr. Isa AbdulMumin, the Director of Corporate Communications at the CBN, they have received reports of alleged cash scarcity in major cities across the country. However, their findings suggest that this scarcity is mainly a result of high volume withdrawals from CBN branches by Deposit Money Banks and panic withdrawals from ATMs. While this may cause concerns among Nigerians, the CBN assures that there is enough currency stock for economic activities.
The CBN reminds the public that its branches are actively working to ensure the smooth circulation of cash in their respective states. They advise people to refrain from panic withdrawals, as there is a sufficient supply of currency to facilitate economic transactions. Furthermore, the CBN encourages Nigerians to embrace alternative payment methods that would reduce the pressure on using physical cash.
CBN has addressed reports of cash scarcity in some major cities in Nigeria. They attribute this scarcity to high volume withdrawals by banks and panic withdrawals by customers. The CBN assures the public that there is enough currency stock available and their branches are actively working to ensure the seamless circulation of cash. They advise against panic withdrawals and recommend exploring alternative payment methods to reduce reliance on physical cash.