- Says Currency-in-Circulation N3.4tr On Dec. 11
Ahead of the yuletide festivities and for the repeated time, the Central Bank of Nigeria (CBN), on Wednesday blamed unrepentant hoarders for the scarcity of Naira currency notes being experienced in some major cities of the country who fear a repeat of the challenges experienced during last year’s curency redesign project.
The bank in a statement said the reassurance was given by its Acting Director in charge of Corporate Communications, Mrs. Hakama Sidi Ali during a chat with newsmen in Abuja, Nigeria’s federal capital city on Wednesday, where she assured members of the public that it is addressing the reported cases of cash scarcity
On the cases of hoarding, Sidi Ali explained that currency in circulation as of February 2023, was N1tr, from it rose to over N3.4tr as of December 11, 2023. This, according to her indicated that there was sufficient cash in circulation, except that the cash was in the hands of individuals who were apprehensive due to their previous experiences.
The CBN, she said, is monitoring the situation and had released sufficient cash to its branches across the country for onward distribution to Deposit Money Banks (DMBs).
While empathising with Nigerians, over their previous and current experiences, she insisted that the CBN had adequate cash to meet the day-to-day transaction needs of Nigerians.
The CBN spokesperson, urged Nigerians to be patient while the apex bank does the needful to ensure the availability of cash, particularly during the yuletide and beyond.
While also urging Nigerians to continue to accept all Naira banknotes for their daily transactions, Sidi Ali reiterated the bank’s earlier call to the public to embrace alternative modes of payment, e-channels, to reduce pressure on the use of physical cash.
Recall that the CBN, as part of efforts to ease the currency scarcity being experienced across the country, recently removed punitive levies on all currency deposits by banks.