The Central Bank of Nigeria (CBN) has assured Nigerians of sufficient stock of currency notes to facilitate economic activities in the country.
This follows reports of alleged scarcity of cash at banks, Automated Teller Machines (ATMs), Points of Sale (POS), and Bureaux de Change (BDCs) in some major cities.
According to a press statement, the CBN’s Director of Corporate Communications, Isa AbdulMumin, attributed the seeming cash scarcity in some locations to high volume withdrawals from CBN branches by Deposit Money Banks (DMBs) and panic withdrawals by customers from ATMs.
The CBN urged members of the public to guard against panic withdrawals as there is sufficient stock to facilitate economic activities. Nigerians were also advised to embrace alternative modes of payment, which would reduce pressure on using physical cash.