The Central Bank of Nigeria (CBN) has issued a statement clarifying that there is an ample supply of currency in circulation.
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The Corporate Communications Department of the CBN released an official statement, attributing the perceived scarcity to large volume withdrawals of cash by Deposit Money Banks (DMBs) from various CBN branches.
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Additionally, panic withdrawals by individual bank customers were identified as contributing factors to the apparent shortage.
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According to reports, numerous complaints had surfaced from bank customers, highlighting difficulties in obtaining Naira notes at bank counters, Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change (BDCs).
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However, the CBN stated that the reported scarcity does not reflect an actual shortage of currency in the economy.
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The statement read, “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.”
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Addressing the concerns of Nigerians, the CBN assured the public that there is a sufficient stock of currency notes to support economic activities in the country.
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The central bank urged citizens to remain confident in the stability of the Naira and encouraged them to conduct their financial transactions without apprehension.