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  • Business - Economy
  • Updated: November 02, 2023

CBN Refutes Cash Scarcity Reports, Assures Of Sufficient Currency Notes

CBN Refutes Cash Scarcity Reports, Assures Of Sufficient Cur

CBN's BVN Policy

The Central Bank of Nigeria has refuted claims of cash scarcity in banks, automated teller machines, Points of Sale, and Bureaux de Change in various major cities nationwide.

The Central Bank clarified the situation in an official statement signed by the Director of Corporate Communications, Isa AbdulMumin, shared on their X account on Thursday.

The statement, in part, said, “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.

Furthermore, the CBN assured the public, stating, “While we note the concerns 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.”

 

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