As ATMs Run Dry CBN Gives Amount Of Cash In Circulation

Despite reports of ATMs running out of cash across the country, the Central Bank of Nigeria (CBN) has reassured Nigerians of enough Naira notes in circulation, to cater for their cash needs.

CBN’s Acting Director, Corporate Communications, Mrs Hakama Ali, gave the assurance in a statement on Wednesday in reaction to widespread reports across Nigeria of decreased level of naira notes in circulation.

The News Agency of Nigeria (NAN) reports that there has been complaints of a perennial shortage of Naira notes in circulation by bank customers across the country with many ATMs running dry.

Ali said that Naira notes in circulation had increased from one trillion Naira in February to N3.4 trillion in December giving an increased level of cash in the country.

This, according to her, indicats that there is sufficient cash in circulation, except that the cash is in the hands of individuals who are apprehensive due to their previous experiences.

She said that the apex bank was addressing the reported cases of scarcity of naira notes in circulation in some major cities across Nigeria.

She attributed the situation to the hoarding of the Naira by some persons due to challenges experienced during the Naira redesign project.

She said that the CBN was monitoring the situation and had released sufficient cash to its branches across the country for onward distribution to Deposit Money Banks (DMBs).

“The CBN has adequate cash to meet the day-to-day transaction needs of Nigerians.

“We appeal to Nigerians to be patient while the CBN does the needful to ensure the availability of cash, particularly during the yuletide and beyond,” she said.

She urged Nigerians to continue to accept all Naira banknotes for their daily transactions, while urging the public to embrace alternative modes of payment, e-channels, to reduce pressure on the use of physical cash and the attendant issues about cash circulation across Nigeria.(NAN)

GWG.ng reports that the claim by the CBN of the increased level of cash in circulation will be hardly convincing for many in Nigeria as they are unable to grasp the naira notes needed for thier daily transactions.

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