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Panic Withdrawals, Hoarding Causing Naira Scarcity Despite N3.4 Trillion In Circulation — CBN

Thursday 14 December 2023

Central Bank of Nigeria

The Central Bank of Nigeria (CBN) says that the current situation of naira scarcity is as a result of hoarding of the currency by some individuals.

Information Nigeria understands that there has been reported cases of cash scarcity in some parts of the country.

Sidi Ali, the apex bank’s acting Director, Corporate Communications, said the CBN had released sufficient cash to its branches across the country for distribution to Deposit Money Banks (DMBs).

According to her, as of March 2023, the currency in circulation amounted to N1 trillion.

“On the issue of cash not being sufficient, there is enough cash. CBN issued enough cash to the deposit money banks (DMBs).

“But the figure has risen now because of the situation. We have pushed cash into circulation; we have given cash. As it is now, as at December 11, the currency in circulation is N3.4 trillion,” she said.

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“So, you see, there is cash out there. And CBN is really giving to banks, except that most of this cash is in the hands of individuals. All these panic withdrawals, hoarding is ongoing.

“That is why we are doing sensitisation, letting the public have confidence that this December 31 issue is no more. Let them bring out this cash so that they can do transactions. They can go to the banks, and the banks will deposit with the CBN,” she told Cable.

Ali said Nigerians should exercise patience as CBN takes necessary steps to guarantee cash availability, especially throughout the holiday season and beyond.

The bank also cautioned citizens against panic withdrawals, saying there is sufficient stock of currency notes for transactions in the country.

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via: Information Nigeria

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