The spokespersons said the seeming scarcity of naira notes is largely due to high volume withdrawals from its branches by Deposit Money Banks and panic withdrawals by customers from the ATMs.
The Central Bank of Nigeria (CBN) has dismissed reports of insufficient stock of currency notes in the country.
This follows recent complaints of cash shortages at banks and Automated Teller Machines (ATMs) in major Nigerian cities.
A statement issued by the Director, Corporate Communications of the Apex Bank, Isa Abdulmumin, insisted that there are adequate stock levels to facilitate economic activities in the country.
According to Abdulmumin, the Bank’s investigation revealed that the perceived scarcity of naira notes in some locations is largely due to high volume withdrawals by banks from CBN branches, and panic withdrawals by customers.
Abdulmumin also noted that branches of CBN nationwide are working to guarantee seamless cash circulation within their states.
While he assured that there are enough notes despite concerns over non-availability, the spokesperson advised against panic withdrawals and instead, embrace alternative payment options to reduce reliance on physical cash
The statement reads, “The attention of the Central Bank of Nigeria (CBN) has been drawn to reports of alleged scarcity of cash at banks, automated teller machines (ATMs), Points of Sale and among Bureaux de Change (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 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.”