Panic withdrawal cause of currency scarcity – CBN
By Patience Ikpeme
The Central Bank (CBN) has attributed seeming cash scarcity in some locations to high volume withdrawals from the CBN branches by Deposit Money Banks (DMBs) and panic withdrawals by customers from the ATMs.
Allaying fears of Nigerians, the apex bank in a statement issued on Thursday by the Director, Corporate Communications Department Dr Isa AbdulMumin, assured Nigerians of availability of sufficient stock of currency notes for economic activities in the country.
To address the seeming challenge, the CBN said all its branches across the country are also working to ensure the seamless circulation of cash in their respective states of operation.
It advised against panic withdrawals saying there is sufficient stock to facilitate economic activities. It urged Nigerians to embrace alternative modes of payment to reduce pressure on using physical cash.
Part of the CBN’s statement reads: “the attention of the Central Bank of Nigeria (CBN) has been drawn to reports of alleged scarcity of cash at banks, automated teller machines (ATMs), Points of Sale and among Bureaux de Change (BDCs) in some major cities across the country”.
“Our findings reveal that the seeming cash scarcity in some locations is due largely to high volume withdrawals from the CBN branches by Deposit Money Banks (DMBs) and panic withdrawals by customers from the ATMs.
“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 branches of the CBN across the country are also working to ensure the seamless circulation of cash in their respective states of operation”.
