CBN assures stock of naira notes amid concerns of scarcity
By Sodiq Adelakun
In recent weeks, reports of a scarcity of naira notes have emerged from various parts of Nigeria, causing concern among citizens and businesses alike.
However, the Central Bank of Nigeria (CBN) has come forward to shed light on the situation, assuring the public that it has ample stock of currency notes.
This revelation has sparked curiosity and raised questions about the underlying causes of the reported scarcity.
The scarcity of naira notes has been particularly noticeable in some northern states, including Borno State, where the situation has become more pronounced as the December 31st deadline for the validity of old naira notes approaches.
This deadline, set by the CBN, has prompted individuals and businesses to exchange their old notes for the new ones, leading to an increased demand for currency.
The Director of Corporate Communications at the CBN, Isa AbdulMumin, addressed the concerns in a statement released on Thursday.
He emphasised that the apex bank has taken proactive measures to ensure the availability of sufficient currency notes across the country.
However, he acknowledged that the distribution process may have encountered some challenges, resulting in localised shortages.
He said, “The attention of the Central Bank Nigeria (CBN) has been drawn to a report of alleged scarcity of cash at banks, automated teller machines (ATM), Points of Sale, and among Bureaux de Change (BDC) 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 Deposit Money Banks (DMBs) and panic withdrawals by customers from the ATMs.
“While we note the concern 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.
“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.”
