Amidst public complaint about naira scarcity, CBN assures adequate supply
The Central Bank of Nigeria (CBN) has said that there is an adequate supply of naira notes even as some Nigerians complained about the scarcity of the currency.
The CBN gave the assurance following complaints by some bank customers on the scarcity of Naira notes at the counters, Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change (BDCs).
The apex bank said that the seeming currency scarcity was occasioned by large volume withdrawals of cash from various CBN branches by Deposit Money banks (DMBs).
It said that panic withdrawals by bank customers were also partly responsible for the seeming scarcity.
The statement reads: “The attention of the CBN has been drawn to reports of 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.
“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.
Its Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali, gave the warning in a statement.
Sidi-Ali said that the counterfeit Naira notes were mainly used for transactions in food markets and other commercial centres across major cities in the country.
She said that any person found complicit in circulating the counterfeit currency notes would face severe sanctions.
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