The Central Bank of Nigeria (CBN) has debunked recent reports of a purported scarcity of cash in banks, automated teller machines (ATMs), and Bureaux de Change (BDCs) in various major cities across the country.
In a statement issued by the Director of Corporate Communications, Isa AbdulMumin, the apex bank clarified that the apparent cash scarcity observed in certain locations was primarily due to heightened withdrawal activities by Deposit Money Banks (DMBs) from CBN branches and customer panic withdrawals from ATMs.
“Our investigations indicate that the perceived cash scarcity in specific areas is a result of substantial withdrawals by banks from the CBN and customer-driven panic withdrawals from ATMs. We want to reassure the public that the supply of currency notes is adequate to sustain financial operations across the nation,” the statement read.
It added that “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.”
It assumed that 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.“