The Central Bank of Nigeria, (CBN), has explained the reason behind scarcity of naira notes and cash crunch across states in the country.
This is also as the apex bank allayed fears of customers, saying there are enough Naira notes in circulation and no need to panic.
In a statement by Corporate Communications Department, CBN explained that the seeming currency scarcity was occasioned by large volume withdrawals of cash from various CBN branches by Deposit Money Banks (DMBs).
Its update is coming amid a series of complaints by some bank customers concerning the scarcity of Naira notes at bank counters, Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change (BDCs).
CBN stated that panic withdrawals by bank customers were also partly responsible for the seeming scarcity.
It said; “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.
“Our findings reveal that the seeming cash scarcity in some locations is due largely to high volume withdrawals from the CBN branches by 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”.
