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.
Our findings reveal 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
While we note the concerns of Nigerians on the availability of cash for financial transactions, we wish
to assure the public that there is sufficient stock of currency notes for economic activities in the
country.
The branches of the CBN across the country are also working to ensure the seamless
circulation of cash in their respective states of operation.
Members of the public are, therefore, advised to guard against panic withdrawals as there is sufficient
stock to facilitate economic activities. Nigerians are also advised to embrace alternative modes of
payment, which would reduce pressure on using physical cash.
Isa AbdulMumin PhD
Director, Corporate Communications
