November 03, (THEWILL) – The Central Bank of Nigeria (CBN) has assured the public of the availability of sufficient stock of currency notes for economic activities in the country.
CBN Director, Corporate Communications, Isa AbdulMumin, made this known in a statement on Thursday, amidst reports of alleged scarcity of cash at banks, automated teller machines (ATMs), Points of Sale and among Bureaux de Change (BDCs) in some major cities across the country.
The apex bank said its findings revealed the seeming scarcity was largely due to high volume withdrawals from the CBN branches by Deposit Money Banks (DMBS) and panic withdrawals by customers from the ATMs
It urged the public to guard against panic withdrawals and as well, embrace cashless payment to reduce pressure on the use of physical cash.
The statement read: “The attention of the Central Bank of Nigeria (CBN) has been drawn to reports of alleged scarcity of cash at banks, automated teller machines (ATMs), Points of Sale and among Bureaux de Change (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 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.
“Members of the public are, therefore 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 of physical cash.”
