Home BUSINESS BANKING & FINANCE Don’t Panic, We’re Addressing Cash Scarcity, CBN Assures Nigerians

Don’t Panic, We’re Addressing Cash Scarcity, CBN Assures Nigerians

The Central Bank of Nigeria (CBN) has once more assured members of the public that it is addressing the reported cases of cash scarcity in some major cities across the country.
It attributed the current situation to the hoarding of the Naira by some persons due to challenges experienced during the Naira redesign project.
The Bank’s Acting Director in charge of Corporate Communications, Mrs. Hakama Sidi Ali, who spoke to newsmen in Abuja today, December 13, said that the CBN is monitoring the situation and has released sufficient cash to its branches across the country for onward distribution to Deposit Money Banks (DMBs).
On the cases of hoarding, Mrs. Sidi Ali said that currency in circulation as of February 2023, was N1 trillion, while that figure had risen to over N3.4 Trillion as of December 11, 2023.
This, according to her, indicated that there is sufficient cash in circulation, except that the cash is in the hands of individuals who are apprehensive due to their previous experiences.
She empathised with Nigerians, over their previous and current experiences, but insisted that CBN has adequate cash to meet the day-to-day transaction needs of Nigerians.
She appealed to Nigerians to be patient while the CBN does the needful to ensure the availability of cash, particularly during the yuletide and beyond.
She called Nigerians to continue to accept all Naira banknotes for their daily transactions, stressing the Bank’s earlier call to the public to embrace alternative modes of payment, e-channels, to reduce pressure on the use of physical cash.

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