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The Central Bank of Nigeria (CBN) has provided assurance to the public regarding the ample availability of currency notes to support economic activities in the country.

All Nigeria Latest News reports that the assurance from the CBN addresses reports suggesting a perceived shortage of cash at banks, automated teller machines (ATMs), Points of Sale, and among Bureaux de Change (BDCs) in several major cities across the nation.

The apex bank clarified that its investigations indicate that the apparent cash scarcity in certain areas is primarily a result of substantial withdrawals by Deposit Money Banks (DMBs) from CBN branches and panic withdrawals by customers from ATMs.

The CBN maintained that its branches across the country are also working to ensure the seamless circulation of cash in their respective states of operation, and advised members of the public to guard against panic withdrawals as there is sufficient stock to facilitate economic activities.

Also, it urged Nigerians to embrace alternative modes of payment, which would reduce pressure on using physical cash.

The Corporate Communications of the CBN, Dr. Isa AbdulMumin Director on Thursday in a statement said, “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.”

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