The Central Bank of Nigeria (CBN) has taken steps to address concerns over the scarcity of naira notes in certain regions of the country, particularly in the northern states, including Borno State. This scarcity has coincided with the upcoming deadline for the old naira notes, which will no longer be valid after December 31st.
In a statement released on Thursday, Isa AbdulMumin, the CBN's Director of Corporate Communications, clarified that the central bank has more than enough reserves of currency notes. He explained that the perceived shortage of cash in specific locations is primarily due to significant withdrawals by Deposit Money Banks (DMBs) from CBN branches and increased ATM withdrawals by customers.
"While we understand the concerns of Nigerians regarding the availability of cash for financial transactions, we want to assure the public that there is an ample supply of currency notes for economic activities in the country," stated AbdulMumin. He further emphasized that CBN branches nationwide are actively working to ensure smooth circulation of cash within their respective operational states.
The public is advised not to engage in panic withdrawals, as there is a sufficient stock of currency notes to facilitate economic activities. Moreover, Nigerians are encouraged to explore alternative payment methods, which will help alleviate the pressure on physical cash usage.
The CBN's reassurance aims to ease concerns and ensure the continued effective functioning of the nation's financial ecosystem. With a focus on stability and accessibility, the central bank is actively working to ensure that all Nigerians have a prosperous festive season.
