CBN Addresses Concerns About Currency Shortage, Assures Adequate Supply

The Central Bank of Nigeria (CBN) has addressed concerns about a shortage of currency notes in the country, emphasising that there is an adequate supply to support economic activities.

CBN’s Director of Corporate Communications, Isa AbdulMumin, provided this reassurance via the CBN’s official X account, formerly known as Twitter.

AbdulMumin stated that the apparent shortage of cash in certain areas is primarily due to high-volume withdrawals by Deposit Money Banks (DMBs) from CBN branches and panic withdrawals by customers from ATMs.

The CBN is actively working to ensure the smooth circulation of cash through its branches across the country, and the public is encouraged to avoid panic withdrawals.

Additionally, Nigerians are advised to adopt alternative payment methods to reduce the reliance on physical cash.

This statement from the CBN aims to alleviate concerns about a cash shortage and reinforce confidence in the country’s financial system.

It also encourages the public to embrace digital payment methods to reduce the demand for physical currency.

Source: Vanguard