The Central Bank of Nigeria dismissed allegations of naira scarcity in the country on Thursday, amid reports of insufficient cash circulation in some commercial banks across the country.
CBN in a statement by its spokesman, Isa AbdulMumin, blamed some customers for panic withdrawal using the Automated Teller Machines (ATMs).
AbdulMumin, on the other hand, stated that the central bank was striving to maintain the smooth circulation of currency across the country.
“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,” the statement read.
“The branches of the CBN across the country are also working to ensure the seamless circulation of cash in their respective states of operation.”
The apex bank also urged Nigerians to “guard against panic withdrawals,” assuring that “there is sufficient stock to facilitate economic activities.”
The CBN also encouraged citizens to use other payment methods, which it said would relieve the demand on physical cash.
The country experienced a cash constraint from late last year to early this year as a result of the implementation of a cash reform program.
