The Central Bank of Nigeria, CBN, has said enough Naira
notes are in circulation amid reports of scarcity of banknotes.
In a statement issued by the Corporate Communications
Department of the CBN, the apex bank explained the reasons behind the scarcity
of Naira notes in some parts of the country.
CBN’s reaction is coming amid a series of complaints by some
bank customers concerning the scarcity of Naira notes at bank counters,
Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change
(BDCs).
However, the apex bank said the seeming currency scarcity
was occasioned by large volume withdrawals of cash from various CBN branches by
Deposit Money Banks (DMBs).
It stated that panic withdrawals by bank customers were also
partly responsible for the seeming scarcity.
The CBN said there is no shortage of naira notes, noting
that there is adequate supply of the currency 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,” the
statement reads.
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