The Central Bank of Nigeria (CBN) has said that the reasons behind the scarcity of naira notes in the country was caused by large volume withdrawals of cash from various CBN branches by Deposit Money Banks (DMBs
This was contained in a statement issued by the Corporate Communications Department of the Apex bank.
The statement also stated that panic withdrawals by bank customers were also partly responsible for the seeming scarcity being experienced across some states.
This reaction is coming amid a series of complaints and apprehensions by some bank customers regarding the scarcity of Naira notes at bank counters, Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change (BDCs).
The central bank of Nigeria noted that there is no shortage of naira notes stating that there is enough supply of the currency in the economy.
“The attention of the CBN has been drawn to reports of alleged scarcity of cash at banks, ATMs, PoS and BDCs in some major cities across the country.
“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 statement added.
