CBN Latest Report On Naira Notes Scarcity News 3 November 2023
Thursday 2 November 2023
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In the most recent development, the Central Bank of Nigeria (CBN) has dismissed claims of a shortage of Naira notes in multiple financial institutions and transaction points, including ATMs and currency exchange offices, in several major Nigerian cities. On Thursday, the Director of Corporate Communications for CBN, Isa AbdulMumin, issued an official statement addressing the alleged scarcity of cash and its underlying causes.
AbdulMumin stated that the apparent shortage of cash in certain areas can be traced back to two primary factors: substantial withdrawals by deposit money banks from CBN branches and customer panic withdrawals at ATMs. Despite these concerns, AbdulMumin reassured the public that there is an ample supply of currency notes available to support economic activities within the nation. CONTINUE READING.....
He emphasized that CBN branches throughout Nigeria are actively engaged in ensuring the smooth circulation of cash within their respective operational areas. To alleviate the pressure on physical cash, AbdulMumin encouraged the public to explore alternative payment methods.
In light of this information, it is essential for Nigerians to avoid unnecessary panic withdrawals, as the available currency stock is sufficient to facilitate economic transactions. By adopting alternative payment methods, individuals can help reduce the demand for physical cash and contribute to a smoother financial landscape. CONTINUE READING......
Source: DailyPost
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