The Central Bank of Nigeria (CBN) has responded to reports of a Naira banknote scarcity, asserting that there’s an ample supply of currency notes in circulation despite recent complaints and concerns from bank customers across the nation.
Issuing a statement through its Corporate Communications Department, the CBN acknowledged the public’s unease regarding the apparent scarcity of Naira notes in various banking channels, including ATMs, PoS machines, and Bureaux de Change (BDCs).
The apex bank elucidated the factors contributing to this perceived scarcity, attributing it primarily to the significant withdrawals made by Deposit Money Banks (DMBs) from various CBN branches.
Additionally, the CBN pointed out that panic withdrawals by customers at ATMs have also played a role in exacerbating the perceived shortage of currency notes.
Addressing the growing concerns among Nigerians, the CBN emphasized that despite these circumstances, there exists an adequate and sufficient supply of currency notes to sustain economic transactions nationwide.
“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.
“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 statement reads.