CBN, The Central Bank of Nigeria (CBN) has provided an explanation for the country's current naira currency continue Reading..
The CBN's Corporate Communications Department released a statement stating that Deposit Money Banks (DMBs) had taken large amounts of cash out of different CBN branches, which was the reason for the apparent shortage of currency.
It said that bank customers' panic withdrawals were also partially to blame for the appearance of scarcity.
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).
The CBN stated that there is an adequate supply of naira notes in the economy and that there is no scarcity of them.
The statement reads: “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.”
#Bendelnews.