The Central Bank of Nigeria, CBN, has debunked reports that there is insufficient stock of Naira notes in in circulation across the country.
CBN in a statement signed by its Director Corporate Communications, Isa AbdulMumin, said that there is sufficient stock to facilitate economic activities in the country.
The CBN was reacting to some media reports that claimed Naira notes were becoming scarce as a result of earlier reports indicating the old notes will cease to be in circulation in December.
Currently, the old and new designs of the 200, 500 and 1000 Naira notes are in circulation.
“The attention of the Central Bank of Nigeria has been drawn to reports of alleged scarcity cash at banks, automated teller machines, ATMs, Point of Sale and among Bureax de Change, BDCs, in some major cities across the country.
“Our findings revealed that the seeming cash scarcity in some locations is due largely to high volume withdrawals from 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 branches of the CBN across the country are also working to ensure the seamless circulation of cash in 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.
Earlier this year, severe scarcity of Naira notes hit the nation when the old notes ceased to be legal tender for transactions, and the new currencies were short in supply, leading to difficulty in making transactions especially among the un-banked, and underserved communities in digital banking and transaction facilities.
