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The Central Bank of Nigeria (CBN) has explained the reason for the shortage of naira notes in the country.
In a statement issued by the
Corporate Communications Department of the CBN, the apex bank said the seeming
currency scarcity was caused by large volume withdrawals of cash from various
CBN branches by Deposit Money Banks (DMBs).
It stated that panic
withdrawals by bank customers were also partly responsible for the seeming
scarcity.
CBN’s reaction is coming amid a
series of complaints by some bank customers concerning the scarcity of Naira
notes at bank counters, Automated Teller Machines (ATMs), Points of Sale (PoS),
and Bureaux de Change (BDCs).
The CBN said there is no
shortage of naira notes, noting that there is an adequate supply of the
currency in the economy.
The statement reads: “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.”
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