CBN Refutes Cash Scarcity Reports, Assures Adequate Currency Availability In The Country

The Central Bank of Nigeria, CBN has refuted claims of cash scarcity at banks, automated teller machines, Points of Sale, and Bureaux de Change in various major cities nationwide.

This was conveyed in an official statement signed by the Director of Corporate Communications, Isa AbdulMumin, shared on their X handle on Thursday, 2nd of November, 2023 the apex bank clarified the situation.

The statement, in part, said,

“Our findings reveal that the seeming cash scarcity in some locations is due largely to high volume withdrawals from the CBN branches by Deposit Money Banks (DMBs) and panic withdrawals by customers from the ATMs.

Furthermore, the CBN assured the public, stating, “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 underscored that its branches nationwide are actively working to ensure the smooth circulation of cash within their respective regions of operation. Additionally, the public was advised against panic withdrawals, as there is an adequate reserve to facilitate economic transactions. Nigerians were also encouraged to adopt alternative payment methods to alleviate the pressure of using physical cash. [CONTINUE READING HERE]>>>>