Scarcity: CBN Assures of Adequate Cash Supply

The Central Bank of Nigeria (CBN) has reassured Nigerians of enough Naira notes in circulation to cater for their cash needs.

CBN’s Acting Director, Corporate Communications, Hakama Ali gave the assurance in a statement on Wednesday, December 13 2023, following the complaints of a perennial shortage of Naira notes by bank customers across the country.

Ali said that Naira notes in circulation had increased from one trillion Naira in February to N3.4 trillion in December.

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

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She said that the apex bank was addressing the reported cases of cash scarcity in some major cities across the country.

Ali attributed the situation to the hoarding of the Naira by some persons due to challenges experienced during the Naira redesign project.

She said that the CBN was monitoring the situation and had released sufficient cash to its branches across the country for onward distribution to Deposit Money Banks (DMBs).

“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 urged Nigerians to continue to accept all Naira banknotes for their daily transactions, while urging the public to embrace alternative modes of payment, e-channels, to reduce pressure on the use of physical cash.