Nigerians may feel secure knowing that there are enough Naira notes in circulation to cover their monetary demands, according to the Central Bank of Nigeria (CBN). The guarantee was provided in a statement on Wednesday by Mrs. Hakama Ali, Acting Director of Corporate Communications at CBN.
Bank clients across have complained about a persistent lack of Naira notes. Ali said that from one trillion Naira in February to N3.4 trillion in December, the amount of Naira notes in circulation has grown.
She interprets this as proof that there is enough money in circulation, but that it is in the hands of people who are fearful because of their past experiences.
According to her, the nation’s top bank is taking action in response to reports of cash shortages in a few key cities. She attributed the situation to the hoarding of the Naira by some persons due to challenges experienced during the Naira redesign project.
She said that the CBN was monitoring the situation and had released sufficient cash to its branches across the country for onward distribution to Deposit Money Banks (DMBs). Nigeria Eurobond Slumps after CBN Resumes OMO Auction
“The CBN has adequate cash to meet the day-to-day transaction needs of Nigerians.
“We appeal to Nigerians to be patient while the CBN does the needful to ensure the availability of cash, particularly during the yuletide and beyond,” she said.
She urged Nigerians to continue to accept all Naira banknotes for their daily transactions, while urging the public to embrace alternative modes of payment, e-channels, to reduce pressure on the use of physical cash.
