Finance & Investment

CBN’s Latest Update on Naira Note Availability – November 5, 2023

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CBN's Latest Update on Naira Note Availability - November 5, 2023

In a recent announcement, the Central Bank of Nigeria (CBN) has addressed concerns surrounding the availability of currency notes in the country. Contrary to rumors of a scarcity of cash in banks and ATMs, the CBN assures Nigerians that there is an ample supply of currency notes to facilitate economic activities.

The statement, posted on the CBN’s website and signed by the Director of Corporate Communication, Isa AbdulMumin, attributed the perceived cash shortage to panic withdrawals by customers and the high-volume withdrawal of currency notes from CBN branches by Deposit Money Banks (DMBs).

The CBN emphasizes that it is well-prepared to meet the demands of businesses and individuals across the nation. The central bank’s branches are actively working to ensure the smooth circulation of cash within their respective states of operation.

In light of this, the CBN encourages Nigerians to refrain from panic withdrawals and explore alternative payment methods that reduce the reliance on physical cash. By doing so, individuals can alleviate the pressure on the availability of currency notes.

READ ALSO: Black Market Exchange Rate for Dollar to Naira on November 5, 2023

While acknowledging the concerns of Nigerians regarding cash availability for financial transactions, the CBN’s statement reassures the public that there is a sufficient stock of currency notes to support economic activities in the country.

As the CBN takes measures to ensure the seamless distribution of cash, it is crucial for Nigerians to embrace alternative modes of payment, such as digital transactions, to enhance the efficiency and security of their financial activities.

For more details on the CBN’s latest update on Naira note availability, you can read the full statement on the CBN’s website.

Source: NairaMetrics – November 5, 2023

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