CBN Addresses Reports of Naira Scarcity, Assures Adequate Currency Supply
The Central Bank of Nigeria (CBN) has responded to reports of naira scarcity in some regions of the country, particularly in certain northern states, including Borno State.
This scarcity coincides with the approaching December 31st deadline for the validity of the old naira notes.
In a statement issued on Thursday, Isa AbdulMumin, the CBN’s Director of Corporate Communications, clarified that the central bank possesses ample reserves of currency notes.
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He explained that the apparent cash scarcity in specific locations is primarily due to significant withdrawals by Deposit Money Banks (DMBs) from CBN branches and heightened withdrawals by customers from ATMs.
“While we acknowledge the concern of Nigerians regarding 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,” stated AbdulMumin.
He went on to highlight that CBN branches across the nation are actively working to ensure smooth cash circulation within their respective operational states.
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The public is advised to refrain from panic withdrawals, as there is an ample supply of currency notes to facilitate economic activities.
Additionally, Nigerians are encouraged to adopt alternative payment methods, which will help alleviate pressure on the use of physical cash.
The CBN’s reassurance seeks to allay concerns and ensure that the nation’s financial ecosystem continues to function effectively.
With a focus on maintaining stability and accessibility, the central bank is actively working to meet the currency needs of the public.
