The Central Bank of Nigeria [CBN] has released a recent update explaining that the required amount of Naira notes are in circulation, opposing the recent complaints about Naira scarcity.
A statement released by the bank via the communications unit explained probable reasons for the cause of the scarcity in affected parts of Nigeria.
The CBN update came following recent complaints from financial organizations, point of sale (POS) and bureaux De change [BOC’s].
The CBN said one of the reasons for the scarcity was due to huge withdrawals made by deposit banks from CBN branches.
The CBN also added that money hoarded by bank customers who made huge withdrawals due to rumours of Naira scarcity added to the current challenge.
It said that there is no scarcity of Naira notes, noting that the money circulating in the country is enough.
Further reports reaching the CBN were that some major cities in Nigeria are experiencing scarcity of Naira notes at various dispensing terminals such as banks, BDC and POS services.
In a statement released by the Bank, it said: “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,”
