We Have Sufficient Stock of Currency Notes – CBN

The Central Bank of Nigeria The Central Bank of Nigeria refutes allegations of currency shortages, assuring the public of adequate currency reserves for economic transactions.
Nigerian currency notes
Nigerian currency notes Moneyweb

In a statement delivered by Isa AbdulMumin, the Director of Corporate Communications for CBN, the central bank affirmed the presence of an adequate currency stock to sustain economic activities across the country.

AbdulMumin conveyed this message via the official CBN Twitter platform, addressing the issue as follows: "The Central Bank of Nigeria has been made aware of reports suggesting a scarcity of cash in banks, ATMs, Point of Sale systems, and among Bureau de Change (BDCs) in various major cities nationwide."

“Our findings revealed that the seeming cash scarcity in some locations is due largely to high volume withdrawals from 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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