The Central Bank of Nigeria (CBN) has confirmed the scarcity of physical cash in some locations in the country.
TheNewsGuru.com (TNG) reports CBN, however, saying that there is sufficient stock of currency notes but that the seeming scarcity being experienced was as a result of high volume withdrawals.
The apex bank in a statement released on Thursday by its Director of Corporate Communications, Isa AbdulMumin, also blamed panic withdrawals by customers from ATMs for the seeming scarcity.
“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,” the statement reads in part.
TNG reports CBN has, therefore, advised Nigerians to embrace alternative modes of payment, which the apex bank stressed would reduce pressure on using physical cash.
The CBN statement reads in full: “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 (MBs) 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”.