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

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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.

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