Explanations have been provided by the Central Bank of Nigeria (CBN) regarding the scarcity of naira notes in the country.
A statement issued by the Corporate Communications Department of the CBN pointed out that the apparent currency scarcity was a result of significant cash withdrawals from various CBN branches by Deposit Money Banks (DMBs).
The CBN also mentioned that the panic withdrawals made by bank customers also contributed to the perceived scarcity.
These remarks from the CBN come in response to numerous complaints by bank customers about the shortage of Naira notes at bank counters, Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change (BDCs).
The CBN clarified that there is no actual shortage of naira notes, emphasizing that there is ample supply of the currency in the economy.
In the statement, it was stated: “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.”