The reason for “Naira scarcity” is explained by CBN.

In a statement issued by Cbn’s corporate Communications division, Apex Bank said that what appeared to be a currency shortage was caused by massive cash withdrawals from various CBN branches by Deposit Bank (Dmb).

It said panic withdrawals by bank customers were also a partial cause of the seemingly scarcity

CBN’s response has come amid a series of complaints from some bank customers about the lack of Naira banknotes at bank counters, automated teller machines (Atms), Pos (Pos) and Bureaux de Change (Bdc).

CBN said there would be no shortage of Naira notes and noted that the economy had an adequate currency supply

“CBN’s attention has been directed to reports of alleged cash shortages at banks, Atms, PoS and Bdc in several major cities across the country.

“Our findings show that what appears to be a cash shortage in some places is mainly due to the massive withdrawals from CBN branches by Dmbs and the panic by customers from ATMs.

“While we note Nigerians’ concerns about the availability of cash for financial transactions, we note that there is sufficient stock of currency banknotes for economic activity in the country.”

Leave a Reply

Your email address will not be published. Required fields are marked *