The Central Bank of Nigeria (CBN) has refuted accusations that there is a purported shortage of currency in many major cities throughout the nation at ATMs, banks, retail locations, and bureaux de change.
In a statement released on Thursday, Isa AbdulMumin, the Director of Corporate Communications at CBN, refuted the story.
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According to AbdulMumin, the apparent lack of cash in some areas is caused by deposit money banks’ large volume withdrawals from CBN branches and customers’ frantic ATM withdrawals.
“Although we acknowledge Nigerians’ worries about the availability of cash for financial transactions, we want to reassure the public that there is an adequate supply of currency notes for the nation’s economic needs.
He stated, “The CBN branches throughout the nation are also striving to guarantee the smooth flow of currency in their individual states of operation.”
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As a result, he warned the public to avoid panic withdrawals because there is enough stock to support economic activity.
He remarked, “Nigerians are also encouraged to adopt alternative payment methods, which would lessen the pressure on using actual cash.”
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