The Central Bank of Nigeria (CBN) has reiterated its commitment to resolving the reported cases of cash scarcity in major cities nationwide.
By Lot Sunday
The recent scarcity has been attributed to the hoarding of the naira by some individuals – a situation linked to challenges faced during the naira redesign project.
In a recent statement to newsmen in Abuja, Mrs. Hakama Sidi-Ali, the Acting Director in charge of Corporate Communications at the CBN, assured the public that the bank is actively monitoring the situation. She revealed that the CBN has already released an ample supply of cash to its branches across the country for distribution to Deposit Money Banks (DMBs).
Providing further insight into the hoarding issue, Sidi-Ali explained that the currency in circulation stood at N1 trillion as of February 2023 and has surged to over N3.4 trillion as of December 11, 2023. This significant increase indicates sufficient cash in circulation, but it remains in the possession of individuals who are cautious due to past experiences.
While empathizing with Nigerians over their concerns, Sidi-Ali emphasized that the CBN possesses adequate cash reserves to meet the day-to-day transaction needs of the public.
Appealing for patience from Nigerians, she assured that the CBN is taking necessary measures to ensure the availability of cash, especially during critical periods. The bank remains committed to addressing the concerns raised by the public and creating a conducive environment for smooth financial transactions across the nation.
