CBN gives updates on Naira scarcity

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The Central Bank of Nigeria (CBN) has said enough Naira notes are in circulation amid reports of scarcity of the Naira.

The apex bank’s reaction is coming amid a series of complaints by some bank customers concerning the scarcity of Naira notes at bank counters, Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change (BDCs).

It stated that panic withdrawals by bank customers were also partly responsible for the seeming scarcity.

The CBN said there is no shortage of naira notes, noting that there is adequate supply of the banknotes in the economy.

The statement read.

“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.”