Cash Scarcity: People are hoarding banknotes — CBN

Some people are hiding money and causing a cash crunch in many big cities, says the Central Bank of Nigeria (CBN).

But don’t worry; the top bank is on it.

The bank’s spokesperson, Mrs. Hakama Sidi Ali, told reporters in Abuja yesterday that the CBN was keeping an eye on the situation and had sent enough cash to its offices across the country for the banks to share.

She said that in February 2023, there was N1 trillion in circulation, but now it was over N3.4 trillion.

This means that the CBN had given out enough cash, but some people were holding on to it because of their past experiences.

She felt sorry for Nigerians for what they had gone through and what they were going through, but she said that the CBN had enough cash for Nigerians to do their transactions.

She asked Nigerians to be calm while the CBN did what it had to do to make cash available, especially during the festive season and after.

She also told Nigerians to keep using all Naira notes for their daily business and to try other ways of paying, like e-channels, to ease the demand for cash.