CBN Gives Update, Reveals Why There Is Fresh Naira Scarcity

The Central Bank of Nigeria (CBN) has explained the reason behind the fresh naira scarcity and cash crunch being experienced in some states of the country.

According to a statement made available to newsmen by the Corporate Communications Department of the apex bank, Nigerians are experiencing cash scarcity due largely to high volume withdrawals from the CBN branches by the Deposit Money Banks (DMBs) and panic withdrawals by customers from the ATMs.

The CBN however assured that there is adequate stock of naira for all economic activities and Nigerians have nothing to be worried about even as the yuletide sets in.

The apex bank added that its branches across the country are also working to ensure the seamless circulation of cash.

“The attention of the CBN has been drawn to reports of alleged scarcity of cash at banks, ATMs, PoS and 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 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 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,” the CBN statement reads.

The apex bank further advised Nigerians to embrace alternative modes of payment apart from the use of physical cash.