The Central Bank of Nigeria (CBN) has assured Nigerians that there is sufficient stock of currency notes for economic activities in the country and advised against panic withdrawals.
The apex bank’s announcement came amid reports of an alleged scarcity of cash at banks, automated teller machines (ATMs), Points of Sale (PoS), and among Bureaux de Change (BDCs) in some major cities across the country.
CBN’s Director of Corporate Communications, Isa AbdulMumin, said in a statement on Thursday that the apex bank’s branches across the country are working to ensure the seamless circulation of cash.
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The CBN spokesperson said the seeming cash scarcity in some locations is due largely to high volume withdrawals from the CBN branches by Deposit Money Banks (DMBs) and panic withdrawals by customers from the ATMs.
He, therefore, advised Nigerians to guard against panic withdrawals as there is sufficient stock to facilitate economic activities.
“Nigerians are also advised to embrace alternative modes of payment, which would reduce pressure on using physical cash,” AbdulMumin added.