By Damilare Adeleye
The Central Bank of Nigeria (CBN) has urged members of the public to desist from panic withdrawals, saying that there is sufficient stock of currency notes for economic activities in the country.
It was earlier reported that some northern states, including Borno State, are experiencing a scarcity of Naira notes weeks before the December 31st deadline for the validity of the old naira notes.
Meanwhile, in a statement on Thursday, Isa AbdulMumin, CBN’s Director of Corporate Communications, said that the 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.
He said: “The attention of the Central Bank Nigeria (CBN) has been drawn to a report of alleged scarcity of cash at banks, automated teller machines (ATM), Points of Sale, and among Bureaux de Change
(BDC) 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 concern of Nigerians on the availability 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 activities. Nigerians are also advised to embrace alternative modes of
payment, which would reduce pressure on using physical cash.”