The Central Bank of Nigeria has assured citizens of an ample supply of the currency, citing specific reasons for the apparent shortage In response to public complaints regarding the scarcity of Naira notes.

The CBN acknowledged the concerns raised by some Nigerians about difficulties in obtaining Naira notes from various banking channels such as counters, Automated Teller Machines, Points of Sale, and Bureaux de Change.

The Corporate Communications Department of the CBN released a statement emphasizing that the perceived currency scarcity was primarily a result of substantial cash withdrawals by Deposit Money Banks from various CBN branches.

The statement also highlighted panic withdrawals by individual bank customers as contributing factors.

The statement from the CBN clarified, “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 apex bank urged the public to avoid panic withdrawals, emphasizing that there is an ample supply of currency notes to support economic activities.

Additionally, the CBN recommended embracing alternative modes of payment to alleviate the pressure on physical cash usage.

Meanwhile, the CBN issued a warning about the circulation of counterfeit Naira banknotes, particularly in higher denominations.

Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, cautioned the public against using counterfeit currency notes, especially in transactions related to food markets and other commercial centers.

Sidi-Ali stated, “The CBN is constantly collaborating with relevant security and financial agencies to confiscate fake Naira banknotes and arrest and prosecute counterfeiters.”

She reminded the public of the legal consequences, including imprisonment for up to five years, for individuals found guilty of counterfeiting Naira notes or any legal tender in Nigeria.

To address the issue, she encouraged citizens to report any suspected cases of counterfeit notes to the nearest police station, CBN branch, or via [email protected].

Furthermore, the CBN called on Deposit Money Banks, Financial Houses, Bureaux de Change, and the general public to exercise vigilance and take precautionary measures to prevent the acceptance and distribution of counterfeit notes.

Sidi-Ali urged the public to adopt alternative payment methods for daily transactions to minimize the risk of encountering counterfeit banknotes.
The CBN’s comprehensive response aims to address both the concerns of currency scarcity and the serious issue of counterfeit currency circulation.