The Central Bank of Nigeria has assured Nigerians of sufficient stock of currency notes at its disposal and dispelled rumours of scarcity of cash in banks and ATMs across the country.
The apex bank disclosed this via a statement on its website and signed by the Director of Corporate Communication, Isa AbdulMumin.
The bank explained that the perceived scarcity was a result of panic withdrawal from customers and high volume withdrawal from its branches by other banks.
- It stated, “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.”
Avoid panic withdrawals
The CBN further assured Nigerians it has sufficient stock of currency notes to facilitate business activities across the country and that its branches are working to ensure easy operations to meet the demands of their various states.
It also encouraged Nigerians to avoid panic withdrawals and embrace alternative payment methods that do not require cash.
- The statement read, “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.”
