In a recent development, the Central Bank of Nigeria (CBN) has refuted claims of a cash shortage in various financial institutions and points of transaction, including ATMs and bureaux de change, across several major cities in the country. The CBN’s Director of Corporate Communications, Isa AbdulMumin, issued an official statement on Thursday, addressing the alleged scarcity of cash and its underlying causes.
According to AbdulMumin, the apparent cash scarcity in certain locations can be attributed to two primary factors: high-volume withdrawals by deposit money banks from CBN branches and panic withdrawals by customers at ATMs. Despite these concerns, AbdulMumin assured the public that an adequate supply of currency notes is available to support economic activities within the nation.
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He emphasized that CBN branches throughout Nigeria are actively working to ensure the seamless circulation of cash within their respective operational regions. To alleviate the strain on physical cash, AbdulMumin encouraged the public to explore alternative payment methods.
In light of this information, it is vital for Nigerians to avoid unnecessary panic withdrawals, as the available currency stock is sufficient to facilitate economic transactions. By adopting alternative payment modes, individuals can help reduce the demand for physical cash and contribute to a smoother financial landscape.
Frequently Asked Questions (FAQ) Regarding Naira Notes Scarcity Update
1. What is the reported scarcity of Naira notes in Nigeria?
Answer: The reported scarcity of Naira notes in Nigeria refers to the recent concerns about a lack of physical cash at banks, ATMs, points of sale, and bureaux de change in various major cities across the country.
2. Why has the Central Bank of Nigeria (CBN) denied the cash scarcity reports?
Answer: The CBN has denied the cash scarcity reports, attributing the situation to two primary factors: high-volume withdrawals by deposit money banks from CBN branches and panic withdrawals by customers at ATMs.
3. Is there a sufficient supply of Naira notes for economic activities in Nigeria?
Answer: Yes, the CBN has assured the public that there is an ample stock of currency notes available to support economic activities in the country.
4. What measures are CBN branches taking to address the situation?
Answer: CBN branches across Nigeria are actively working to ensure the seamless circulation of cash in their respective operational regions.
5. How can the public help alleviate the situation and reduce the pressure on physical cash?
Answer: The public is encouraged to embrace alternative modes of payment to reduce the demand for physical cash and contribute to a smoother financial landscape.
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