Nigeria: Central Bank of Nigeria Ensures Adequate Currency Supply Amidst Concerns

Amidst concerns raised by some Nigerians regarding the scarcity of Naira notes, the Central Bank of Nigeria (CBN) reassures the public that there is a sufficient supply of the currency.

Several bank customers have reported shortages of Naira notes at various banking points, including counters, Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change (BDCs). Additionally, Deposit Money Banks (DMBs) officials have expressed challenges in receiving an ample supply of cash from the CBN.

In response, the CBN, through a statement from its Corporate Communications Department, clarifies that the perceived currency scarcity is primarily due to substantial withdrawals by DMBs from CBN branches and panic withdrawals by customers from ATMs.

The CBN emphasizes that there is an abundant stock of currency notes available for economic activities across the country. It notes that CBN branches nationwide are actively working to facilitate the smooth circulation of cash in their respective states.

The public is advised to avoid panic withdrawals, as there is an ample supply of currency to support economic transactions. The CBN encourages Nigerians to explore alternative modes of payment to alleviate the pressure on using physical cash.

Furthermore, the CBN issues a warning about the circulation of counterfeit Naira banknotes, particularly in higher denominations, which are commonly used in transactions within food markets and commercial centers across major cities. The Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, underscores that anyone involved in the circulation of counterfeit currency notes will face severe sanctions.

Sidi-Ali emphasizes that the law stipulates a minimum prison term of five years for individuals found guilty of counterfeiting Naira notes or any legal tender in Nigeria. The CBN collaborates closely with relevant security and financial agencies to confiscate fake Naira banknotes, apprehend counterfeiters, and enforce legal consequences.

Members of the public are urged to report suspicions of counterfeit currency to the nearest police station, CBN branch, or via contactcbn@cbn.gov.ng. Additionally, all financial institutions and the general public are encouraged to remain vigilant, taking necessary precautions to prevent the acceptance and distribution of counterfeit notes. The CBN suggests embracing alternative payment methods for day-to-day transactions to reduce the risk of counterfeit banknotes spreading.