There is sufficient stock of currency notes – CBN reacts to reports of scarcity of cash

The Central Bank of Nigeria (CBN) has refuted reports of scarcity of cash at banks, automated teller machines, points of sale, and bureaux de change in some major cities across the country.

Reacting to the reports in a statement on Thursday, CBN’s Director of Corporate Communications, Isa AbdulMumin, said the seeming cash scarcity in some locations is due to high volume withdrawals from the CBN branches by deposit money banks and panic withdrawals by customers from the ATMs.

The statement reads partly, “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.

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“The branches of the CBN across the country are also working to ensure the seamless circulation of cash in their respective states of operation,” he said.

AbdulMumin, therefore, urged members of the public 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,” he said.