The Central Bank of Nigeria, CBN, on Thursday explained the report on scarcity of Naira notes in some parts of the country.
The Central Bank of Nigeria has refuted reports of a scarcity of Naira notes in some northern states, including Borno.
According to the CBN’s Director of Corporate Communications, Isa AbdulMumin, the apex bank has sufficient stock of currency notes, and there should be no cause for alarm.
He said: “The attention of the Central Bank Nigeria has been drawn to a report of alleged scarcity of cash at banks, automated teller machines, Points of Sale, and among Bureaux de Change
“Our 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 and panic withdrawals by customers from the ATMs.
“While we note the concern 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.
CBN branches are actively working to ensure the smooth circulation of cash throughout their respective states of operation.
“Members of the public are therefore, advised to guard against panic withdrawals as there is sufficient stock to facilitate economic activities. Nigerians are also advised to embrace alternative modes of payment, which would reduce pressure on using physical cash”.