The Central Bank of Nigeria has refuted reports that there is a shortage of cash in banks and ATMs nationwide and reassured Nigerians that there is an adequate supply of currency notes at its disposal.
This was made public by the apex bank in a statement that was posted on its website and was signed by Isa AbdulMumin, Director of Corporate Communication.
The bank clarified that panicked customer withdrawals and large-scale withdrawals by other banks from its branches were the causes of the perceived scarcity.
It stated, “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.”
The CBN also reassured Nigerians that its branches are trying to ensure simple operations to fulfill the demands of their respective states and that it has enough currency notes in store to support economic activities throughout the nation.
Additionally, it urged Nigerians to adopt cashless alternative payment options rather than frantic cash withdrawals.
The statement read, “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 physical cash.”
