Alleged Scarcity: We have sufficient stock of Naira notes, says CBN

*The Central Bank of Nigeria assures the public that there is sufficient stock of currency notes for economic activities in the country

Isola Moses | ConsumerConnect

Following recent concerns of Nigerian consumers of financial products and services about the reported scarcity of cash for financial transactions, the Central Bank of Nigeria (CBN) has assured there is sufficient stock of currency notes for economic activities in the West African country.

ConsumerConnect learnt some officials of Deposit Money Banks (DMBs) also claimed that the commercial banks have not been receiving an adequate supply of cash from the Bankers’ Bank.

Dr. Isa AbdulMumin, Director of Corporate Communications at CBN, stated the Bank’s attention had been drawn to reports of alleged scarcity of cash at banks, Automated Teller Machines (ATMs), Points of Sale (PoS), and among Bureaux de Change (BDCs) in some major cities in Nigeria.

Isa, however, said the CBN’s findings had revealed that the seeming cash scarcity in some locations is due largely to high volume withdrawals from the CBN branches by Deposit Money Banks (DMBs) and panic withdrawals by customers from the ATMs.

The statement noted: “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.

He further noted that the branches of the CBN across the country are also working to ensure the seamless circulation of cash in their respective states of operations.

“Members of the public are, therefore, advised to guard against panic withdrawals as there is sufficient stock to facilitate economic activities.

“Nigerians are also advised to embrace alternative modes of payment, which would reduce pressure on using physical cash,” stated the CBN Director of Corporate Communications.