- The Central Bank of Nigeria (CBN) says there is sufficient cash for economic activities after reports of scarcity in some locations.
- Nigerians were also encouraged to adopt alternative payment methods to alleviate the pressure of using physical cash.
The Central Bank of Nigeria (CBN) has provided an explanation for the claims of naira note shortages in several regions of the nation.
Weeks before the December 31 deadline for the old naira notes’ validity, some northern states—Borno State among them—are facing a shortage of the currency.
However, Isa AbdulMumin, the CBN’s Director of Corporate Communications, claimed in a statement on Thursday that the central bank has an adequate supply of currency notes on hand.
He said: “The attention of the Central Bank Nigeria (CBN) has been drawn to a report of alleged scarcity of cash at banks, automated teller machines (ATM), Points of Sale, and among Bureaux de Change (BDC) 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 Deposit Money Banks (DMBs) and panic withdrawals by customers from the ATMs.
“While we not the concern 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.
“Members of the public are, therefore, advised to guard against panic withdrawals as there is sufficient stock to facilitate economic activities.
Nigerians are also advised to embrace alternative modes of payment, which would reduce pressure on using physical cash.”
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