Business

CBN Issues update on Naira scarcity

CBN Issues update on Naira scarcity

 

 

 

 

The Central Bank of Nigeria, CBN, has said enough Naira notes are in circulation amid reports of scarcity of banknotes.

 

 

 

In a statement issued by the Corporate Communications Department of the CBN, the apex bank explained the reasons behind the scarcity of Naira notes in some parts of the country.

 

 

 

 

CBN’s reaction is coming amid a series of complaints by some bank customers concerning the scarcity of Naira notes at bank counters, Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change (BDCs).

 

 

 

 

 

 

However, the apex bank said the seeming currency scarcity was occasioned by large volume withdrawals of cash from various CBN branches by Deposit Money Banks (DMBs).

 

 

 

 

It stated that panic withdrawals by bank customers were also partly responsible for the seeming scarcity.

 

 

 

 

The CBN said there is no shortage of naira notes, noting that there is adequate supply of the currency in the economy.

 

 

 

 

“The attention of the CBN has been drawn to reports of alleged scarcity of cash at banks, ATMs, PoS and 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 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 statement reads.

 

 

Sahara Weekly

Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

Recent Posts

TAIWO OYEKAN To Empower Lagos Island Vulnerable Residents With N20 Million

*TAIWO OYEKAN To Empower Lagos Island Vulnerable Residents With N20 Million* *• Nigeria Police Force…

6 hours ago

Christmas In Delta: Organizers Announce Second Edition Of Africa’s Most Anticipated Event

Christmas In Delta: Organizers Announce Second Edition Of Africa's Most Anticipated Event     The…

6 hours ago

EFCC: AS THE NATION AWAITS THE SUPREME COURT By Tunde Nasir

EFCC: AS THE NATION AWAITS THE SUPREME COURT By Tunde Nasir Since the new EFCC…

7 hours ago

Botswana Election: Shocking Fulfilment Of Primate Ayodele’s Prophecy (VIDEO)

*Botswana Election: Shocking Fulfilment Of Primate Ayodele’s Prophecy (VIDEO)     The outcome of the…

12 hours ago

PRESIDENT TINUBU CONGRATULATES DR ADEDUNTAN, AS FIRST BANK CELEBRATES EX-GROUP CEO

PRESIDENT TINUBU CONGRATULATES DR ADEDUNTAN, AS FIRST BANK CELEBRATES EX-GROUP CEO STATE HOUSE PRESS RELEASE…

13 hours ago

Speaker Obasa Presents Vehicles To Lagos Assembly Senior Staff

Speaker Obasa Presents Vehicles To Lagos Assembly Senior Staff The Speaker of the Lagos State…

14 hours ago