CBN responds to reports of cash scarcity

The Central Bank of Nigeria has assured Nigerians that it has enough cash in circulation.

This assurance is coming amid cash scarcity being experienced in some parts of the country.

The CBN had earlier attributed the scarcity to the hoarding of the naira noted by some persons due to challenges experienced during the naira redesign project.

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The apex bank’s Acting Director in charge of Corporate Communications, Mrs Hakama Ali, gave the latest assurance in a chat with newsmen in Abuja, on Wednesday.

Ali disclosed that the CBN is monitoring the situation and had released sufficient cash to its branches across the country for onward distribution to Deposit Money Banks.

“The CBN has adequate cash to meet the day-to-day transaction needs of Nigerians.

“We appeal to Nigerians to be patient while the CBN does the needful to ensure the availability of cash, particularly during the yuletide and beyond,” she said.

She added that as of February 2023, there was about N1 trillion in circulation in the country, while that figure had risen to over N3.4 trillion as of December 11, 2023.

This, according to her, indicated that there is sufficient cash in circulation, except that the notes are in the hands of individuals who are apprehensive due to their previous experiences.

While the CBN empathised with Nigerians over their previous and current experiences, it insisted that it had adequate cash to meet the day-to-day transaction needs of Nigerians.

The CBN therefore, appealed to Nigerians to be patient while it does the needful to ensure the availability of cash, particularly during the yuletide and beyond.

While also urging Nigerians to continue to accept all Naira banknotes for their daily transactions, the apex bank reiterated its earlier call to the public to embrace alternative modes of payment, e-channels, to reduce pressure on the use of physical cash.