The Central Bank of Nigeria (CBN) has declared that there are enough naira notes in circulation to meet cash needs. This is in response to a recent outcry by Nigerians over cash scarcity which is causing frustration even as the Christmas and New Year celebrations are days away. A statement on Wednesday signed by CBN's Acting Director of Corporate Communications, Mrs Hakama Ali, revealed that naira notes in circulation had increased from N1 trillion in February to N3.4 trillion in December.
According to the statement, this indicates that there is sufficient cash in circulation.
The apex bank, however, blamed the scarcity on the hoarding of naira notes by some persons due to the challenges they faced during the naira redesign policy of the previous administration of Muhammadu Buhari.
According to Ali, the CBN is monitoring the situation and has released sufficient cash to its branches nationwide for onward distribution to Deposit Money Banks.
Ali said as of March 2023, the currency in circulation amounted to N1 trillion.
She also advised Nigerians to exercise patience as CBN takes necessary steps to guarantee cash availability, especially throughout the holiday season and beyond.
CBN however cautioned citizens against panic withdrawals, stressing that everything is under control.
