Politics
Breaking: CBN Addresses Reports Of Naira Scarcity-Offers Insights Into Currency Availability (See Details)
The Central Bank of Nigeria (CBN) has addressed concerns about a reported scarcity of Naira notes, asserting that an ample supply of currency is in circulation. In a statement from the Corporate Communications Department of the CBN, the apex bank clarified the reasons behind the perceived shortage in certain regions….CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

The CBN’s response comes in the wake of numerous complaints from bank customers regarding the scarcity of Naira notes at various banking channels, including bank counters, Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change (BDCs).
The CBN attributed the apparent currency shortage to significant cash withdrawals made by Deposit Money Banks (DMBs) from various CBN branches. Additionally, panic withdrawals by bank customers were identified as contributing to the perceived scarcity.
The statement from the CBN emphasized that there is no actual shortage of Naira notes, assuring the public of an ample supply of currency in the economy. The CBN acknowledged the concerns raised by Nigerians regarding the availability of cash for financial transactions and sought to alleviate fears by confirming the sufficiency of currency notes for economic activities in the country.
It’s worth noting that earlier, Nivo News had alerted Nigerians to the circulation of counterfeit Naira notes.
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