CURRENT REPORT BLOG The Central Bank of Nigeria (CBN) has refuted claims of a shortage of currency notes in the nation. In a statement released on November 2, the CBN’s Director of Corporate Communications, Isa AbdulMumin, affirmed the presence of an adequate supply of currency notes to support economic activities.
The statement addressed reports of cash scarcity in various major cities, attributing it to significant withdrawals by Deposit Money Banks (DMBs) from CBN branches and customer panic withdrawals at ATMs. The CBN assured the public that ample currency notes are available for economic transactions and mentioned that its branches nationwide are actively working to ensure a smooth circulation of cash. Nigerians are advised to refrain from panic withdrawals and explore alternative payment methods to ease the reliance on physical cash.
