The Central Bank of Nigeria (CBN) has denied reports of a shortage of banknotes in the country.
In a statement issued today, November 2, the CBN, through its Director of Public Affairs, Issa Abdulmumin, said there are sufficient stocks to facilitate economic activities in the country.
The statement reads as follows;
“The Central Bank of Nigeria has received reports of cash shortages in banks, cash machines, ATMs, POS, and BDCs in major cities across the country.
Investigations revealed that the apparent cash shortages in some locations were mainly due to large withdrawals from CBN branches by Depository Banks (DMBs) and panic withdrawals by customers from ATMs.
While we are aware that Nigerians are concerned about the shortage of cash for financial transactions, we would like to assure them that there are sufficient stocks of banknotes for economic activities in the country,
In addition, all branches of the CBN across the country are working to ensure the seamless circulation of cash in their respective states of operation.
The public is therefore advised to be wary of panic withdrawals as there are sufficient stocks to facilitate economic activities. In addition, Nigerian citizens can reduce the pressure on the use of cash by using other payment methods.
