The Central Bank of Nigeria has refuted claims of a cash shortage in various parts of the country and has urged Nigerians to refrain from panic withdrawals.
In a statement by CBN’s Director of Corporate Communications, Isa AbdulMumin on Thursday, the apex bank clarified that the perceived cash shortage was a result of commercial banks making substantial withdrawals from CBN branches and individuals engaging in panic withdrawals from Automated Teller Machines.
AbdulMumin explained, “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.”
He further assured the public that there is an ample supply of currency notes to support economic activities in the country but advised Nigerians to use alternative payment methods.
“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.”
“Nigerians are also advised to embrace alternative modes of payment, which would reduce pressure on using physical cash,” AbdulMumin stated.
