The Central Bank of Nigeria has assured Nigerians of adequate stock currency to meet the needs of the public. This is against the naira scarcity that continues to rock parts of the country, forcing commercial banks to ration cash in their stock. Â
The Apex bank, in a statement on Wednesday signed by its Spokesperson, Mrs. Sidi Ali Hakama, said that there was sufficient cash in circulation, except that the money was being hoarded by individuals being haunted by the ghost of the 2023 Naira scarcity experience.
The currency in circulation, which, as of February 2023, was N1 trillion, has risen to over N3.4 trillion as of December 11, 2023. She assured the CBN was aggressively addressing the reported cash scarcity in some major cities nationwide. Ali further disclosed that the CBN was monitoring the situation and had released sufficient cash to its branches nationwide for onward distribution to Deposit Money Banks (DMBs).
The Apex bank’s spokesperson, however, empathized with Nigerians over their previous and current experiences but insisted that the CBN had adequate cash to meet the day-to-day transaction needs of citizens. She appealed to Nigerians to be patient as the CBN continues to resolve some of the bottlenecks in the naira distribution chain to ensure the availability of cash, particularly during the Yuletide and beyond.
She also urged customers to continue accepting all Naira banknotes for daily transactions. Sidi Ali also reiterated Apex Bank’s earlier call to the public to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash.
