CBN assures adequate cash supply, says N3.4trn in circulation

The Central Bank of Nigeria (CBN) has reassured Nigerians of enough naira notes in circulation, to cater for their cash needs.

The CBN Acting Director, Corporate Communications, Hakama Ali, gave the assurance in a statement on Wednesday, December 13, 2023.

There have been complaints of a perennial shortage of naira notes by bank customers across the country.

Ali, however, said naira notes in circulation increased from N1 trillion in February to N3.4 trillion in December.

This, according to her, indicated that there is sufficient cash in circulation, except that the cash is in the hands of individuals who are apprehensive due to their previous experiences.

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She said the apex bank was addressing the reported cases of cash scarcity in some major cities across the country.

She attributed the situation to the hoarding of the naira by some persons due to challenges experienced during the naira redesign project.

Ali noted that the CBN was monitoring the situation and had released sufficient cash to its branches across the country for onward distribution to Deposit Money Banks (DMBs).

She said: “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 Nigerians to continue to accept all naira notes for their daily transactions, just as she enjoined the public to embrace alternative modes of payment, e-channels, to reduce pressure on the use of physical cash.

The Star