Nigerians have been reassured by the Central Bank of Nigeria (CBN) that the country’s Naira note supply is sufficient. This was said in a statement released on Thursday in Abuja by Isa AbdulMumin, the bank’s director of corporate communications.
Some bank clients have reportedly been complaining recently about the lack of Naira notes at the counters, Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change (BDCs), according to the News Agency of Nigeria (NAN).
Abdulmumin claims that Deposit Money Banks (DMBs) have taken out enormous amounts of cash from several CBN branches, which is the reason for the apparent currency scarcity.
He said that the seeming shortage was also partially caused by bank clients’ frantic withdrawals.
“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,” he said.
The director advised members of the public to guard against panic withdrawals as there was sufficient stock to facilitate economic activities.
He also advised Nigerians to embrace alternative modes of payment, which would reduce pressure on using physical cash.
