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HomeBusinessCBN Dismisses Cash Scarcity Rumors, Assures Nigerians of Sufficient Currency Stock

CBN Dismisses Cash Scarcity Rumors, Assures Nigerians of Sufficient Currency Stock

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The Central Bank of Nigeria (CBN) has reassured Nigerians of an ample supply of currency notes and debunked rumors of cash scarcity in banks and ATMs nationwide.

In a statement posted on its website and signed by the Director of Corporate Communication, Isa AbdulMumin, the CBN explained that the perceived shortage was a result of panic withdrawals by customers and high-volume withdrawals from its branches by other banks.

The statement from the apex bank emphasized that the apparent cash scarcity in certain locations was primarily due to large-scale withdrawals from CBN branches by Deposit Money Banks (DMBs) and panic withdrawals by customers from ATMs. The CBN asserted that it possesses sufficient currency notes to support economic activities across the country and assured the public that its branches are actively working to ensure smooth operations to meet the demands of various states.

Additionally, the CBN encouraged Nigerians to refrain from panic withdrawals and explore alternative payment methods that do not rely on physical cash. The statement urged citizens to embrace digital payment options to alleviate pressure on physical currency usage, ensuring the smooth circulation of money in the economy.

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