The Central Bank of Nigeria (CBN) has stepped forward to address the concerns over the reported shortages of naira notes in the country, ascribing the situation to heightened withdrawals by Deposit Money Banks (DMBs) and customer panic. The bank's Corporate Communications Department and CBN Governor Olayemi Michael Cardoso emphasized that there is no shortage in actual currency supply and assured that measures are in place to ensure sufficient cash flow for necessary economic activities.
The bank's announcement comes as a response to the increased rate of significant cash withdrawals by financial institutions. The CBN is actively managing the circulation of cash and has called on the public to refrain from panic withdrawals. It also advocates for the use of alternative payment methods to reduce dependence on physical cash throughout Nigeria.
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