CBN assures consumers no shortage of Naira notes in economy

*The Central Bank of Nigeria cautions against panic withdrawals, assures consumers there is sufficient stock to facilitate economic activities

Isola Moses | ConsumerConnect

Following recent reports on some bank customers’ complaints about relative scarcity of Naira notes, the Central Bank of Nigeria (CBN) has assured consumers of financial products and services of adequate supply of Naira notes in the economy.

Dr. AbdulMumin Isa, Director of Corporate Communications at CBN, said this in a statement issued Thursday, November 2, 2023, in Abuja, FCT.

Some customers of Deposit Money Banks  (DMBs) recently have been complaining about scarcity of Naira notes at the counters, Automated Teller Machines (ATMs) Points of Sale (PoS), and Bureaux de Change (BDCs).

The Bank, however, noted the seeming currency scarcity in the Nigerian economy is occasioned by large volume withdrawal of cash from various CBN branches by Deposit Money Banks (DMBs).

Isa noted that panic withdrawals by bank customers was also partly responsible for the seeming scarcity in circulation.

The statement said: “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.”

The Bankers’ Bank also stated: “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.”

The Director of Corporate Communications, therefore, urged members of the public to guard against panic withdrawals, as there is sufficient stock to facilitate economic activities.

The CBN also advised Nigerian consumers to embrace alternative modes of payment, which would reduce pressure on using physical cash.