The Central Bank of Nigeria (CBN) has issued a comprehensive response to the recent reports of Naira note scarcity, seeking to allay concerns and shed light on the underlying factors contributing to this perceived shortage. In an official statement released by the Corporate Communications Department of the CBN, the apex bank clarified that the apparent deficit in Naira notes in certain regions stems from substantial withdrawals made by Deposit Money Banks (DMBs) from various CBN branches.
Furthermore, the CBN highlighted the role of panic withdrawals by individual bank customers at Automated Teller Machines (ATMs), Points of Sale (PoS) terminals, and Bureaux de Change (BDCs) in amplifying the perception of currency scarcity. Despite the visible impact on these channels, the CBN unequivocally asserted that there is no actual shortage of Naira notes, emphasizing the existence of an ample supply of the national currency within the economy.
The statement acknowledged the concerns expressed by Nigerians regarding the availability of cash for their financial transactions. However, the CBN sought to reassure the public, underscoring the adequacy of the currency stock to support ongoing economic activities across the country. By addressing the root causes of the perceived scarcity and providing assurance of the robustness of the currency supply, the CBN aims to restore confidence in the stability of the Naira and the overall financial system.
