March 5, 2024

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CBN Gives Update Concerning Naira Scarcity

According to the Central Bank of Nigeria (CBN) there is enough naira in circulation. This reaction is coming after several complaints by some bank customers due to the scarcity of Naira notes at bank counters, Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change (BDCs).

The CBN also revealed that panic withdrawals by bank customers were also partly responsible for the seeming scarcity. Theb apex bank also said that there is no shortage of naira notes, noting that there is adequate supply of the banknotes in the economy.

“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.”