The Central Bank of Nigeria, CBN recently addressed concerns about the scarcity of the Naira, attributing it to high-volume withdrawals by Deposit Money Banks, DMBs and panic withdrawals from Automated Teller Machines, ATMs.
Despite the reassurance of sufficient currency stock for economic activities, the statement shared on its X (formerly Twitter) handle, on Thursday, 2nd November 2023, recommended embracing alternative payment methods to alleviate the strain on physical cash.
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,”Isa AbdulMumin – Director, Corporate Communications
However, the statement remained silent on the March-ordered December 31 deadline for the old notes to cease being legal tender, a situation that previously led to a nationwide cash crunch in February 2023 and subsequent protests and attacks on banks.
The Supreme Court had, on March 3, extended the legal tender status of the old N200, N500, and N1,000 notes to December 31.
Story: Christy Dung