Naira notes
CBN dismisses reports of Naira scarcity as untrue
The Central Bank of Nigeria, CBN, has described as untrue reports of naira scarcity in the country.
The CBN said the reports that there is no sufficient cash circulation in some commercial banks nationwide are far from the reality.
In a statement by its spokesman, Isa AbdulMumin, the CBN blamed some customers for panic withdrawal using the Automated Teller Machines (ATMs).
Consequently, AbdulMumin assured that the apex bank was working to ensure the seamless circulation of cash nationwide.
The apex bank said, “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 branches of the CBN across the country are also working to ensure the seamless circulation of cash in their respective states of operation.”
It urged Nigerians to “guard against panic withdrawals,” assuring that “there is sufficient stock to facilitate economic activities.”
CBN also advised the citizens to embrace alternative modes of payment, which it noted would reduce pressure on using physical cash.
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