The Central Bank of Nigeria (CBN) has said it has sufficient stock of cash for transactions.
The CBN Director, Corporate Communications, Dr. Isa AbdulMumin gave the insurance while reacting to a news report alleging cash scarcity.
He said the reports of alleged scarcity of cash at the banks, automated teller machines (ATMs), Points of Sale and among Bureaux de Change (BDCs) in some major cities across the country is false.
Dr. Isah noted that the reports also claimed that 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 CBN said “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.”
“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” the CBN assured.
