Amidst rising concerns over the scarcity of the Nigerian naira, the Central Bank of Nigeria (CBN) has reassured the public that there is an ample supply of currency. Bank customers had raised complaints about the shortage of banknotes at counters, ATMs, Point of Sale (PoS) terminals, and Bureau de Change (BDCs).
In a statement from the CBN’s Corporate Communications Department, the apex bank acknowledged the reported scarcity but attributed it to a significant volume of cash withdrawals from its branches by commercial banks nationwide. The statement also pointed to panic withdrawals by bank customers as contributing to the shortage.
“The attention of the CBN has been drawn to reports of alleged scarcity of cash at banks, ATMs, PoS, and BDCs in some major cities across the country. Our findings reveal that the seeming cash scarcity in some locations is mainly due to high volume withdrawals from the CBN branches by DMBs and panic withdrawals by customers from the ATMs,” the CBN statement clarified.
Despite the reported scarcity, the CBN assured the public that there is a sufficient stock of currency notes to support economic activities in the country. The bank emphasized that its branches are actively working to ensure the seamless circulation of cash in their respective states of operation.
The CBN also urged Nigerians to refrain from panic withdrawals, emphasizing that there is enough cash available and advising citizens to explore alternative payment methods to ease pressure on various touchpoints.
The current situation has led to Point of Sale (PoS) operators resuming cash purchases from traders and petrol station attendants due to reported shortages in banks. Additionally, commercial banks have imposed withdrawal limits at various ATM points across Nigeria. As a response to the challenges, some PoS operators have increased transaction charges by 100%, from N100 to N200 for cash transactions of N5,000.