The Central Bank of Nigeria (CBN) has refuted reports of a shortage of currency notes in the nation. In a statement released on November 2, the CBN, represented by its Director of Corporate Communications, Isa AbdulMumin, assured that there is an ample supply of currency notes to support economic activities in the country.
The statement reads as follows:
“The Central Bank of Nigeria has become aware of reports suggesting a possible shortage of cash at banks, automated teller machines (ATMs), Point of Sale systems, and among Bureau de Change (BDCs) in certain major cities across the nation.
Our investigation has revealed that the apparent cash scarcity in specific areas is primarily due to substantial withdrawals made by Deposit Money Banks (DMBs) from CBN branches and the anxious withdrawals made by ATM users.
While we acknowledge the concerns of Nigerians regarding the availability of cash for financial transactions, we wish to reassure the public that there is an adequate supply of currency notes to support economic activities within the country.
CBN branches throughout the nation are actively working to ensure the smooth circulation of cash within their respective operational areas.
We strongly encourage the public to avoid panic withdrawals, as there is a sufficient supply to facilitate economic activities. Nigerians are also encouraged to embrace alternative modes of payment to reduce the reliance on physical cash.”
