Politics
LATEST: Central Bank Of Nigeria Denies Cash Scarcity Reports
The Central Bank of Nigeria (CBN) refutes claims of cash scarcity at banks, ATMs, and other financial points, citing withdrawals as the cause…CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
Issuing a statement on Thursday, CBN’s Director of Corporate Communications, Isa AbdulMumin, rejected the notion of cash shortage in some regions, attributing it to high-volume withdrawals by deposit money banks and customer panic withdrawals from ATMs.
“Although acknowledging the concerns about cash availability for financial transactions, we assure the public that there’s an ample supply of currency notes for economic activities in the country.”
Furthermore, AbdulMumin emphasized that CBN branches nationwide are actively ensuring the smooth circulation of cash within their respective operational states.
He advised the public to avoid panic withdrawals, asserting an adequate cash supply to support economic activities, and suggested embracing alternative payment methods to alleviate pressure on physical cash usage.
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