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The Central Bank of Nigeria (CBN) has shed light on the reported cases of cash scarcity in several major cities across the country, attributing the issue to the hoarding of banknotes by unspecified individuals. The apex bank, while acknowledging the concern, assures the public that steps are being taken to resolve the problem.
Mrs. Hakama Sidi Ali, the Acting Director in charge of Corporate Communications at the CBN, addressed the matter in a statement to newsmen in Abuja. She confirmed that the CBN is closely monitoring the situation and has already released an ample supply of cash to its branches nationwide for distribution to Deposit Money Banks (DMBs).
Providing further context on the reported hoarding, Mrs. Sidi Ali clarified that the currency in circulation stood at N1 trillion as of February 2023, and this figure has now surged to over N3.4 trillion within the last two days. This surge suggests that there is an ample cash supply from the CBN; however, the cash is currently held by individuals who may be hesitant due to past experiences.
Expressing empathy for the concerns of Nigerians, both past and present, Mrs. Sidi Ali reiterated that the CBN possesses sufficient cash to meet the day-to-day transaction needs of the public. She appealed to Nigerians for patience, assuring that the CBN is actively addressing the situation, particularly in anticipation of the yuletide season.
The Acting Director also encouraged Nigerians to accept all Naira banknotes for their daily transactions and reiterated the CBN's earlier call for the public to embrace alternative modes of payment, such as e-channels, to alleviate pressure on the use of physical cash. The CBN remains committed to ensuring the availability of cash and facilitating smooth transactions for the public.
