The Central Bank of Nigeria (CBN) has assured Nigerians that there is an ample supply of Naira notes in circulation to meet their cash requirements. Mrs. Hakama Ali, the Acting Director of Corporate Communications at the CBN, made this statement in response to complaints from bank customers about the recurrent shortage of Naira notes across the country.
Ali mentioned that the number of Naira notes in circulation has increased significantly, rising from one trillion Naira in February to N3.4 trillion in December. This surge indicates a substantial volume of cash available, although individuals may be hesitant due to previous experiences.
The CBN acknowledged the reported cases of cash scarcity in certain major cities, attributing the situation to the hoarding of the Naira by some individuals, possibly influenced by challenges encountered during the Naira redesign project. The CBN is actively monitoring the situation and has ensured the release of sufficient cash to its branches nationwide for distribution to Deposit Money Banks (DMBs).
While reassuring the public of the CBN’s commitment to meeting daily transaction needs, Ali appealed for patience, especially during the festive season. The CBN encouraged Nigerians to accept all Naira banknotes for their transactions and also advocated the adoption of alternative payment methods such as electronic channels to alleviate the reliance on physical cash.
