We have sufficient stock of currency notes says CBN, massive cash withdrawal in banks in anticipation of December deadline

Central bank of Nigeria has said that it has sufficient stock of Naira notes allaying fears of Nigerians on scarcity of Naira notes in circulation. Indications are that in some part of the country there has been massive cash withdrawal from banks in anticipation of the December deadline set for the exchange of the old Naira fro the new ones in the Naira redesign programme. Informed sources say that the CBN has been inundated by complains of scarcity of cash in some part of the country as cash are being withdrawn from banks as soon as they are made available. 

The CBN in a statement signed by Dr. Isa AbdulMumin, Director, Corporate communication CBN, said “The attention of the Central Bank of Nigeria (CBN) has been drawn to reports of alleged scarcity of cash at banks, automated teller machines (ATMs), Points of Sale and among Bureaux de Change (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 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”.