The Central Bank of Nigeria (CBN) has provided an explanation for the scarcity of naira notes in the country, addressing concerns raised by bank customers.
In a statement issued by the Corporate Communications Department of the CBN, the apex bank attributed the apparent currency scarcity to substantial cash withdrawals from its branches by Deposit Money Banks (DMBs) and panic withdrawals by customers at Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change (BDCs).
The apex bank emphasized that there is an ample supply of naira notes in the economy and assured the public that branches across the country are working to ensure smooth cash circulation.
“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.
Despite the introduction of redesigned denominations in 2022 and extensions of legal tender deadlines, concerns about naira scarcity persist, affecting cash withdrawals and business transactions.
Ada Peter
