CBN assures adequate supply of Naira notes

The CBN has assured that there is enough cash in the banking system to meet the demand for the festive season, dismissing the claims of a cash shortage in some parts of the country.

The bank said the apparent cash crunch in some places was mainly due to high withdrawals by banks and customers from the CBN branches and ATMs, respectively.

Some Nigerians had reportedly withdrawn large amounts of cash from the banks and ATMs, fearing that there could be a repeat of the cash scarcity that occurred during the end-of-year 2022 celebrations, especially as the bank had not commented on the extension of the use of the old higher-denomination notes.

The court had allowed the use of the old notes until December 2023 to ensure a smooth transition to the new notes.

“We are aware of the concerns of Nigerians about the availability of cash for their transactions, but we want to assure them that we have enough stock of banknotes for economic activities in the country. Our branches across the country are also working to ensure that cash circulates smoothly in their areas of operation.

“We urge Nigerians not to panic and withdraw large amounts of cash, as there is enough stock to support economic activities. We also encourage Nigerians to use alternative methods of

payment, which would reduce the need for physical cash,” CBN spokesperson Isa AbdulMumin said in a statement.