Politics
Breaking News: Cash Crunch Citizens Stockpiling Banknotes, Warns Central Bank
Breaking News: Cash Crunch Citizens Stockpiling Banknotes, Warns Central Bank....KINDLY READ THE FULL STORY HERE▶
The reported cases of cash scarcity in various major cities across Nigeria, as stated by the Central Bank of Nigeria (CBN), are attributed to unidentified individuals hoarding banknotes. The Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi Ali, disclosed during a conversation with journalists in Abuja that the bank is closely monitoring the situation. She reassured that the CBN has supplied ample cash to its branches nationwide for distribution to Deposit Money Banks (DMBs).
To clarify the hoarding instances, Mrs. Sidi Ali pointed out that the currency in circulation was N1 trillion as of February 2023 and had surged to over N3.4 trillion just two days ago. She emphasized that the cash supply from the CBN is sufficient, but individuals, driven by past experiences, are holding onto the money.
Expressing empathy for the concerns of Nigerians, she maintained that the CBN possesses an adequate cash reserve to meet the daily transaction requirements of the citizens. Mrs. Sidi Ali appealed for patience from the public, especially during the festive season, assuring that the CBN is taking necessary measures to ensure the availability of cash.
While encouraging Nigerians to accept all Naira banknotes for their transactions, the Acting Director reiterated the CBN’s earlier call for the adoption of alternative payment methods and electronic channels to alleviate the reliance on physical cash.
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