Business
By Victoria Frances
THE Central Bank of Nigeria (CBN) has allayed fears of scarcity of currency notes for economic transactions in the country.
The CBN gave the assurance in a statement by Isa AbdulMumin, director, Corporate Communications of the bank on Thursday, November 2, following 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.
According to CBN, “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 a sufficient stock of currency notes for economic activities in the country.”
It stated that “The branches of the CBN across the country are also working to ensure the seamless
circulation of cash in their respective states of operation,” adding that “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.”
A.I
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