Don’t Panic, We Have Sufficient Stock Of Currency Notes, CBN Advises Public

The Central Bank of Nigeria (CBN) has urged the banking public to desist from panic cash withdrawals as the apex bank has sufficient currency notes to meet their normal cash transactions.

The apex bank advised Nigerians to
embrace alternative modes of payment, which would reduce pressure on using physical cash.

In a statement by the CBN Spokesman, Dr. Isa AbdulMumin, explained that the seeming cash scarcity in some locations is due largely to high volume withdrawals
from the CBN branches by Deposit
Money Banks (DMBs) and panic withdrawals by customers from the
ATMs.

He however, assured that branches of the CBN across the country are also working to ensure the seamless circulation of cash in their respective states of operation.

The full text of the statement reads:

The attention of the Central Bank of
Nigeria (CBN) 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 CBN 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 CBN 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.

Isa AbdulMumin PhD
Director, Corporate
Communications