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Naira Scarcity: CBN Clears Air On Scarcity Of Naira, Reassures Public Of Adequate Supply

Amid recent concerns regarding the scarcity of Naira notes in certain regions, the Central Bank of Nigeria (CBN) has stepped forward to address the issue. In a statement released by the CBN’s Corporate Communications Department, the apex bank clarified that the reported shortage is not due to an actual lack of currency in circulation.

 

 

Explaining the underlying reasons, the CBN highlighted two primary factors contributing to the perceived scarcity. Firstly, the large-scale withdrawals of cash by Deposit Money Banks (DMBs) from various CBN branches have strained local availability. Additionally, the CBN cited panic-driven withdrawals by customers from ATMs as a contributing factor.

Assuring the public, the CBN emphasized that there is an ample supply of Naira notes in the economy to meet the demands for financial transactions, According to DAILY POST reports. The statement aimed to alleviate concerns among Nigerians about the accessibility of cash for their day-to-day transactions.

Despite acknowledging the genuine worries expressed by citizens about the availability of currency, the CBN sought to reassure the public, affirming the existence of sufficient currency reserves to support economic activities across the country.

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