Connect with us


CBN mentions high volume, panic withdrawals as causes of naira scarcity in parts of Nigeria



The Central Bank of Nigeria (CBN) has assured Nigerians of an adequate supply of Naira notes in the country.

The bank’s Director of Corporate Communications, Isa AbdulMumin, said this in a statement on Thursday in Abuja.

The CBN was reacting to reports of naira scarcity at the counters, Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change (BDCs) in many parts of the country.

Abdulmumin noted that the seeming currency scarcity was occasioned by large volume withdrawal of cash from various CBN branches by Deposit Money Banks (DMBs).

He added that panic withdrawals by bank customers were also partly responsible for the scarcity.

The statement read: “The attention of the CBN has been drawn to reports of the 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.

READ ALSO: No plans to re-denominate naira notes in 2024 —CBN

“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.”

The director advised Nigerians to guard against panic withdrawals as there was sufficient stock to facilitate economic activities.

He also urged Nigerians to embrace alternative modes of payment which would reduce pressure on physical cash.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

1 + 16 =