CBN Explanation on Naira Note Scarcity at Banks - 12/12/2023
Monday 11 December 2023
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The Central Bank of Nigeria (CBN) has shed light on the apparent scarcity of naira notes in the country, addressing concerns raised by bank customers regarding limited access to cash at counters, ATMs, PoS, and Bureaux de Change (BDCs). In a statement released by the Corporate Communications Department of the CBN, the apex bank attributed the perceived scarcity to substantial cash withdrawals by Deposit Money Banks (DMBs) from various CBN branches and panic withdrawals by customers.
Contrary to the notion of a naira shortage, the CBN assured the public that there is an ample supply of currency in the economy. The apex bank emphasized that the reported scarcity is a result of heightened withdrawals by DMBs and customers, contributing to the challenges faced at various points of transaction. While acknowledging the concerns raised by Nigerians, the CBN underscored the adequacy of currency notes for economic activities and reassured the public of ongoing efforts by CBN branches across the country to facilitate the seamless circulation of cash. CONTINUE READING........
The article further delves into the context of the naira scarcity, highlighting the introduction of redesigned N200, N500, and N1,000 denominations in October 2022 and the subsequent extension of the legal tender status deadline for the old notes. Despite the CBN's efforts to manage the currency transition, reports indicate a resurgence of cash scarcity in various regions, impacting both banking services and local market transactions.
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Residents in major cities, including Lagos, Abuja, Kano, Katsina, Jigawa, and Adamawa, have expressed concerns over limited cash withdrawals, affecting business transactions, particularly in northern Nigeria. The article explores the implications of the reported scarcity on economic activities and discusses the challenges faced by both consumers and businesses. It also touches upon the potential consequences of the December 31 deadline for the use of old N200, N500, and N1,000 banknotes, as well as the CBN's efforts to address the situation. CONTINUE READING.....
In conclusion, the article provides a comprehensive overview of the factors contributing to the naira note scarcity, clarifying the CBN's stance on the issue and addressing public concerns.
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We should continue to use the money like that.
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