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The Central Bank of Nigeria (CBN) has reassured the public that there is a sufficient amount of cash in circulation, addressing concerns over cash scarcity in certain regions of the country.
The assurance comes in the wake of challenges related to the hoarding of naira notes during the currency redesign project, as acknowledged by the CBN. Mrs. Hakama Ali, the Acting Director in charge of Corporate Communications at the CBN, conveyed the latest assurance during a discussion with journalists in Abuja.
Ali explained that the CBN is actively monitoring the situation and has distributed ample cash to its branches nationwide for further dissemination to Deposit Money Banks. She emphasized the CBN’s commitment to meeting the day-to-day transaction needs of Nigerians.
As of February 2023, there was approximately N1 trillion in circulation, and this figure has risen to over N3.4 trillion as of December 11, 2023. Ali highlighted that this substantial increase indicates a satisfactory cash supply in circulation, even though some individuals are hesitant due to past experiences.
While expressing empathy for Nigerians’ concerns, the CBN urged patience and reiterated its commitment to ensuring the availability of cash, especially during the festive season. The central bank also encouraged the public to accept all Naira banknotes for daily transactions and reiterated its previous call for the adoption of alternative payment modes and electronic channels to reduce reliance on physical cash.
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