Amidst complaints of Naira scarcity, the Central Bank of Nigeria (CBN) issues a statement clarifying that there is an ample supply of the currency. The assurance comes in response to reports of scarcity at banks, ATMs, PoS, and BDCs.
The CBN attributes the perceived scarcity to large-volume withdrawals by Deposit Money Banks (DMBs) from various CBN branches and panic withdrawals by customers. The Corporate Communications Department of the CBN emphasizes that there is no shortage of Naira notes, and the seeming scarcity is a result of specific banking activities.
The statement reads, “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 CBN advises the public against panic withdrawals, emphasizing that branches across the country are working to ensure the smooth circulation of cash.
