The Central Bank of Nigeria (CBN) has addressed reported cases of cash scarcity in major cities, attributing the problem to the hoarding of banknotes by unidentified individuals.
The CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, assured the public that the bank is actively addressing the situation.
Mrs. Ali mentioned that the CBN is closely monitoring the issue and has released sufficient cash to its branches across the country for distribution to Deposit Money Banks (DMBs).
She clarified that the currency in circulation was N1 trillion as of February 2023, and it has risen to over N3.4 trillion recently.
This indicates that there is enough cash supply from the CBN, but some individuals are hoarding it due to apprehension based on past experiences.
While empathizing with Nigerians, Mrs. Ali urged patience and assured that the CBN is taking necessary steps to ensure the availability of cash, especially during the yuletide season.
She also encouraged the public to accept all Naira banknotes for transactions and reiterated the CBN’s call to embrace alternative payment methods and electronic channels to reduce reliance on physical cash.
