February 21, 2024

Amidst complaints by some Nigerians about the scarcity of naira notes, the Central Bank of Nigeria (CBN) says there is an adequate supply of the currency.

This follows complaints by some bank customers about the scarcity of naira notes at the counters, Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change (BDCs).

Some Deposit Money Bank officials also claimed that the DMBs were not getting an adequate supply of cash from the CBN.

But, according to a statement by the corporate communications department of the CBN, there is no shortage of naira notes, as there is an adequate supply of the currency in the economy.

The apex bank said the seeming currency scarcity was occasioned by large volume withdrawals of cash from various CBN branches by DMBs.

CBN said that panic withdrawals by bank customers were also partly responsible for the seeming scarcity.

“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,” it said.

The CBN advised public members to guard against panic withdrawals as there was sufficient stock to facilitate economic activities.

It also advised Nigerians to embrace alternative modes of payment, which would reduce pressure on using physical cash.

Meanwhile, the CBN warned Nigerians to beware of fake naira banknotes.

(NAN)

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