CBN: We've sufficient currency notes in stock - ITREALMS

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The Central Bank of Nigeria (CBN) has refuted reports that alleged scarcity of cash at banks, Automated Teller Machines (ATMs), Points of Sale and even at Bureaux de Change (BDCs), reports ITREALMS.

Director, Corporate Communications, Isa AbdulMumin PhD, informed ITREALMS that their attention have been drawn to reports of alleged scarcity in some major cities across the country.

CBN findings, he said, revealed 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.

"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," AbdulMumin said.

The public, he advised, 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.