CBN Denies Naira Scarcity, Blames High Volume Withdrawals

The Central Bank of Nigeria (CBN) has dismissed reports of naira scarcity in some parts of the country, saying there are enough banknotes in circulation. The CBN issued a statement through its Corporate Communications Department to clarify the situation and address the complaints of some bank customers.

According to the CBN, the main reason for the perceived naira scarcity is the high volume of cash withdrawals from its branches by Deposit Money Banks (DMBs). The CBN also said that some customers were making panic withdrawals from the Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change (BDCs) due to fear of naira devaluation.

The CBN assured the public that there is no cause for alarm, as there is adequate supply of naira notes for economic activities in the country. The CBN urged Nigerians to use electronic payment channels and avoid hoarding cash.

The CBN also warned Nigerians to be wary of fake naira notes in circulation, as reported by Daily24Apps. The CBN advised Nigerians to report any suspicious or counterfeit notes to the nearest CBN office or law enforcement agency.