The Central Bank of Nigeria (CBN) has quashed claims of an insufficient stock of Naira notes in circulation throughout the country. In a statement signed by the Director of Corporate Communications, Isa AbdulMumin, the CBN assured the public that there is an ample supply of currency notes to facilitate economic activities.
This statement comes in response to media reports suggesting a scarcity of Naira notes due to the impending withdrawal of the old notes from circulation in December. Currently, both the old and new designs of the 200, 500, and 1000 Naira notes are in circulation.
The CBN’s investigation revealed that the apparent scarcity in certain locations is primarily caused by high-volume withdrawals by Deposit Money Banks (DMBs) from CBN branches, as well as panic withdrawals by customers from ATMs. Despite these concerns, the CBN guarantees that there is enough currency in stock to support economic activities.
Furthermore, the CBN branches across the country are working diligently to ensure the smooth circulation of cash within their respective states of operation. It is essential for the public to refrain from panic withdrawals as there is a sufficient supply of cash available for financial transactions.
As a precautionary measure, Nigerians are advised to embrace alternative payment methods that reduce reliance on physical cash, thus alleviating pressure on currency circulation. By embracing digital banking and transaction facilities, individuals can contribute to the overall efficiency of the financial system.
Earlier this year, Nigeria experienced a severe scarcity of Naira notes when the old denominations ceased to be legal tender. The shortage of new currency caused significant difficulties, particularly among the unbanked and underserved communities.
In conclusion, the CBN emphatically denies the claims of an insufficient stock of Naira notes and assures the public of its commitment to maintaining a robust supply of currency for economic activities.
