We’re addressing cash scarcity, N3.4tn now in circulation – CBN

The Central Bank of Nigeria has reassured Nigerians that there are enough naira notes in circulation to meet their cash needs. CBN’s Acting Director of Corporate Communications, Mrs Hakama Ali, gave the assurance in a statement on Wednesday. This came amid growing apprehension over cash scarcity in different parts of the country, especially among bank […]

The Central Bank of Nigeria has reassured Nigerians that there are enough naira notes in circulation to meet their cash needs.

CBN’s Acting Director of Corporate Communications, Mrs Hakama Ali, gave the assurance in a statement on Wednesday.

This came amid growing apprehension over cash scarcity in different parts of the country, especially among bank customers.

Ali however said naira notes in circulation had increased from N1tn in February to N3.4tn in December. This, according to her, indicates that there is sufficient cash in circulation, which she blamed on the hoarding of the naira by some persons due to the challenges they faced during the naira redesign project.

She said the CBN was monitoring the situation and had released sufficient cash to its branches nationwide for onward distribution to Deposit Money Banks.

She stated, “The CBN has adequate cash to meet the day-to-day transaction needs of Nigerians. We appeal to Nigerians to be patient while the CBN does the needful to ensure the availability of cash, particularly during the Yuletide and beyond.”

She urged members of the public to continue accepting all naira notes, while encouraging them to embrace alternative modes of payment, especially e-channels, to reduce the pressure on cash.