CBN Assures Availability of Naira in Banks, ATMs, Others

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has assured that it has sufficient stock of currency notes as it allays fears that the country is experiencing a cash shortage.

In a press statement on Thursday night signed by Mr Isa AbdulMumin, the Director of Corporate Communications at the apex bank, it said its attention 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,” the statement said.

It added that, “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.”

This latest development is coming two days after the CBN said there were no plans to redenominate the country’s currency notes.

According to the apex bank, “The attention of the Central Bank of Nigeria has been drawn to the wide circulation of a text message suggesting that the bank plans to redenominate the country’s legal tender, the Naira with effect from January 2024. We are concerned that this narrative, which we had refuted before now, appears to be gaining traction with several debates on the implication of such a policy for the Nigerian economy.

“We wish to reiterate that the content of this message is misleading. The authors of this message in their mischief modified text from an old policy by a previous CBN governor in 2007 to make it appear recent.”