The Central Bank of Nigeria (CBN) has reiterated its commitment to resolving the reported cash scarcity in major cities across the nation.
Attributing the current shortage to some individuals hoarding the Naira due to challenges encountered during the currency’s redesign project, Mrs. Hakama Sidi Ali, the Bank’s Acting Director of Corporate Communications, provided the latest update during a conversation with journalists in Abuja on Wednesday.
Sidi Ali assured that the CBN is actively monitoring the situation and has dispatched ample cash to its branches nationwide for distribution to Deposit Money Banks (DMBs).
Offering insights into the hoarding instances, Sidi Ali highlighted that the currency in circulation was at N1 trillion as of February 2023, escalating to over N3.4 trillion by December 11, 2023. This substantial increase indicated sufficient cash availability but noted that individuals were wary due to past experiences.
Expressing empathy for the public’s concerns, she emphasized the CBN’s capability to meet the daily transaction requirements of Nigerians and urged patience while ensuring adequate cash availability, especially during the festive season and beyond.
Encouraging Nigerians to accept all Naira banknotes for their transactions, Sidi Ali reiterated the CBN’s prior call for the adoption of alternative payment methods and e-channels to alleviate reliance on physical cash.