Central Bank of Nigeria Addresses Naira Notes Shortage Claims
The Central Bank of Nigeria (CBN) has shed light on the recent shortage of Naira notes across various channels in the country.
In a statement released by the Corporate Communications Department of the CBN, the apex bank attributed the perceived scarcity to substantial cash withdrawals from different CBN branches by Deposit Money Banks (DMBs) and panic-driven withdrawals by bank customers.
The CBN’s response comes amidst mounting complaints from bank customers regarding the lack of Naira notes at bank counters, Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change (BDCs).
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Addressing the concerns raised, the CBN clarified that there is no actual shortage of Naira notes in circulation, emphasizing that the economy has an ample supply of currency.
In their statement, the CBN stated: “Our investigation reveals that the apparent cash scarcity experienced in specific locations is primarily due to significant withdrawals made by DMBs from CBN branches and the anxiety-driven withdrawals by customers using ATMs.”
While acknowledging the public’s apprehension regarding the availability of cash for financial transactions, the CBN sought to reassure citizens, affirming that the country maintains an adequate stock of currency notes to facilitate economic activities nationwide.
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The CBN’s proactive response aimed to allay fears surrounding the perceived scarcity, providing clarity that the shortage of Naira notes in certain areas does not reflect an overall dearth of currency in the economy.
