CBN had prior to this development, alerted Nigerians of the circulation of fake Naira notes
By Kehinde Okeowo
The Central Bank of Nigeria (CBN) has debunked reports that there is a scarcity of Naira note, insisting there is enough banknotes in circulation.
CBN made this known amid series of complaints by bank customers who noted that Naira notes at bank counters, Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change (BDCs) have become hard to come by.
Reacting to the public outcry via a statement issued by the Corporate Communications Department of the apex bank, CBN said the seeming currency scarcity currently witnessed was occasioned by large volume withdrawals of cash from various CBN branches by Deposit Money Banks (DMBs).
It also attributed the artificial scarcity to panic withdrawals by some bank customers
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It went on to assure Nigerians that there is no shortage of naira notes, noting that there is an adequate supply of the currency in the economy.
The statement reads: “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,”
