The Central Bank of Nigeria, CBN, has condemned reports of insufficient stock of currency notes in the country.
CBN through its Director Corporate Communications, Isa AbdulMumin, noted that there is sufficient stock to facilitate economic activities in the country.
He made this known on the CBN Twitter handle X platform.
In his words: “The attention of the Central Bank of Nigeria has been drawn to reports of alleged scarcity of cash at banks, automated teller machines, ATMs, Point of Sale and among Bureax de Change, BDCs, in some major cities across the country.
“Our findings revealed that the seeming cash scarcity in some locations is due largely to high volume withdrawals from 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.
“Members of the public are therefore advised to guard against panic withdrawals as there is sufficient stock to facilitate economic activities. Nigerians are also advised to embrace alternative modes of payment which would reduce pressure on using physical cash.
On Thursday the bank said that the old 200, 500, and 1000 naira notes would continue to be legal tender even after December 31, 2023.
The clarification became necessary following a Supreme Court judgement delivered by Justice Emmanuel Agim on March 3, 2023, that old N200, N500, and N1,000 notes will cesed to be legal tender on December 31, 2023.
Recall that in October 2022, Godwin Emefiele, former CBN governor had unveiled plans to redesign the N200, N500, and N1,000 notes, urging citizens to deposit their old notes before January 31, 2023, as they would lose their status as legal tender beyond that date.
However, this directive led to a cash shortage in February, causing hardships for citizens and prompting protests and bank attacks in some parts of the country.
