Nigeria’s Central Bank Responds to Naira Shortage Concerns
Central Bank Addresses Naira Shortage Claims
The Central Bank of Nigeria (CBN) has taken proactive steps to alleviate worries regarding the reported scarcity of naira notes in the country. The situation has been attributed to increased withdrawals by Deposit Money Banks (DMBs) and customer anxiety. CBN Governor Olayemi Michael Cardoso, along with the bank’s Corporate Communications Department, emphasized that there is no actual shortage of currency supply. They have assured the public that measures are in place to ensure adequate cash flow for essential economic activities.
CBN Manages Cash Circulation Amidst Increased Withdrawals
The CBN’s announcement comes in response to a surge in significant cash withdrawals by financial institutions. The central bank is actively overseeing the circulation of cash and has urged the public to refrain from panic withdrawals. Additionally, the CBN is advocating for the use of alternative payment methods to reduce reliance on physical cash across Nigeria.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
