CBN Reassures Nigerians of Ample Currency Reserves, Dispels Cash Scarcity Rumors

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The Central Bank of Nigeria (CBN) has moved swiftly to assure the public that it possesses an ample stock of currency notes, firmly debunking any rumors of cash scarcity in banks and ATMs throughout the country.

The apex bank conveyed this assurance through an official statement on its website, signed by Isa AbdulMumin, the Director of Corporate Communication.

The CBN clarified that the perceived shortage of cash was primarily the result of customer-driven panic withdrawals and the substantial withdrawal of funds by other banks from CBN branches.

The statement from the CBN reads, “The Central Bank of Nigeria (CBN) has been made aware of reports suggesting a shortage of cash in banks, automated teller machines (ATMs), Points of Sale, and Bureaux de Change (BDCs) in certain major cities across the nation. Our investigations reveal that the apparent cash scarcity in some areas is mainly due to heightened withdrawals by Deposit Money Banks (DMBs) from CBN branches and customer panic withdrawals from ATMs.”

The CBN went further to assure Nigerians of its substantial reserves of currency notes, which are in place to support economic activities nationwide. The bank’s branches are actively working to ensure smooth operations to fulfill the demands of various states.

The CBN also encouraged Nigerians to refrain from making panic withdrawals and instead consider alternative payment methods that don’t necessitate physical cash.

The statement emphasized, “While we acknowledge the concerns of Nigerians regarding the availability of cash for financial transactions, we want to assure the public that there is an ample supply of currency notes for all economic activities in the country. CBN branches located throughout the nation are diligently working to guarantee the seamless circulation of cash within their respective states of operation. Therefore, we advise the general public to refrain from panic withdrawals, as there is an adequate supply to support economic activities. Nigerians are also encouraged to embrace alternative payment modes, which will help reduce the reliance on physical cash.”

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