With total currency in circulation rising to over N3.4 Trillion as at December 11,2023, the Central Bank of Nigeria (CBN) has again given assurance that members of the general public have no reason to be afraid of scarcity of cash during the Yuletide and the New year.
The apex bank said current situation is almost 350 percent better than the situation last February, where the level of currency in circulation was only N1 trillion.
Reacting to reports of the persisting situation of cash scarcity in some major cities across the country, the apex bank, through its spokesperson, Hakama Sidi-Ali, said the Bank has taken steps to address the problem.
The Bank’s Acting Director in charge of Corporate Communications7 attributed the current situation to the hoarding of the Naira by some persons due to the challenges experienced during the controversial Naira redesign project.
She gave the assurance that the CBN was closely monitoring the situation and had released sufficient cash to its branches across the country for onward distribution to all Deposit Money Banks (DMBs).
Giving further clarification on the cases of hoarding, Sidi Ali explained that currency in circulation as of February 2023, was N1 trillion, while the figure had risen significantly to over N3.4 Trillion as of December 11, 2023.
“This is an indication that there was sufficient cash in circulation, except that the cash was in the hands of some individuals who were apprehensive due to their previous experiences during Naira redesign policy,” he said.
While empathising with Nigerians over their previous and current experiences, Sidi-Ali insisted the CBN had adequate cash to meet the day-to-day transaction needs of all Nigerians and businesses.
She, therefore, appealed to Nigerians to be patient while the CBN did the needful to ensure the availability of cash, particularly during the yuletide and beyond.
Also, she urged Nigerians to continue to accept all denominations of the Naira banknotes for their daily transactions, while reiterating the Bank’s earlier call to the public to embrace alternative modes of payment, e-channels, to reduce the pressure on the use of physical cash.
