The Central Bank of Nigeria (CBN) has moved swiftly to allay concerns of a cash shortage as reports of alleged scarcity of currency notes at banks, automated teller machines (ATMs), Points of Sale, and Bureaux de Change (BDCs) circulate in major cities across the nation.
In a statement released by Isa AbdulMumin, Director of Corporate Communications at the CBN, the apex bank reassured the public that there is an ample stock of currency notes to support economic activities in the country.
The CBN’s announcement comes in response to growing fears about a potential cash crisis.
The bank attributed the perceived shortage to high-volume withdrawals from its branches by Deposit Money Banks (DMBs) and panic withdrawals by customers from ATMs.
Isa AbdulMumin emphasized that the branches of the CBN across the country are diligently working to ensure the smooth circulation of cash in their respective states of operation.
He advised the public to refrain from panic withdrawals, emphasizing that there is sufficient currency stock to facilitate economic activities.
Furthermore, the CBN urged Nigerians to adopt alternative modes of payment to alleviate the pressure on using physical cash. Embracing digital and cashless payment methods could help reduce the strain on the existing cash supply.
While concerns about the availability of cash for financial transactions have gripped the public, the CBN’s swift response and assurance of ample currency notes offer a glimmer of relief for businesses and individuals alike.
The central bank’s commitment to maintaining the flow of currency will play a vital role in sustaining the nation’s economic activities, thereby restoring confidence in the financial system.