Why There’s Naira Scarcity – CBN

Why There’s Naira Scarcity – CBN

The Central Bank of Nigeria (CBN) has provided an explanation for the shortage of naira notes in the country. This follows numerous complaints from bank customers about the scarcity of naira notes at counters, ATMs, PoS, and Bureaux de Change.

In a statement from the Corporate Communications Department of the CBN, the apex bank attributed the apparent currency scarcity to substantial withdrawals of cash by Deposit Money Banks (DMBs) from various CBN branches.

It also mentioned that panic withdrawals by bank customers have contributed to the perceived scarcity.

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The CBN clarified that there is no actual shortage of naira notes, emphasizing that there is an ample supply of the currency in the economy.

“The attention of the CBN has been drawn to reports of alleged scarcity of cash at banks, ATMs, PoS and 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 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,” it said.

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