The Central Bank of Nigeria (CBN) responded on Thursday to widespread rumors of naira scarcity circulating in the country.
Reports had suggested a shortage of sufficient cash circulation in some commercial banks nationwide, raising concerns among the public.
In a statement released by CBN’s spokesperson, Isa AbdulMumin, the central bank debunked the claims and attributed the perceived scarcity to panic withdrawals, particularly through Automated Teller Machines (ATMs).
AbdulMumin, however, assured the public that CBN is actively working to ensure the seamless circulation of cash throughout the nation.
“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 read.
The CBN emphasized that its branches across the country are diligently working to facilitate the smooth flow of cash in their respective states of operation.
Furthermore, the apex bank urged Nigerians to refrain from panic withdrawals, reinforcing the message that there is an ample stock of currency to support economic activities.
To mitigate the pressure on physical cash usage, the CBN also advised citizens to embrace alternative modes of payment.
This strategic move aims to alleviate concerns and reduce the reliance on traditional cash transactions.
It is worth noting that from late last year to early this year, Nigeria experienced a cash crunch due to the implementation of a cash redesign policy.
The recent statement from the CBN aims to quell fears and assure the public of the adequacy of currency notes for smooth economic transactions.
