In response to increasing public apprehension over apparent cash scarcity in Nigeria, the Central Bank of Nigeria (CBN) has issued a statement signed by Isa AbdulMumin, the Director of Corporate Communications, to dispel concerns.
On Thursday, AbdulMumin attributed the perceived cash shortage in major Nigerian cities to high-volume transactions by Deposit Money Banks (DMBs) and panic withdrawals by customers, rather than any actual scarcity.
The statement titled, “We Have Sufficient Stock of Currency Notes” reads thus,
“The attention of the Central Bank of Nigeria (CB) 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 CB branches by Deposit Money Banks (DMBs) and panic withdrawals by customers from the ATMs
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 CB 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”.