We Have Sufficient Stock of Currency Notes – CBN
The Central Bank of Nigeria (CBN) has assured the banking public that there is sufficient stock of currency notes and advised them not to engage in panic withdrawals.
CBN Director of Corporate Communications, Isa AbdulMumin (PhD) made the appeal in a statement made available to Business Africa Digest in Abuja.
The assurance is coming amid 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.
The apex bank said 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 statement said.
CBN further said their branches across the country are also working to ensure the seamless circulation of cash in their respective states of operation, while advising the public to guard against panic withdrawals as there is sufficient stock to facilitate economic activities.
It also advised Nigerians to embrace alternative modes of payment, which would reduce pressure on using physical cash.
