In response to growing concerns over the scarcity of Naira notes reported by some Nigerians, the Central Bank of Nigeria (CBN) has moved to allay fears, assuring citizens that there is an ample supply of the national currency.
The assurance comes in the wake of complaints from bank customers about shortages of Naira notes at various banking counters, Automated Teller Machines (ATMs), Points of Sale (PoS) terminals, and Bureaux de Change (BDCs).
Addressing the issue, the Corporate Communications Department of the CBN issued a statement clarifying that there is no shortage of Naira notes.
The apparent scarcity, according to the central bank, is primarily a result of large-scale cash withdrawals by DMBs from various CBN branches and panic withdrawals by individual bank customers.
“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,” it said.
While acknowledging the concerns expressed by Nigerians regarding the availability of cash for financial transactions, the CBN sought to reassure the public that there is a sufficient stock of currency notes for economic activities in the country.