The Central Bank of Nigeria (CBN) has blamed the cash scarcity in parts of the country on high volume withdrawals from its branches by Deposit Money Banks (DMBs) and panic withdrawals by customers from autimated teller machines (ATMs).
This is contained in a statement on Thursday by the CBN Director, Corporate Communications Isa AbdulMumin PhD.
While assuring the general public that the apex bank has enough cash for economic activities, the CBN advised against panic withdrawals even as it urged Nigerians to embrace alternative modes of payment to reduce pressure on using physical cash.
The statement said “The attention of the Central Bank of Nigeria (CBN) has been drawn to alleged scarcity of cash banks, automated teller machines (ATMS), Points of Sale and among Bureaux de Change (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 Deposit Money Banks (DMBs) and panic withdrawals by customers from the ATMs
“While we note the concerns of Nigerians on the availabililty 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.
“The branches of the CBN across the country are also working to ensure the seamless circulation of cash in their respective states of operation.
“Members of the public are, therefore, advised to guard against panic withdrawals as there is sufficient stock to facilitate economic acivities. Nigerians are also advised to embrace alternative modes of payment, which would reduce pressure on using physical cash.”
