The Central Bank of Nigeria (CBN) has initiated the clearance of more than $10 billion in foreign exchange arrears owed by commercial banks and foreign airline operators…CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
Additionally, the apex bank has reassured the public that an ample supply of banknotes will be available, even during the upcoming holiday season, dispelling concerns of a cash shortage in the banking sector.
Responding to reports of purported cash shortages in various cities across the country, the CBN stated that the apparent scarcity of cash in certain areas is primarily attributed to high-volume withdrawals from CBN branches by Deposit Money Banks (DMBs) and customer panic withdrawals from ATMs.
In recent times, there have been instances of panic withdrawals in different parts of Nigeria, stemming from concerns that banknotes may become scarce, akin to the situation experienced during the end-of-year festivities in 2022. The CBN is yet to provide an update on the continued usage of the redesigned higher-denomination old currency notes.
A court decision has extended the use of the old banknotes until December 2023 to facilitate better circulation of the new notes. The CBN has yet to clarify its stance on this matter.
