Naira scarcity: There is sufficient cash in circulation, says CBN

Amid growing apprehension over cash scarcity in different parts of the country, the Central Bank of Nigeria (CBN) has reassured Nigerians that there are enough naira notes in circulation to meet their cash needs.

This is even as the apex bank disclosed that the naira notes in circulation has increased from N1tn in February to N3.4tn in December, 2023.

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These developments were contained in a statement by CBN’s Acting Director of Corporate Communications, Mrs. Hakama Ali on Wednesday.

She assured that there is sufficient cash in circulation, while blaming the scarcity on the hoarding of the naira by some persons due to the challenges they faced during the naira redesign project.

She said the CBN was monitoring the situation and had released sufficient cash to its branches nationwide for onward distribution to Deposit Money Banks.

She stated, “The CBN has adequate cash to meet the day-to-day transaction needs of Nigerians. We appeal to Nigerians to be patient while the CBN does the needful to ensure the availability of cash, particularly during the Yuletide and beyond.”

She urged members of the public to continue accepting all naira notes, while encouraging them to embrace alternative modes of payment, especially e-channels, to reduce the pressure on cash.