The Central Bank of Nigeria (CBN) has released an official statement addressing concerns about the perceived scarcity of currency. The statement, issued by the Corporate Communications Department of the CBN, clarifies that there is an ample supply of currency in circulation. The reported scarcity, particularly in major cities, is attributed to large volume withdrawals by Deposit Money Banks (DMBs) from various CBN branches and panic withdrawals by individual bank customers from ATMs, Points of Sale (PoS), and Bureaux de Change (BDCs).
Despite numerous complaints from bank customers about difficulties in obtaining Naira notes, the CBN emphasizes that the reported scarcity does not indicate an actual shortage of currency in the economy. The statement reassures the public, assuring them that there is a sufficient stock of currency notes to support economic activities in the country. The central bank encourages citizens to remain confident in the stability of the Naira and to conduct their financial transactions without apprehension.