Nigeria CBN Unveils Reasons Behind Naira Scarcity

In response to a surge in complaints about the scarcity of naira notes across various channels, the Central Bank of Nigeria (CBN) has clarified the underlying reasons behind the issue.

According to a statement from the CBN's Corporate Communications Department, the apparent currency scarcity is a result of significant withdrawals by Deposit Money Banks (DMBs) from various CBN branches and panic withdrawals by customers at ATMs, bank counters, Points of Sale (PoS), and Bureaux de Change (BDCs).

The CBN assures the public that there is no actual shortage of naira notes, emphasizing that there is an ample supply in the economy.

Despite the concerns expressed by Nigerians, the CBN highlights ongoing efforts to ensure the seamless circulation of cash across the country.

The situation has been exacerbated by the recent introduction of redesigned denominations and the extension of the deadline for the use of old notes.

The scarcity is impacting cash withdrawals and business transactions, raising fears reminiscent of previous challenges