The Central Bank of Nigeria (CBN) has begged Nigerians to stop the panic withdrawals witnessed in many Automated Teller Machines (ATMs), saying it has sufficient stock of Naira notes to sustain the populace.
CBN made the call in a press release issued by its Director of Corporate Communications, Dr. Isa AbdulMumin, dated November 2, 2023, entitled “We have sufficient stock of currency notes”.
AbdulMumin debunked reports of alleged scarcity of cash at banks, automated teller machines (ATMs), Points of Sale and Bureaux de Change (BDC) operators in some major cities across the country.
He pointed out that the seeming cash scarcity in some locations is due largely to high volume withdrawals from the CBN branches by Deposit Money Banks (CMGs) and panic withdrawals by customers from the ATMs.
He assured the public that there is sufficient stock of currency notes for economic activities in the country and that CBN branches across the country will ensure the seamless circulation of cash in their states.
AbdulMumin advised the public to guard against panic withdrawals as there is sufficient stock to keep economic activities running.
In the meantime, he enjoined Nigerians to “embrace alternative modes of payment” to ease off pressure on using physical cash. Read more.
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