By Hosea Parah, Abuja

The Central Bank of Nigeria (CBN) has addressed concerns about the alleged cash scarcity in banks, ATMs, Points of Sale, and Bureaux de Change (BDCs) in major cities across the country. After conducting investigations, it has been determined that the limited availability of cash in some areas is mainly a result of large withdrawals by Deposit Money Banks (DMBs) from CBN branches and panic withdrawals by customers at ATMs.

In a statement issued by Isa AbdulMumin, Director, Corporate Communications on Thursday. Stated that CBN have Sufficient Stock of Currency Notes.

According to the statement that, the CBN wants to assure the public that there is an ample supply of currency notes to support economic activities in the country. CBN branches nationwide are actively working to ensure the smooth circulation of cash within their respective states of operation.

In light of this, the public is advised to refrain from panic withdrawals as there is enough cash available to facilitate financial transactions. It is also recommended that Nigerians embrace alternative payment methods to alleviate the pressure on physical cash usage.