The Central Bank of Nigeria (CBN) has assured the general public of the availability of sufficient stock of currency notes for economic activities in the country.

Dr. Isa AbdulMumin Director, Corporate Communications of the CBN in a statement on Thursday said, the attention of the Central Bank of Nigeria (CBN) has been drawn to reports of alleged scarcity of cash at banks, automated teller machines (ATMs), Points of Sale and among Bureaux de Change (BDCs) in some major cities across the country.

The CBN’s assurance came amidst reports of the alleged scarcity of cash at banks, automated teller machines (ATMs), Points of Sale and among Bureaux de Change (BDCs) in some major cities across the country.

The apex bank explained that its findings revealed that the seeming cash scarcity in some locations is due largely to high volume withdrawals from the CBN branches by Deposit Money Banks (DMBs) and panic withdrawals by customers from the ATMs.

The CBN reassured that its branches across the country are also working to ensure the seamless circulation of cash in their respective states of operation, and advised members of the public to guard against panic withdrawals as there is sufficient stock to facilitate economic activities.

Also, it urged Nigerians to embrace alternative modes of payment, which would reduce pressure on using physical cash.

While he noted the concerns of Nigerians on the availability of cash for financial transactions,  AbdulMumin assured the public that there is sufficient stock of currency notes for economic activities in the country.