The Central Bank of Nigeria (CBN) has emphatically stated that there is an ample supply of naira notes in circulation to meet the cash needs of the public. Mrs. Hakama Ali, the Acting Director of Corporate Communications at the CBN, revealed that the volume of naira notes in circulation has increased significantly, from N1 trillion in February to N3.4 trillion in December.
Addressing concerns about the reported scarcity of naira notes in some major cities, Mrs. Hakama Ali attributed the situation to the hoarding of currency notes by certain individuals. This hoarding, she explained, stemmed from the challenges faced during the naira redesign policy implemented by the previous administration of Muhammadu Buhari.
The CBN is actively monitoring the situation and has ensured the release of sufficient cash to its branches nationwide for distribution to Deposit Money Banks (DMBs). Mrs. Hakama Ali clarified that the current volume of currency in circulation, which has substantially increased, indicates that there is no shortage of cash in the economy.
Despite the challenges posed by the hoarding behavior, the CBN remains committed to addressing the situation and ensuring the availability of cash, especially during the Yuletide season. Mrs. Hakama Ali urged Nigerians to be patient while the CBN takes necessary actions to alleviate the concerns surrounding the circulation of naira notes.
