The Central Bank of Nigeria (CBN) has clarified that the overall supply of banknotes in the economy remains sufficient, despite recent complaints of cash shortages at some banks, ATMs and currency exchanges.
In a statement, the CBN attributed the isolated issues to two key factors – unusually high withdrawals by commercial banks from CBN regional branches, along with panic withdrawals driven by public anxiety.
The apex bank explained that the heavy demand has created temporary logistical constraints in distributing currency across all centers, but it is working closely with financial institutions to streamline cash dispersal channels.
"There is adequate supply of the currency in the economy and we have ramped up efforts to address any isolated cases of shortages," the statement emphasized. "The CBN remains committed to ensuring hassle-free access to cash nationwide for both individual and business needs."
The clarification aims to reassure Nigerians that the rumors of widespread naira scarcity are unfounded, according to the bank. Citizens are advised not to succumb to apprehensions that could compound supply pressures.
As the sole issuer of legal tender currency in Nigeria, the CBN has given assurances that it has sufficient stock and robust distribution mechanisms to respond to transactional cash requirements within the national economy.
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