Image File of Central Bank of Nigeria, source (Google).
The Central Bank of Nigeria (CBN) has reassured the public of the ample availability of currency notes for economic activities within the country.
In a statement released on Thursday, CBN Director of Corporate Communications, Isa AbdulMumin, addressed reports of alleged cash shortages in banks, ATMs, Points of Sale, and Bureaux de Change (BDCs) in certain major cities nationwide.
The central bank explained that their investigation showed that the apparent shortage was primarily a result of substantial withdrawals by Deposit Money Banks (DMBs) from CBN branches and customer withdrawals from ATMs.
The public was encouraged to refrain from making panicked withdrawals and, instead, adopt cashless payment methods to alleviate the reliance on physical currency.
The statement conveyed:
“The attention of the Central Bank of Nigeria (CBN) has been drawn to reports of alleged scarcity of cash at banks, automated teller machines (ATMs), Points of Sale and among Bureaux de Change (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 Deposit Money Banks (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 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 of physical cash.”