The Central Bank of Nigeria (CBN) has refuted claims of insufficient currency notes in the country.
Issuing a statement through its Director of Corporate Communications, Isa AbdulMumin, the CBN addressed concerns regarding cash scarcity in various locations. AbdulMumin clarified that the perceived shortage in some areas resulted from high-volume withdrawals by Deposit Money Banks (DMBs) from CBN branches and panic withdrawals by customers from ATMs.
In a statement posted on the CBN’s Twitter handle on the X platform, AbdulMumin stated, “The attention of the Central Bank of Nigeria has been drawn to reports of alleged scarcity of cash at banks, automated teller machines (ATMs), Point of Sale, and among Bureau de Change (BDCs) in some major cities across the country.”
He reassured the public, stating, “Our findings revealed that the seeming cash scarcity in some locations is due largely to high volume withdrawals from CBN branches by Deposit Money Banks (DMBs), and panic withdrawals by customers from the ATMs.”
AbdulMumin emphasized an ample supply of currency notes to support economic activities in Nigeria. He further urged the public to avoid panic withdrawals and assured that the CBN branches nationwide are working diligently to ensure the smooth circulation of cash within their respective states.
He advised, “Members of the public are therefore advised to guard against panic withdrawals as there is sufficient stock to facilitate economic activities.”
Additionally, Nigerians were encouraged to explore alternative payment methods, reducing the reliance on physical cash and alleviating pressure on the current system.
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