CBN Reacts To Reports Of Cash Scarcity Nationwide

The Central Bank of Nigeria (CBN) has refuted claims of cash scarcity at banks, automated teller machines, Points of Sale, and Bureaux de Change in various major cities nationwide.

In a statement signed by the Director of Corporate Communications, Isa AbdulMumin, shared on their X account on Thursday, the apex bank assured Nigerians of sufficient stock of currency notes.

The statement, in part, said, “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.

Furthermore, the CBN assured the public, stating, “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 CBN underscored that its branches nationwide are actively working to ensure the smooth circulation of cash within their respective regions of operation.

Additionally, the public was advised against panic withdrawals, as there is an adequate reserve to facilitate economic transactions. Nigerians were also encouraged to adopt alternative payment methods to alleviate the pressure of using physical cash.