CBN Latest Update on Naira Note Availability – November 6, 2023.
Central Bank of Nigeria (CBN) Addresses Currency Note Availability Concerns
In a recent announcement, the Central Bank of Nigeria (CBN) has responded to concerns regarding the availability of currency notes in the country. The CBN asserts that there is no scarcity of cash in banks and ATMs and assures Nigerians of an adequate supply of currency notes to support economic activities.
The statement, issued by the CBN’s Director of Corporate Communication, Isa AbdulMumin, attributes the perceived cash shortage to panic withdrawals by customers and the high-volume withdrawal of currency notes by Deposit Money Banks (DMBs) from CBN branches.
The CBN emphasizes its readiness to meet the financial needs of both businesses and individuals across Nigeria. CBN branches are actively working to ensure the smooth circulation of cash within their respective states of operation.
The CBN encourages Nigerians to avoid panic withdrawals and explore alternative payment methods that reduce their reliance on physical cash. Doing so can help alleviate the pressure on the availability of currency notes.
While acknowledging concerns about cash availability for financial transactions, the CBN’s statement reassures the public that there is an ample supply of currency notes to support economic activities in the country.
As the CBN takes measures to ensure the seamless distribution of cash, it’s essential for Nigerians to embrace alternative payment modes, such as digital transactions, to enhance the efficiency and security of their financial activities. For additional information on the CBN’s update regarding Naira note availability, you can refer to the full statement on the CBN’s website.